Meriton's founder and managing director Harry Triguboff is open to the government's build-to-rent incentives but said the public service in New South Wales is "not friendly" to developers.
"They got into their minds that they have to follow the rules and the rules do not take into account changes," he told Sky News Business Editor Ross Greenwood.
"When I first built my flats, people had no cars and I build a few garages in Bondi and I sold them for 50 pounds each because nobody wanted them, and they charged rates on them like for a unit.
"They changed their ways, they understand, but it's too slow."
Mr Triguboff added that the build-to-rent incentives help but he doesn't understand why a "little buyer" who buys from him can't get the same incentive.
"After all, these little buyers are the ones who provided rental accommodation for as long as I was building.
"So why don't you help them as well? We should."