Billion Dollar Real Estate Investor Grant Cardone Says He Won't Invest in NY, Will Double Efforts in Red States

Red State ^ | 02/19/2024 | Levon Satamian

[SeekAndFind]

Real estate investor Grant Cardone posted on X that his company, CardoneCapital, had initiated research into potential investments in New York. However, former President Trump was ordered to pay $355 million following a civil fraud ruling. 

CardoneCapital just started to research real estate investments in New York believing it was time to get into the market.

After the over reach by the judge in the Trump case & penalties imposed of $355M I told them team do NOT waste time in New York.

We will 2X our efforts in:

Florida

Arizona

Texas

Tennessee


pic.twitter.com/zhpA0Su09K— Grant Cardone (@GrantCardone) February 19, 2024

Cardone said his team will double their efforts to find real estate properties in several red states, including Florida, Texas, and Tennessee. 

As RedState reported, Elena Cardone, Grant's wife, set up a GoFundMe page to help Trump pay the $355 million. So far, they have raised over half a million dollars.

New York Gov. Kathy Hochul tried to reassure folks that they would not be fined for doing business in New York. 

I think that this is really an extraordinary, unusual circumstance that the law-abiding and rule-following New Yorkers who are business people have nothing to worry about, because they’re very different than Donald Trump and his behavior. 

By and large, they are honest people and they’re not trying to hide their assets and they’re following the rules.

And so this judge determined that Donald Trump did not follow the rules. He was prosecuted and truly, the governor of the state of New York does not have a say in the size of a fine, and we want to make sure that we don’t have that level of interference.

Well, it does not seem like her message is resonating with real estate investors and other entrepreneurs. Cardone is well-known in the real estate industry and seems to have many connections, which could hurt New York more than some might think. 

After New York real estate developers threatened to pack up and leave after the Trump verdict, Governor Kathy Hochul promised that they have nothing to worry about.

Why would she say this? They’ve all admitted that they do what Trump does and it’s common practice, so why did…— 🇺🇸Travis🇺🇸 (@Travis_in_Flint) February 19, 2024

Cardone is not the only entrepreneur deciding not to do any business in New York. As RedState reported, Shark Tank's Kevin O'Leary, also known as "Mr. Wonderful" said he would never invest in New York now. O'Leary also noted that "every real estate developer does this" regarding the court ruling of Trump, as well as refuting Hochul's claim that those who do business in New York are "very different than Donald Trump."

O'Leary called California a "loser state," and New York a "mega-loser state." Instead, he will invest in red states such as North Dakota, Oklahoma, and West Virginia.

Kevin O’Leary says “California is a loser state, New York is a mega-loser state.” Praises Oklahoma, North Dakota, West Virginia who all have Republican Governors pic.twitter.com/tYCNG7BIWj— • ᗰISᑕᕼIᗴᖴ ™ • (@4Mischief) February 20, 2024

Leadership matters as red states are gaining more investors and entrepreneurs while blue states are seeing a population and business exodus.

[logi_cal869]

[Theoria]

Nothing destroys red states like investments. Boomers holding the line in Florida and Az, but thats blips in the onslaught of fleeing blue people to red areas. Only a matter of time before it all falls in the face of migration.

[kiryandil]

I would check that gomer’s basement for missing children...

[Tench_Coxe]

Enter naysayer emulation mode:

"It'll never work. The government will punish those who don't pour money into NYC"
"It'll never work. There is too much money to be made in NYC"
"Resistance is futile"
"Russia will take over the world if they don't invest in NYC"
"Trump is a unique and deserving case. They would NEVER punish others who don't toe the party line"
"Its Russian propaganda"

[Hambone 1934]

It is all about toeing the party line(annnnd that includes gobs of money)Trump refused,so he has to be destroyed

[Lockbox]

Not a lot of billionaires who invest in real estate, that kind of makes the investment pool smaller. Great plan NYC.

[DiogenesLamp]

Ping.

Corrupt lying idiot judge may have just killed himself with this hate filled decision.

[catnipman]

don’t worry Grant, the NY gov just publicly admitted they were out to get JUST President Trump, and therefore everyone else would be safe ... next she’s gonna tell everyone she’s got a bridge in NYC for sale real cheap ...

[Maris Crane]

I LOVE THIS: IT CAPTURES ALL THE NEGATIVE THINKING POSTERS, WHO WOULD DO BETTER IF THEY OFFERED ...SOLUTIONS!!!!

[CFW]

Further on Kevin O’Leary (Shark Tank). He did a segment on Fox today talking about a new investment in data storage he is involved with starting. He said it would need a lot of power and with Niagara Falls NY would be the logical state to locate such a storage site.

He then said he would not locate the project in such a loser state. Nor would he invest in a business in California. “Two loser states” he said. He is looking at Virginia or Tennessee instead for this new investment.

These examples are not the only investors and business creators that are taking NY off their list of corporate investment. In their hope of spearing the big white whale, NY has done a large and not yet known amount of damage to their future corporate tax base.

It’s much like Delaware and their ruling against Musk. For decades almost every large company has incorporated in that state. But, with one ruling, which was entirely political, they lost Musk’s Space X which is now incorporated in Texas.

[curious7]

Demo-commies are very experienced in the Law of Unintended Consequences. Unfortunately for them (and us when we can’t get away from them) they never learn from the experience. So they are doomed to repeat it over and over, always blaming everybody else for their failures.

[CFW]

Here is an opinion piece from the WSJ today by Stephen Cohen* (paywall removed) in which the author admits the law was used creatively against Trump, but on second thought that might be a mistake.

For instance, this sentence: "But it is worth considering whether, in the quest to get Mr. Trump, many of our public officials may be pressing the law in ways that will outlive the cases against the former president."

In other words, "what if I piss off the wrong people and this law is used against me"

Trump’s $355 Million Fine Fits With New York Law

*Mr. Cohen is founder of Blue Raven LLP and adjunct professor at New York Law School. He served as an assistant U.S. attorney (1991-98) and chief of staff to New York state Attorney General Andrew Cuomo (2007-10).

[Freest Republican]

One of the most telling things of recent times were the unemployment rates on the re-opening economy.

The wealthier the blue state, the longer it took to rebound even to this day.

That is in part due to opening later but it is also in part the right to work and friendly confines for capital.

People are voting with their own two feet and fleeing these states and so is venture capital.

[PA-RIVER]

In a week we will know if the truckers boycott of NYC over this ruling is effective.

If they hold together, I imagine a few thousand deliveries of food and supplies over the next week will start to have an impact.

[Joe Boucher]

Truckers strike,
No real estate interest,
N.Y. Is going down cause they f-ed with the Donald.
No trucks?
No food.
Oh well.
Hey N.Y.Up yours dumb asses.

[Lockbox]

Gee, Mr. Cohen, a flaming Lib is worried that others are concerned about becoming a target of selective prosecution! Somehow I think this is becoming a jump the shark moment in NY. We shall see.

[SMARTY]

I love the way New Yorkers think the rest of the country are a bunch of mindless hicks, squares and numb skulls.

New Yorkers have cultivated a hive of corruption, crime, smut, institutionalized government theft (AKA known as ‘taxation’), and ... then hold it up to the rest of the nation as some kind of model of sophistication and urban utopia!

[EQAndyBuzz]

In a way we can thank AOC for this. Her statement on Amazon moving to NYC caused started the ball rolling for companies to move their operations elsewhere. Hochul and that putz Ergonon just validated it.

[1Old Pro]

Investing in NY is fine if you are a protected class, a socialist democrat. everyone else should head for the exit.