Posted on 02/26/2024 10:31:00 AM PST by lowbridge
Prominent investors have signaled their intent to halt their business in New York following the $355 million verdict in former President Donald Trump’s civil fraud case.
Real estate mogul Grant Cardone announced on Tuesday that his firm Cardone Capital would no longer underwrite New York real estate, one day after Shark Tank star Kevin O’Leary vowed to no longer invest in the state as a result of the verdict.
“Immediately discontinue ALL underwriting on New York City real estate,” Cardone ordered his firm in a post on X. “The risk outweigh the opportunities at this time. Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges. Focus on Texas & Florida.”
The Sell or Be Sold author explained his decision on Wednesday in an interview with Fox & Friends.
“When that [Trump] ruling happened, it was like, ‘Pencils down,'” Cardone said. “‘Don’t touch it. Don’t go there.'”
Judge Arthur Engoron ruled on Friday that Trump must pay over $355 million for conspiring to alter his net worth to receive tax and insurance benefits. Engoron’s verdict additionally bars Trump and his sons, Eric and Donald Jr., from doing business in New York for three years.
“We invest for 14,000 investors at Cardone Capital that depend on cash flow,” Cardone said. “And if I can’t predict the cash flow because of some ruling, or because of the migrants, or because I can’t evict people, New York City just keeps doing every single thing they can to sell real estate in Florida, not sell real estate in New York.”
O’Leary called New York “a loser state” and told Fox Business on Monday that he “would never invest in New York now, and I’m not the only person saying that.”
(Excerpt) Read more at washingtonexaminer.com ...
If he had migrant issues or eviction problems, he should have been out of NY long before this. I don’t think any of these guys will pass up an opportunity that screams making money. Despite their claims.
The stupid bimbo doesn't care if she takes the city and state of New York down... excessive fines and cruel punishments thrill her., Maybe she should read the 8th 'amendment to the Constitution...
BSers talk, money walks.
If what AG James and Judge Enron did to NYC will reverberate for years to come. Just wait and see. Money is fungible and will go where it is respected. Confiscating a man’s wealth on a political vendetta disrespects wealth creation.
Proof of a political vendetta:
https://www.foxnews.com/opinion/ny-ag-letitia-james-justice-impartial-gregg-jarrett
“Nice business you got here, it would be a shame if anything should —— Hey! Where you going?”
If what should read What.
“If a judge thinks the coffee cup you sold wasn’t worth what you asked, then you could be fined into complete bankruptcy.”
Oh come now, the statute requires a SERIES of fraudulent transactions to be actionable. You’d have to sell at least TWO cups of coffee ;)
Are you belong in jail:
That day is coming.
“ NY is digging its own grave. With dumbass Letitia James and Klown judge Arthur Engoron help. If the Twin Towers replacement — One World Trade Center — got hit today, no one outside of NYC would give a shyiite.”
Bingo!
“It has only been inertia keeping big businesses in New York.”
That is a very good point. At some point things get so bad and unprofitable that moving out can’t be put off. The Trump case may be that point.
A “loser state” is a perfect description!
You are exactly correct. This guy is nothing more than a fluffer trying to gather attention. Florida doesn’t want him anymore than it needs any NYer - business or personal.
Your reading comprehension is faltering, "tab align".
"We thought this year was the opportunity to come into Chicago, California and New York City. I've been waiting for 40 years now to invest in that marketplace. I was completely confident this was the year to come," Cardone told Steve Doocy on "FOX & Friends" on Wednesday. "And when that ruling happened, it was like, pencils down. Don't touch it. Don't go there."
The business leader gained recent recognition after he posted on X that his firm would "immediately discontinue" all underwriting on New York City real estate to focus on other markets like Texas and Florida.
BTTT
You may be spot on. I don’t think so. But only time will tell.
Yeah, this article reads to me like Cardone putting out a PR release to attach his name to the issue (which is a legitimate issue, but Cardone is a con man).
For my business... I will no longer consider any company that makes it’s headquarters in New York. My business is not real estate but we all need to make NY feel the Bud Light pain.
BUT he already noted in 2019 he wasn't going to NY or CA because he likes tax free states and states with positive migration. What changed in those states to make him start looking? Since 2019, those areas according to what I read here, have only gotten worse. Immigrants. Rent control in NY. Landlord/tenant laws that favor tenants in CA. High taxes. High income taxes. Taxes that continue to escalate. Crime. There has not been one negative that hasn't become a positive. Is he yelling through his megaphone about something he likely wasn't going to do to begin with? I mean he only "said" he was looking to invest. How do you trust him. He's a salesman. You know what they say how you tell when a salesman is lying.
So, now you’re a mind-reader.
Sometimes.
And Kathy says…”’Tis but a flesh wound…”
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