Posted on 02/25/2024 10:35:22 PM PST by Libloather
Some nationwide real estate investors, like Cardone Capital’s Grant Cardone, have started telling their teams to pack their bags and leave New York after the verdict in former President Trump’s fraud trial.
"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.
Cardone further said New York has risks "that outweigh the opportunities" in terms of property value and that the blue state has shown its politicization when it comes to doing business.
"We invest for 14,000 investors at Cardone Capital that depend on cash flow. 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," the fund manager said.
Additional financial concerns exist in New York for pension funds, lenders and public real estate investment trusts following civil implications from the $355 million Trump ruling, Cardone said, potentially causing a decline in property value and an increase in loan defaults that could roll over to regional banks.
(Excerpt) Read more at foxbusiness.com ...
It would be pleasant for the commie female dog Hochul to get it in the teeth before she’s able to escape from office.
I wonder what Burton G. Malkiel and Jack Bogle would say about Wall Street, now.
Private property is the one thing you can’t take when you leave an area. Hence as a private property owner you are driven to protect the property value and work against anything that lowers said property value. This investment is normally a long-term situation. When there is a sea change, reviewing the situation before investing becomes critical. That is all investors are now doing with New York City and New York State, they’re reevaluating the situation and asking do they want to be in an area that looks to be very unfavorable to building owners.
bookmark
Which could have disastrous consequences for people who have money invested in NY's regional banks.
About to be a whole lotta galtin’ going on
I said the other day that developers would walk away from NY.
Here is a fund manager that will move his investments away from NY.
More will follow.
They will stop projects, sell projects, truncate projects, and not start them.
The economic impact overall can be devastating. All the people involved in the process will be scrounging for work; the site managers, the foremen, the laborers, the carpenters, plumbers, electricians, concrete, roofers, windows, HVAC, security, inspectors, architects, engineers, sales, flooring, cabinets, finishers, cleaners, landscapers, irrigation installers, fire suppression systems, elevators, and more.
Depending on the project, several hundred people get to work and eat.
Great job, James and Hochul. You played yourselves.
I said the other day that developers would walk away from NY.
Here is a fund manager that will move his investments away from NY.
More will follow.
They will stop projects, sell projects, truncate projects, and not start them.
The economic impact overall can be devastating. All the people involved in the process will be scrounging for work; the site managers, the foremen, the laborers, the carpenters, plumbers, electricians, concrete, roofers, windows, HVAC, security, inspectors, architects, engineers, sales, flooring, cabinets, finishers, cleaners, landscapers, irrigation installers, fire suppression systems, elevators, and more.
Depending on the project, several hundred people get to work and eat.
Great job, James and Hochul. You played yourselves.
Letitia James is clicking her heels daily with this verdict over Trump. I hope it costs NY hundreds of billions of dollars going forward.
And they usually have Wade in their drawers.
Even if this is overturned in Appellate court there will be fall out and the poor saps of NYC and NYS will be hardest hit.
Prediction
NYC begs President Trump's sons to come back and invest in projects in NYC to show NYC is open for business. They will likely give them favorable loan guarantees and favorable tax discounts. All to show the rest of the investment community they have learned their lesson and will leave the business community alone.
bfl
What’s bad for New York is good for America.😀
“GirlBosses of color aren’t usually the sharpest bulbs in the drawer.”
Of course you are generally correct. However, I must say I had one during my final years of working in a professional technical job for the federal government. I couldn’t have asked for a better boss! She was Haitian, highly educated, fluent in 4 languages, same age as me, sweet as honey, and “old school”. That was 30 years ago,...doubt anyone would be so lucky with today’s crop of Litigious James/Fanny Willis types.
My prediction is they will triple down on stupidity plus mendacity.
I have seen that to be true.
We are talking about some very rich and powerful people and so I have to ask why don’t they use their money and power to get rid of these socialist (pretending to be Democrats)?
If they were to tell the leadership of the Democrat party that they will end all donations to the party not just in New York but every where they may get them to pay attention.
It is time for the Democrat party to be starved of money and support.
“Girl Bosses of color aren’t usually the sharpest bulbs in the drawer.”
Girl bosses aren’t usually the sharpest bulbs in the drawer.
I had a few, during my various careers, and not one of them was capable of executing the position they held.
The last one I had was a micro manager. Not exactly an inspiring “follow me to hell” image.
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