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 ...
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maybe an abandoned n.y. city IS the CCP plan...
..their cities are crumbling and falling down, literally, from phony rebar and concrete..
..maybe they need a place to move their population to
/-)
half kidding only
.
More vacancy to house the newcomers that just happened to wander across the border and find cell phones, debit cards, hotels, clothes meals and plane tickets! Welcome to the new America!
Maybe Wall Street should move next to Wall Drugs in South Dakota.
This is not good for the cabal.
It demonstrates the cost of perpetrating fraud.
Not while demonrats are in power.
My thoughts exactly.
More opportunity for Chinese money to come flowing to the rescue
“More opportunity for Chinese money to come flowing to the rescue”
The Chinese buy in the US because they think it is a good investment.
I doubt they’d touch Eeeew Yuck $hitty
That’s the problem...any rat majority in DC will make the rest of us pay for NY and loot the treasury once again.
“...good luck with the Appraisals from here on out!..”
They’ll just raise taxes to cover.
NYC isn't the only large U.S. city that is being run into the ground by Democrats. I've long predicted that mid-sized cities will eventually be the beneficiaries of the stupidity of large cities. There is nothing special about living in NYC or any other large city, and in fact, there is little to recommend regarding living in large cities (unless one likes high crime rates, hopelessly corrupt politicians, and third world conditions). Remote work is another development that will make NYC and others obsolete. The headaches are starting to outweigh the plusses of big city life.
There’s no such thing as karma. Are you a reincarnationist?
And this is the type of backlash that the libs and the bush league chamber of commerce worshipping republiCAN’Ts never expected.
We can help out.
When you buy something look at where it originated. It’s right on the package. If it’s New York, just put it back on the shelf.
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.
Couldn’t someone who sells something on eBay in New York be at risk of being financially destroyed? If a judge thinks the coffee cup you sold wasn’t worth what you asked, then you could be fined into complete bankruptcy.
It will get worse for NYC and NYS.
“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.”
If you angered "people" [I use the term loosely] like Letitia James or Il Duce Hochul...
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