Attacks against Trump undermine New York real estate market

 Federalist Wire:

...

Manhattan Supreme Court Judge Arthur Engoron struck down a devastating verdict against Donald Trump last week in his civil fraud case.

The ruling was that Trump had to pay more than $355 million in fines and he and his sons, Eric and Donald Jr. are prohibited from doing business for three years in the state of New York.

But that verdict from Judge Engoron has not only angered Trump and his supporters, but also businessmen and investors.

On Tuesday, Grant Cardone, a real estate tycoon, announced that his firm Cardone Capital would stop underwriting real estate in New York because of the verdict.

“Immediately discontinue ALL underwriting on New York City real estate,” Cardone said in an X post.

“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.”

“When that [Trump] ruling happened, it was like, ‘Pencils down,'” Cardone said of his decision while appearing on “Fox & Friends.”

“Don’t touch it. Don’t go there.”

“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.”

Cardone’s decision came a day after Kevin O’Leary, a personality from the show “Shark Tank,” also said he would not invest in the state of New York because of Engoron’s verdict against Trump.

O’Leary told Fox Business that he “would never invest in New York now, and I’m not the only person saying that.”

“This award, I mean, just leaving the whole Trump thing out of it and seeing what occurred here … and I’m no different than any other investor, I’m shocked at this,” he continued.

“I can’t even understand or fathom the decision at all. There’s no rationale for it.”

New York Democrat Governor Kathy Hochul attempted to put out the fires of investors wanting to ditch the Empire State, by participating in a radio interview last Sunday.

“Law-abiding and rule-following New Yorkers who are businesspeople have nothing to worry about because they’re different than Donald Trump and his behavior,” Hochul said.

But O’Leary didn’t think her words did anything to help the situation.

“I’m sorry her words fall on deaf ears to everybody. There’s nothing she can say to justify this decision,” O’Leary said.
...

New York's high taxes were already a disincentive to invest there and their ridiculous mistreatment of Trump and his family makes it an even worse place to invest.   When you can invest in Texas and Florida and pay lower taxes in a more vibrant market New York's attacks on Trump have made it a pariah state for investors.  Trump did a lot for the state and this absurd case shows an irrational hostility.

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