Real estate investor Grant Cardone has made the decision to leave New York after the court ruling in former President Trump’s fraud trial. Cardone, of Cardone Capital, shared his reasons for the move in an interview on “Fox & Friends.” He expressed disappointment that this year, which he believed was the right opportunity to invest in major cities like Chicago, California, and New York City, has now become a year to avoid these areas altogether.
Cardone explained that the recent ruling has led him to redirect his investments to other states like Texas and Florida. He emphasized that the risks in New York now outweigh the opportunities in terms of property value, and the state’s political climate has also influenced his decision to relocate his investments.
In the aftermath of the civil implications from the $355 million Trump ruling, Cardone highlighted additional financial concerns impacting New York, such as the potential decline in property value and an increase in loan defaults that could affect regional banks.
Kevin O’Leary, chairman of O’Leary Ventures and a personality on “Shark Tank,” echoed Cardone’s concerns, warning against investing in New York and calling it a “loser state” due to high taxes and competitive regulations.
As a result of the ruling, Cardone is now cautious of a business ripple effect and believes that real estate investors will be hesitant to invest “big money” in New York any time soon. He shared that he had plans to invest a significant amount in New York City, Chicago, and Los Angeles this year, but now, those plans have changed, redirecting investments to states like Texas, Florida, and Arizona.
The fallout from the Trump ruling has certainly reshaped the investment landscape for some major cities, causing real estate investors to rethink their strategies and consider alternative markets for future investments.