Court rulings have consequences. Some truckers that were due to pick up New York loads are refusing them in protest. Now a potential real estate investor will put his dollars elsewhere. Grant Cardone of Cardone’s Capital spoke with Fox News recently. Cardone said New York seems to be doing everything in its power to not sell its own real estate. All Letitia James thought about was “get Trump.”
Dollars lost
Cardone told Steve Doocy,
“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. … And when that ruling happened, it was like, ‘Pencils down. Don’t touch it. Don’t go there.’ The risk outweighs 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.”
He tweeted out to his team to “discontinue ALL underwriting on New York City real estate.” Cardone explained the consequences of each decision the state or city makes determines where he puts his dollars.
Dear Cardone Capital team,
Immediately discontinue ALL underwriting on New York City real estate. 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… pic.twitter.com/nTdJ5d4dO5
— Grant Cardone (@GrantCardone) February 20, 2024
Without a favorable business climate
Dollars from Cardone and others go elsewhere. “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 and not sell real estate in New York.”
That ruling will cause a ripple effect. “We were going to put $1 billion in New York City this year. We were going to put $1 billion in Chicago and maybe another billion in Los Angeles. And we won’t touch any of them now.”
Nobody is above the law, not even @realDonaldTrump.
Forcing the nation’s top law enforcement official to resign doesn’t give him a free pass—it only raises suspicions.
I want NYers to know I‘ll hold those in power accountable & make sure the Special Counsel’s work continues.
— Tish James (@TishJames) November 7, 2018
James’ mindless vendetta
May cause her state to lose more in dollars than it will recoup. She made a promise in her campaign to “get Trump”. She called him illegitimate and her decision to run for attorney general was mostly “about that man in the White House who can’t go a day without threatening our fundamental rights.”
For years Democrat run cities and states have been notoriously business unfriendly due to oppressive taxes, regulations and crime. The latest wrinkle is you now have to watch over your shoulder for selective prosecution. If you go against the politics in the area you can be bankrupted.
