Staff Reports
Former President Donald Trump has been ordered to pay $355 million in damages for supposedly using false and inflated values for his properties on financial statements, all thanks to a lawsuit filed by New York Judge Arthur Engoron. The ruling against Trump has caused quite the ruckus, especially for the Empire State. It seems they didn’t quite anticipate the aftermath of their legal takedown of Trump.
Prominent Investor Cancels New York Plans 40 Years in the Making After Trump Ruling https://t.co/jkz5gtaAXK
— Gerald Abeille (A G I M) (@agimcorp) February 22, 2024
One consequence of this ruling is the departure of a prominent real estate investor, Grant Cardone of Cardone’s Capital, who had big plans for New York City, Chicago, and California. However, he recently announced on “Fox & Friends” that he’s pulling out and discontinuing all underwriting on New York City real estate. That’s right, the ruling has sent him running for the hills, or rather, the more conservative and business-friendly hills of Texas and Florida.
Cardone voiced his frustration with New York City’s politics and policies, stating that recent decisions will only continue to deteriorate prices and benefit states that don’t have these challenges. He emphasized that the ruling’s ripple effect will ultimately prove harmful to New York, as it will deter billions of dollars in potential investments. In other words, New York might want to start rethinking their legal vendetta against Trump.
Enter New York Attorney General Letitia James, who seemingly embarked on a personal crusade against Trump. During her campaign in 2018, she didn’t shy away from expressing her disdain for the former president. Her Trump Derangement Syndrome might have blinded her to the disastrous consequences of the fraud case for New York. It’s no wonder why some are questioning her judgment and priorities in pursuing this legal battle.
This ruling serves as a cautionary tale for businesses in Democrat-run areas. It’s not just about oppressive taxes and regulations; now, they have to be wary of selective prosecutions and rigged court cases. After all, who wants to risk bankruptcy due to a politically motivated legal onslaught? It’s no surprise that investors and businesses are seeking refuge in states with less restrictive regulations and red tape. It’s much easier to do business in a red state than to navigate the bureaucratic minefield of a blue state.
This legal saga isn’t just about Trump; it’s about the future of business in America. If New York continues down this path, they might find themselves losing out on major investments and opportunities. Hopefully, they’ll learn a valuable lesson from this debacle and prioritize policies that attract businesses, rather than drive them away. But in the meantime, it looks like Texas and Florida are reaping the benefits of the Big Apple’s missteps.
