Real Estate Investors Threaten To Pull out of New York Following Recent Trump Verdict

Some real estate investors have started pulling out of New York after the recent verdict in former President Donald Trump's civil fraud trial.

In a post on X, formerly Twitter, Grant Cardone of Cardone Capital told his team to pack their bags and leave New York after a ruling at a civil business fraud trial ordered Trump to pay a fine of $355 million plus interest and barred him from conducting business in the state.

"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 & Florida," Cardone wrote.

He doubled down on his comments during an interview with Steve Doocy on "Fox & Friends" and further claimed that New York has shown its politicization when it comes to doing business.

"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," he added.

Kevin O'Leary, a "Shark Tank" investor, was also one of the real estate figures who vowed to no longer invest in New York following the Trump verdict.

"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. I can't even understand or fathom the decision at all. There's no rationale for it," O'Leary said. "It was already on the top of the list of being a loser state. I would never invest in New York now."

New York's Response

Following Trump's verdict, Gov. Kathy Hochul, D-NY, on Sunday insisted that the massive $355 million fine slapped against the former president won't hurt New York businesses that follow the law.

"I understand [that the Trump ruling might make New York business people fearful], but this is really an extraordinarily unusual circumstance that the law-abiding, rule-following New Yorkers who are businesspeople have nothing to worry about because they're very different from Donald Trump and his behavior," she said on the "Cats Roundtable" on WABC 770 radio.