(DailyVantage.com) – Following the New York City civil fraud trial against former President Donald Trump, prominent businessmen with ties to Trump are removing their investments from the city. Among the business people pulling out of New York City is Grant Cardone, a renowned property investor who decided to end any future involvement with the city’s market due to the ruling against Trump. According to reports, Cardone abandoned a 40-year project after a New York court ordered Trump to pay more than $350 million in damages for his questionable business practices.
Cardone discussed his decision to leave New York City and cited other cities where he planned to withdraw his investments depending on similar legal outcomes. Among the cities Cardone expressed an interest in are Chicago and New York City, a city Cardone planned on investing in for more than four decades. Cardone said that his team followed Trump’s civil fraud trial closely and used the legal battle to determine whether or not to pursue future business opportunities within the state. When explaining his decision to leave the New York City market, Cardone said the risk of remaining in the region outweighed the potential economic benefits.
Cardone expressed his concerns about political decisions that could ultimately harm investors’ returns, citing the New York civil fraud trial against Trump as a concern investors would consider when looking for business opportunities. Cardone operates Cardone Capital, which uses money from more than 14,000 people to invest in real estate for a return. According to Cardone, New York policy makes it incredibly difficult to persuade investors to remain in the state’s market, while policies in states like Florida actively encourage investors’ involvement within the region.
Cardone claims that other investment firms and prominent businesspeople will likely follow Cardone Capital’s example, ultimately hurting liberal cities that appear politically biased. Cardone shared his investment firm’s plan to invest more than one billion dollars in cities like Los Angeles and Chicago, which is now on hold due to investors’ concerns regarding state policy. Cardone’s comments prompted heavy criticism against New York’s Letitia James, the state’s attorney general, who relentlessly pursued legal action against Donald Trump and his family members.
Cardone cited James’ avid prosecution of the Trump family as a primary reason investors are hesitant to finance projects in liberal states like California, Michigan, and New York. According to Cardone, investors aren’t likely to pursue business opportunities if they risk becoming the subject of a politically motivated legal action, such as the civil fraud case against the former president. While Letitia James remains adamant that her office acted properly in its civil case against Trump, many online commenters believe James’ actions could ultimately harm New York’s economy.
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