In the wake of the verdict in former President Trump's fraud trial, which resulted in him paying over $350 million in damages and being banned from running his business in New York, several companies have vowed to discontinue their operations in the Democrat-run state.
Real estate investors such as Cardone Capital's Grant Cardone are fleeing New York business opportunities to focus on other markets in Republican-led states such as Texas and Florida.
Cardone told Fox News's Steve Doocy that New York has too many risks that outweigh the opportunities, adding that liberal leadership with its politicization of conservatives has resulted in him packing his bags and "immediately discontinuing" real estate in the city.
"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 said.
Cardone said that "political decisions" in the blue-led state will "deteriorate" prices and benefits as Democrat leadership continues to persecute conservatives.
Dear Cardone Capital team,
— Grant Cardone (@GrantCardone) February 20, 2024
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
The fund manager isn't the only one pulling his business out of New York; the country's oldest gun manufacturer, Remington, also announced plans to flee the Democrat state.
Remington is relocating its headquarters to Georgia after doing business in New York for more than 200 years.
BREAKING: Nations oldest gun manufacturer, Remington, announces departure from NY.
— Ryan Fournier (@RyanAFournier) February 20, 2024
They are moving all operations to Georgia.
This is the way.
In addition to the politically charged verdict handed down to Trump, RemArms CEO Ken D'Arcy said, "New York State's legislative environment remains a major concern for our industry."
While Remington did not cite Trump's fraud verdict as a reason for its closure, the timing of the relocation suggests it was the last straw.
"We are very excited to come to Georgia, a state that not only welcomes business but enthusiastically supports and welcomes companies in the firearms industry," D'Arcy said. "Everyone involved in this process has shown how important business is to the state and how welcoming they are to all business, including the firearms industry."
In addition, "Shark Tank" investor Kevin O'Leary is putting the kibosh on what he called "loser" New York, promising to no longer invest in the liberal state.
O'Leary said there is "no rationale" for Trump to be hit with such an unreasonable and politically charged ruling.
"I can't even understand or fathom the decision at all," O'Leary said. "So, they've got lots of work to do to find themselves getting out of this situation. This has all occurred post-pandemic … winner states versus loser states," suggesting companies are moving to red states such as Florida and Texas.
The businessman explained how the Trump verdict has investors concerned about doing business in New York, pointing out that there was no victim in the case.
"We're very worried, every investor is worried because where is the victim? Who lost the money? This is some arbitrary decision a judge made," O'Leary said. "This policy … what does this say about the bar? About the legal bar in New York? Aren't they going to question this judge? What is this?"
Last week, Judge Arthur Engoron ordered Trump to pay $355 million despite no victims being harmed in the case. The bank's former president supposedly "defrauded" and even provided testimony defending him.
Join the conversation as a VIP Member