Investors Flee NYC Real Estate, Shift Focus to Texas and Florida Due to Unpredictable Regulations and Policies
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Real estate investor Grant Cardone said his firm will "immediately discontinue" new investments in NYC real estate, instead focusing on Texas and Florida due to concerns over unpredictable regulations and policies in New York.
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Cardone believes the $355 million civil ruling against Trump will likely lead to declines in NYC property values, issues for pension funds, lenders, and REITs, potentially increasing loan defaults.
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Cardone said his firm had planned to invest $1 billion in NYC real estate this year but will no longer do so, and instead will invest heavily in Texas, Florida, and Arizona due to more business-friendly policies there.
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Kevin O'Leary echoed similar warnings, saying he would never invest in New York now due to high taxes, regulations, and the Trump ruling making it a "loser state."
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Cardone warned the Trump ruling could have ripple effects, with few in real estate willing to put "big money" into NYC for the foreseeable future due to unpredictable policies and regulations.