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Trump fraud ruling reveals New York's 'assault' on real estate, 'Mr Wonderful' says: Move your business out
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Hochul Whorehouse
Feb 22, 2024, 2:20:03 AMFeb 22
to
West Virginia, Florida and North Dakota are 'winner states' for
business; California, New York and New Jersey are 'losers' O'Leary
says
O'Leary Ventures chief and "Shark Tank's" "Mr. Wonderful" Kevin
O'Leary warned real estate investors against developing in New York
following a state judge's ruling that former President Trump must
pay $355 million in punitive damages in his civil fraud case.
O'Leary told "Fox & Friends Weekend" to take the "Trump factor" out
of the equation and look at the case as if it were any real estate
developer with a marked presence in New York State.
"Forget about the Trump factor," he said. "It's not about that. What
does this say to everybody that wants to do work in New York and
wants to risk capital? … this judge arbitrarily decide[d] that this
is the right amount. I don't understand it. No developer does."
TRUMP'S PENALTY CASE COULD CAUSE BIZ EXODUS FROM ‘LEGAL BANANA
REPUBLIC’ NEW YORK
He added, "It's an atrocity. It's an embarrassment, but it's an
assault on real estate."
'New York was already a loser state, like California is a loser
state. There are many loser states because of policy, high taxes on
competitive regulation,' he said. 'I would never invest in New York
now. And I'm not the only person saying that.'
O'Leary said very few business sectors create the amount of cash
flow that real estate does. What Trump was found liable for doing,
he argued, is not too different from the typical "haggling" that
goes on between a prospective debtor and a bank.
"You go to a bank and you say, 'Look, I want to borrow $200 million
to build a building’. And they say, ‘What assets do you have that we
can secure this loan against?’ And you point to a building you built
before, and you haggle, and you argue about the value of that
building."
With New York appearing to categorize some instances of that process
as potentially fraudulent, O'Leary said New York has supplanted
California as the top name on his list of "loser states" for
business.
https://www.foxnews.com/media/trump-fraud-ruling-reveals-new-york-
assault-real-estate-move-your-business-out
business; California, New York and New Jersey are 'losers' O'Leary
says
O'Leary Ventures chief and "Shark Tank's" "Mr. Wonderful" Kevin
O'Leary warned real estate investors against developing in New York
following a state judge's ruling that former President Trump must
pay $355 million in punitive damages in his civil fraud case.
O'Leary told "Fox & Friends Weekend" to take the "Trump factor" out
of the equation and look at the case as if it were any real estate
developer with a marked presence in New York State.
"Forget about the Trump factor," he said. "It's not about that. What
does this say to everybody that wants to do work in New York and
wants to risk capital? … this judge arbitrarily decide[d] that this
is the right amount. I don't understand it. No developer does."
TRUMP'S PENALTY CASE COULD CAUSE BIZ EXODUS FROM ‘LEGAL BANANA
REPUBLIC’ NEW YORK
He added, "It's an atrocity. It's an embarrassment, but it's an
assault on real estate."
'New York was already a loser state, like California is a loser
state. There are many loser states because of policy, high taxes on
competitive regulation,' he said. 'I would never invest in New York
now. And I'm not the only person saying that.'
O'Leary said very few business sectors create the amount of cash
flow that real estate does. What Trump was found liable for doing,
he argued, is not too different from the typical "haggling" that
goes on between a prospective debtor and a bank.
"You go to a bank and you say, 'Look, I want to borrow $200 million
to build a building’. And they say, ‘What assets do you have that we
can secure this loan against?’ And you point to a building you built
before, and you haggle, and you argue about the value of that
building."
With New York appearing to categorize some instances of that process
as potentially fraudulent, O'Leary said New York has supplanted
California as the top name on his list of "loser states" for
business.
https://www.foxnews.com/media/trump-fraud-ruling-reveals-new-york-
assault-real-estate-move-your-business-out
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