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Trump fraud ruling reveals New York’s ‘assault’ on real estate, ‘Mr Wonderful’ says: Move your business out

Kevin O’Leary, president of O’Leary Ventures and aka “Mr. Wonderful” from “Shark Tank,” has ruled that a state judge has ruled that former President Trump must pay $355 million in punitive damages in a civil fraud case. Following the ruling, real estate investors were warned against developing in New York.

O’Leary told “Fox & Friends Weekend” to take “the Trump factor” out of the equation and look at the case as if he were a real estate developer with a prominent presence in New York state.

“Forget about the Trump factor,” he said. “It doesn’t matter. What does this say to everyone who wants to work in New York and want to put their capital at risk? … This judge is arbitrarily deciding.”[ed] This is the appropriate amount. I do not understand. No developer would do that. ”

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He added: “It’s an act of brutality. It’s embarrassing, but it’s an attack on real estate.”

O’Leary reiterated his comments Monday on FOX Business’ “Kabuto: Coast to Coast.”

“Just like California is a loser state, New York was already a loser state. There are a lot of loser states because of high taxes on policy and competition regulations,” he said. “I would never invest in New York now. I’m not the only one saying that.”

O’Leary said there are few industries that generate as much cash flow as real estate. He argued that what Mr. Trump was found responsible for was not that different from a typical “haggle negotiation” between a prospective debtor and a bank.

“If you go to a bank and say, “I want to borrow $200 million to build a building,” the bank asks, “What assets can secure this loan?” And they point to buildings they’ve built before. We haggle and discuss the value of the building.”

Although New York state appears to classify some cases in the process as potentially fraudulent, O’Leary said New York has replaced California as the top name on the list of “losing states” for business. He said it became.

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O’Leary suggested developers and investors ignore the trend of incorporating on coasts other than Florida and instead consider incorporating in North Dakota, West Virginia, Texas or Oklahoma.

“These are ‘winner nations,'” he said. “Why go to a ‘loser state’ like New York?”

“Each of us as investors votes with our capital,” he said.

O’Leary said California, which previously topped the list, is “slowly but surely being driven out of business due to an unfavorable business environment,” followed by Massachusetts and notoriously high-tax New Jersey. He added that it was a close second.

FOX business Host Charles Payne agreed with O’Leary on Monday, telling Fox News that his suggestion that “no one should touch New York” when it comes to incorporation is “absolutely correct.”

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Payne said $1 trillion in business has already left New York, primarily to Florida and Texas, and Manhattan’s skyscrapers are at about 50% occupancy, with no chance of returning to full capacity. expressed the view that it was low.

Payne added that New York’s crime crisis and increasing regulations are driving businesses out of the state.

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