Some prominent New York real estate investors are warning that the rigged Trump trial will have a devastating effect on real estate and commercial investment in the city.
One expert voicing this concern is Cardone Capital Founder Grant Cardone, who spoke to Fox Business about the effects the trial could have on the city’s economy. Cardone, who recently pulled his business out of New York, said that the way the trial played out will leave many people unwilling to do business there because they can no longer trust the legal system.
In fact, Cardone said that those who invest their money with him won’t even let him conduct business there, telling the network: “If they can do this to Donald Trump, a former president, regardless of how you feel about the politics, if they can do this to a former president, what can they do to Grant Cardone? What can they do to any other businessman?”
In addition to the trial, Trump’s mounting legal woes there – particularly the $355 million fine he was issued in February as part of his New York civil fraud case – will “wreak financial havoc on the city.”
“I have 15,000 investors with me at Cardone Capital. We’ve raised $1.3 billion. If I went to them today and said, ‘I want to invest in New York City,’ they would not give me money to do that,” he asserted.
He went on to say that although New York City is one of the best cities in the world, no one wants to do business there.
“I blame the legal system. Clearly, the political system has been weaponized,” he added.
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New York also suffers from numerous other problems, with crime growing out of control in the liberal-run city as criminals are often not held accountable for their actions. The city is also seeing its tax revenue dropping as residents leave the city in search of better places to live, especially as the border crisis continues and migrants flood into the city.
Cardone said his company has reallocated $500 million it originally intended to invest in New York into real estate investments in Florida instead.
"As great a city as New York City is, I need stability in the marketplace. And right now you have problems picking up the trash," he said.
“No rule of law”
Billionaire and New York City supermarket chain owner John Catsimatidis shared a similar sentiment on Mornings with Maria, saying that what happened to Trump could happen to anyone doing business there.
"If they can do this to a business person like Donald Trump, they could do it to anybody in New York and a lot of businesses. A lot of people are concerned that there is no rule of law," he cautioned.
Trump was found guilty on all 34 counts that Manhattan District Attorney Alvin Bragg charged him with and is now facing a maximum sentence of 136 years. The unprecedented criminal trial related to falsified business records and is estimated to have cost taxpayers $2 million across its six weeks; safety precautions for the former president's trial cost $50,000 per day.
The trial was rife with missteps and injustices, including a biased judge who refused to recuse himself even though his daughter works for the Democratic party and ludicrous instructions to jurors that they didn’t even have to agree on which law he broke.
Trump’s sentencing is scheduled for July 11. He said his trial was “rigged” and “disgraceful” and has vowed to continue his fight as well as his presidential campaign.
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