Shark Tank’s Kevin O’Leary: Done with NY after Trump verdict
O’Leary Vows to Never Invest in New York Again After Trump Ruling
OAN’s Chloe Hauxwell
1:45 PM – Tuesday, February 20, 2024
Shark Tank’s Kevin O’Leary declares that he will never invest in New York City again following the recent ruling against President Trump.
In a recent interview, O’Leary expressed his disbelief at Judge Engoron’s decision, stating that Donald Trump’s actions were typical in real estate development.
O’Leary emphasized that negotiations over property valuation and loan requests have been a common practice for decades, and he firmly believes that no fraud was committed in Trump’s case. He also highlighted that the bank involved in the case testified that they suffered no losses and still want to do business with Trump.
According to O’Leary, the judge’s ruling was completely unjust.
The prominent businessman and investor predicts that both existing businesses and new ventures will start avoiding New York and instead choose locations like Texas and Florida.
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3) Why does O’Leary think New York has become an unfavorable environment for real estate investors as a result of the ruling
Furthermore, O’Leary criticized the media’s portrayal of the ruling, arguing that it was heavily biased and did not provide a fair representation of the facts. He stated that the media’s treatment of Trump has been unfair from the beginning and that this latest ruling is just another example of that bias.
In his view, the ruling sets a dangerous precedent for future real estate developers, as it suggests that any discrepancy or disagreement in property valuation could be grounds for legal action. O’Leary fears that this could discourage investment in the industry and ultimately hinder economic growth.
O’Leary believes that New York has now become an unfavorable environment for real estate investors, as the ruling sends a message that they are not welcome or safe in the city. He expressed his disappointment in the decision and vowed to take his investments elsewhere.
“I will never invest in New York City again,” O’Leary declared. “There are plenty of other cities and states that offer a more favorable climate for real estate investment.”
While O’Leary did not specify which cities or states he plans to shift his focus to, he emphasized that he will actively seek out locations that are more conducive to business and do not impose unnecessary legal burdens on developers.
As a well-known entrepreneur and investor, O’Leary’s decision could have implications for the New York real estate market and the overall perception of the city as a viable investment destination. Investors may be deterred by the uncertainty and potential legal risks associated with the recent ruling.
Only time will tell how O’Leary’s announcement and the ruling against Trump will impact the investment landscape in New York City. For now, it seems that the real estate industry in the city is set to face significant challenges as developers and investors reassess their options in the wake of this decision.
