Kevin O’Leary, known as “Mr. Wonderful” from “Shark Tank,” warned real estate investors against developing in New York following a judge’s ruling that former President Trump must pay $355 million in a civil fraud case.
O’Leary criticized the ruling, calling it an assault on real estate and advised against investing in New York due to unfavorable policies and high taxes.
O’Leary said, “Forget about the Trump factor. 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.”
“It’s an atrocity. It’s an embarrassment, but it’s an assault on real estate,” he continued.
He suggested considering states like North Dakota, West Virginia, Texas, or Oklahoma for investment instead.
O’Leary said in a separate interview, “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 added, “I would never invest in New York now. And I’m not the only person saying that.”
O’Leary explained, “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.”
“Why go to a ’loser state’ like New York?” he asked.
“Each of us as investors, we vote with our capital,” he emphasized.
FOX Business host Charles Payne supported O’Leary’s viewpoint, stating that businesses are leaving New York for states like Florida and Texas due to crime issues and excessive regulations.
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