Judge's Ruling in Trump Case Sparks Concerns for Real Estate Developers in New York, Says Kevin O'Leary
Kevin O'Leary warned real estate investors against developing in New York following a judge's ruling that Trump must pay $355 million in punitive damages. He said the ruling sets a precedent that any developer could face arbitrarily high penalties for typical negotiations with banks over loan terms. O'Leary called it an "assault" on real estate and an "atrocity" that undermines confidence in investing in New York. He advised taking the "Trump factor" out of it and viewing it as any developer facing these risks in New York.
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00:00 It's Benzinga and here's what's on the block.
00:02 Kevin O'Leary warned real estate investors against developing in New York following a
00:06 judge's ruling that Trump must pay $355 million in punitive damages. He said the ruling sets a
00:11 precedent that any developer could face arbitrarily high penalties for typical negotiations with
00:15 banks over loan terms. O'Leary called it an assault on real estate and an atrocity that
00:19 undermines confidence in investing in New York. He advised taking the Trump factor out of it and
00:24 viewing it as any developer facing these risks in New York. O'Leary said New York had supplanted
00:28 California as the top loser state for business due to policies, taxes, and regulations. He
00:33 suggested businesses incorporate elsewhere like Florida, Texas, North Dakota, or West Virginia,
00:37 which he called winner states. For all things money visit Benzinga.com.