New York Is Losing Business Due To Ruling on Former President Donald Trump

This ruling has left many of them feeling that it could potentially be unsafe to conduct business throughout New York, as what happened to Trump could end up happening to them. As a result, many have stated that they’re leaving — and they’re taking their business with them.

However, the judge also banned the former president from conducting business in New York for the next three years. During this timeframe, Trump cannot serve as an officer or director of any corporation within the state.  

To these critics, if the state could easily do this to the former president, then it could seamlessly do this to any other company owner who conducts business in New York.

According to Hochul, these business owners have “nothing to worry about.” Hochul was previously asked whether Trump’s trial was proof that they could go after any business. She rejected this idea. 

“I think that this is really an extraordinary, unusual circumstance that the law-abiding and rule-following New Yorkers who are business people have nothing to worry about, because they’re very different than Donald Trump and his behavior,” Hochul stated.

It has caused some business owners to publicly state that they’re going to leave the state of New York, taking their business with them. For some, they think heading out to states like Florida or Texas offers better — and safer — opportunities. 

“We thought this year was the opportunity to come into Chicago, California and New York City. I’ve been waiting for 40 years now to invest in that marketplace. I was completely confident this was the year to come,” Cardone explained. “And when that ruling happened, it was like, pencils down. Don’t touch it. Don’t go there.”

For starters, he has said that markets in Texas and Florida look much better than the current market in New York. As a result, they’ll focus more on doing business in these states. 

Cardone has said the blue state’s risks “outweigh the opportunities.” The real estate investor has also claimed that financial aspects, such as evaluating your property and getting a loan, may become much harder now in the state.  

“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,” O’Leary said. “I would never invest in New York now. And I’m not the only person saying that.”

“Every investor’s worried because where is the victim? Who lost money? This is some arbitrary decision a judge made,” O’Leary explained.

“I’m sorry her words fall on deaf ears to everybody,” he stated. “There’s nothing she can say to justify this decision. And this has nothing to do with Trump… this is not a Trump situation. This is a New York problem now.”

“Kevin O’Leary is so great, and tells it like it is,” he wrote on Truth Social. “Businesses will flee NYC & State after the Corrupt Judge’s ruling!”

“[T]he court admitted that not a single dollar was lost by the banks from these dealings. Indeed, witnesses testified that they wanted to do more business with Trump, who was described as a ‘whale’ client with high-yield business opportunities,” Jonathan Turley, a George Washington University Law School professor, said. “Undervaluing and overvaluing property is a longstanding practice in New York real estate.”

Trump’s early warnings seems to be right in line with what many of his fellow New York businessmen are saying today.

Trump has also explained that he did nothing wrong. “If you look at the case, we did nothing wrong, there were no victims,” he stated.

“Democratic NY Governor Hochul effectively tells NY businesses not to worry — it was all about getting Trump,” Tom Fitton, Judicial Watch president, claimed. 

According to Bloomberg data, Wall Street firms have been leaving the city since 2019. In total, about 160 different firms have left New York in this short time frame.

Trump’s ruling — and the outrage among many business and financial professionals — will possibly only further this ongoing mass migration that has seen businesses flee the city.

Florida has increasingly become a safe haven for these departing businesses. Many wealthy New York business people have also decided to start over in the Sunshine State, choosing to buy homes there.

Already, experts are sounding the alarm bells about this potentially massive issue.

This report has already warned about the ongoing mass migration of Wall Street firms, as the report says that this upcoming year will likely see a “significant decline” in collected taxes.

Reports have, therefore, also warned that the city could see job losses in the near future. One report also says that these jobs have been relocated — to cities and states that have a lower cost of living.

Cities like Nashville have seen a bump in business moves. Meanwhile, states like North Carolina and South Carolina have also experienced a rise in business.