Grant Cardone has been very vocal on X, formerly Twitter, of late, making several posts about the ruling against former President Donald Trump, in which he was ordered to pay $355 million in penalties plus interest.Cardone made a series of posts, including telling his team to “immediately discontinue all underwriting on New York City real estate” and that “CardoneCapital doubles down in Florida, Texas & Arizona.”Don’t Miss:On Thursday, February 22, he explained why real estate investors and developers should avoid New York City and other sanctuary cities.Here’s the post:SANCTUARY CITY REAL ESTATE VALUES COULD CREATE SYSTEMIC BANKING CRISISBaltimore, Chicago, New York City, Los Angeles, Philadelphia, San Francisco, San Jose, San Diego and Seattle real estate will experience ACCELERATED downward pressure on price.“These once great, real estate investment cities are being destroyed, literally overnight,” Grant Cardone. Professional Real Estate Investors & institutions will NO longer risk exposure in these markets.The void of investors in these markets may result in a systemic financial crisis spreading to regional banks, institutions and pension funds invested in those markets. Why would investors take on the added risk of these markets? Higher taxes, collections, legal bills, unable to collect rents, raise rents, higher cost to build, unfriendly to property owners and an increase financial burden on these cities. Too many other markets that don’t come with the risk like Florida, Tennesse, Texas, Arizona and the Carolinas. CardoneCapital GrantCardone, CEO(@GrantCardone on X)Story continuesCardone continues to make his views very clear. While very few real estate investors and developers are as vocal as he is, time will tell if others are following suit.Read Next:Image Credit: YouTube”ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!Get the latest stock analysis from Benzinga?This article Grant Cardone: ‘Sanctuary City Real Estate Values Could Create Systemic Banking Crisis’ originally appeared on Benzinga.com© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. …
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