Grant Cardone has been very vocal lately on ing.
Cardon made a series of posts, including telling his team that he would “immediately cease all underwriting for New York City real estate” and that “Cardon Capital will double down in Florida, Texas, and Arizona.” The content was also included.
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On Thursday, February 22, he explained why real estate investors and developers should avoid New York City and other sanctuary cities.
The post is as follows:
Sanctuary city real estate values could trigger systemic banking crisis
Downward pressure on real estate prices will accelerate in Baltimore, Chicago, New York City, Los Angeles, Philadelphia, San Francisco, San Jose, San Diego, and Seattle.
“This once great real estate investment city is being destroyed literally overnight,” Grant Cardone said.
Professional real estate investors and institutions will no longer take risks in these markets.
The lack of investors in these markets could spread a systemic financial crisis to local banks, financial institutions, and pension funds that invest in these markets.
Why do investors take on the additional risks of these markets? Increased taxes, levies, and legal costs; uncollectable rent; increased rents; increased construction costs; unfriendly property owners; Increased financial burden on cities.
There are too many other risk-free markets like Florida, Tennessee, Texas, Arizona, and the Carolinas.
cardone capital
Grant Cardon, CEO
(@GrantCardone from X)
Cardone continues to make his views clear. Few real estate investors and developers are as vocal as he is, but only time will tell if others will follow suit.
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This article Grant Cardone: 'Sanctuary City Real Estate Values Could Create Systemic Banking Crisis' originally appeared on Benzinga.com
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