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‘Industry standard’

The lawsuit accused Trump of inflating the stated values of his real estate properties for financial gain.

Cardone, however, disputes the accusation, suggesting a discrepancy in treatment.

In a separate discussion on Fox News, Cardone criticized New York and similar cities for penalizing what he perceives as common industry practices. He specifically pointed out their ability to “sanction a man for appraisals that we all do exactly the way Trump did.”

Cardone continued to defend the practice as “industry standard” and an “approved method,” explaining, “I assess a value, a third party assesses a value and then we bring those values together.”

“Shark Tank” star Kevin O’Leary shares Cardone’s viewpoint, and said so earlier this year during a CNN interview, arguing that the practice is widespread in the real estate sector.

“Forget about Trump, every single real estate developer everywhere on Earth does this. They always talk about their asset being worth a lot and the bank says no. That's just the way it is,” he stated. “If you're going to sue this case and win, you've got to sue every real estate developer everywhere.”

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Exiting NYC

Consequently, Cardone has decided against investing in New York City, expressing concerns over potential governmental overreach.

“It became clear to me that in New York City … I don't actually own my property: Any government overreach or out-of-control government could come in and seize my property,” he stated.

The verdict of the Trump case has led to Cardone’s decision to redirect his investments: “I see what is happening to Trump is a sanction against Trump and a seizure of his property. So we decided not to invest there. Last week, we placed that same $500 million in Florida.”

Cardone raised alarms about the future financial health of New York City, predicting a decline in the city's tax base and noting that property tax collections are “already off.”

In a similar spirit, O’Leary labeled New York a “mega loser state” following the Trump ruling, stating, “I would never invest in New York now.”

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About the Author

Jing Pan

Jing Pan

Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.

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