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Campaign blunders create real estate woes for Trump

Donald Trump's controversial campaign for the presidency has hurt his brand as a real estate mogul and businessman. It has impacted the New York real estate market, where he made his name. There's empirical evidence that the values of his condominiums and other products that bear his name and even that of his daughter Ivanka are in decline.

Trump's focus in his campaign, which it looks like he's going to lose, has been on working class people. However, those aren't the people who are tenants in his properties, nor the people who frequent his golf resorts and hotels.

A recent story in the Los Angeles Times reported that some of these wealthy tenants are so embarrassed to be living in a building with the Trump name on it that they're asking for the name to be taken off the building. One tenant refuses to admit living in Trump Place because Trump "has a mouth like a sewer." However, due to various licensing agreements, changing the names of these buildings may not be easy.

Broadcaster Keith Olbermann found another solution. He sold his condo in a Trump property this year. He said, "I got out with 90 percent of my money and 100 percent of my soul." Some of his neighbors, he said, wanted to follow suit, but simply can't afford to.

When a person's name is his or her brand and that brand is ruined, it can cause financial damage to anyone involved with the business enterprise. As Olbermann says, "In Russia, there was quite a spree of pulling down statues of Stalin and erasing his likeness from buildings. That's how the real estate market will treat Trump." For those involved in the New York real estate market, the fallout from the Trump campaign could have ramifications long past Nov. 8.

Source: Salon, "Has Donald Trump destroyed his brand and his business? The GOP nominee stands to lose more than the election," Heather Digby Parton, Oct. 20, 2016

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