As the backlash continues over Stephen Ross’s decision to hold a multimillion-dollar fund-raiser for Trump, Wall Street is wondering: “Why the hell is he doing this?”
’s decision to hold a multimillion-dollar fund-raiser forin the Hamptons on Friday, Wall Street is wondering just what he was thinking. “Steve has never been a fan of Donald Trump, ever,” one senior Wall Street banker tells me. “Why the hell is he doing this?”
Ross may be, culturally, a New Yorker, a social liberal with a portfolio of businesses that have a halo of enlightened capitalism—not only SoulCycle and Equinox, but also, in his private incubator, Momofuku, Milk Bar, and the International Champions Cup. But he’s also a billionaire, with the interests of his class never far from his mind.
According to a study undertaken by the NYU Stern School of Business, Ross’s Related Companies is one of the bigger users of the EB-5 program. In coordination with the federal government, developers such as Ross get the capital and the investors get the visas. Part of the idea behind the EB-5 program is to attract cheap foreign equity capital for U.S. real estate developers who can then use it to build projects, supposedly in underserved parts of the country and to create more jobs.
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