1 00:00:02,720 --> 00:00:07,200 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,240 --> 00:00:12,080 Speaker 2: My vision for New York City in twenty twenty five 3 00:00:12,400 --> 00:00:13,760 Speaker 2: looks like Saran Mandani. 4 00:00:14,160 --> 00:00:17,160 Speaker 3: New Yorkers across the city went to the polls Tuesday 5 00:00:17,400 --> 00:00:21,240 Speaker 3: to cast their ballots for mayor. On Manhattan's Upper East Side. 6 00:00:21,360 --> 00:00:25,000 Speaker 3: We spoke to voters motivated by a wide range of issues. 7 00:00:25,600 --> 00:00:29,520 Speaker 3: Mamdani is very like pro immigrant, pro LGBTQ plus community. 8 00:00:29,800 --> 00:00:33,080 Speaker 4: The biggest thing for me has been corruption that I've seen. 9 00:00:33,280 --> 00:00:37,320 Speaker 1: But New York City is too big a city for 10 00:00:37,640 --> 00:00:40,520 Speaker 1: somebody to run that has never had a full time 11 00:00:40,640 --> 00:00:41,280 Speaker 1: real job. 12 00:00:41,600 --> 00:00:43,960 Speaker 3: No one's getting free groceries, and no one's getting free 13 00:00:44,000 --> 00:00:46,880 Speaker 3: runt it does. More than two million New Yorkers came 14 00:00:46,920 --> 00:00:50,000 Speaker 3: out to vote for mayor, something that hasn't happened since 15 00:00:50,120 --> 00:00:53,479 Speaker 3: nineteen sixty nine, and when the results came in, more 16 00:00:53,520 --> 00:00:57,400 Speaker 3: than fifty percent of voters went for Zoran Mamdani, the 17 00:00:57,440 --> 00:01:00,800 Speaker 3: thirty four year old Democratic socialist whose platform was laser 18 00:01:00,840 --> 00:01:04,600 Speaker 3: focused on one key issue, affordability. 19 00:01:04,640 --> 00:01:13,959 Speaker 4: Tonight, you have delivered a mandate for change, a mandate 20 00:01:14,040 --> 00:01:18,560 Speaker 4: for a new kind of politics, a mandate for. 21 00:01:18,560 --> 00:01:23,640 Speaker 3: A Mamdanni won every borough but Staten Island He won 22 00:01:23,720 --> 00:01:27,240 Speaker 3: in precincts that were majority Black and majority Hispanic, and 23 00:01:27,280 --> 00:01:31,959 Speaker 3: precincts where most residents were renters and public transit users. Now, 24 00:01:32,080 --> 00:01:36,600 Speaker 3: as mayor elect, Mamdanni faces a new challenge governing a 25 00:01:36,640 --> 00:01:40,280 Speaker 3: city of eight and a half million people, including the 26 00:01:40,400 --> 00:01:44,240 Speaker 3: vocal minority of New York's wealthiest who opposed him and 27 00:01:44,280 --> 00:01:48,120 Speaker 3: poured millions into political action groups trying to defeat him. 28 00:01:48,760 --> 00:01:52,520 Speaker 3: Mamdani has been unapologetic and steadfast in his message that 29 00:01:52,600 --> 00:01:55,920 Speaker 3: many of the city's problems are rooted in income inequality, 30 00:01:56,440 --> 00:01:59,280 Speaker 3: and in his victory speech billionaires were part of what 31 00:01:59,360 --> 00:02:00,600 Speaker 3: he said had gone wrong. 32 00:02:01,120 --> 00:02:03,720 Speaker 1: We will put an end to the culture of corruption 33 00:02:04,080 --> 00:02:08,080 Speaker 1: that has allowed billionaires like Trump to evade taxation and 34 00:02:08,200 --> 00:02:11,280 Speaker 1: exploit tax breaks, but with. 35 00:02:11,240 --> 00:02:15,440 Speaker 3: Their outsized influence on the city's politics, economy, and revenue. 36 00:02:16,080 --> 00:02:19,520 Speaker 3: Mam Donnie has also tried to make peace with the 37 00:02:19,560 --> 00:02:22,760 Speaker 3: cities one percent, and there are signs that several of 38 00:02:22,800 --> 00:02:26,840 Speaker 3: those big name high net worth skeptics are already coming around. 39 00:02:27,400 --> 00:02:30,680 Speaker 3: Last month, Jamie Diamond, the CEO of JP Morgan Chase, 40 00:02:30,960 --> 00:02:33,520 Speaker 3: said at a conference led by Fortune magazine that he 41 00:02:33,600 --> 00:02:35,680 Speaker 3: was ready to work with Mam Donnie if he won. 42 00:02:36,160 --> 00:02:39,600 Speaker 2: If he becomes mayor, I will call him an or 43 00:02:39,639 --> 00:02:40,200 Speaker 2: for my help. 44 00:02:40,880 --> 00:02:42,079 Speaker 5: Does may not agree with him? 45 00:02:42,120 --> 00:02:45,400 Speaker 3: And at a news conference today, Mam Donnie said he's 46 00:02:45,480 --> 00:02:48,080 Speaker 3: ready to sit down with people like Diamond too. 47 00:02:48,600 --> 00:02:50,480 Speaker 5: So I look forward to having those kinds of meetings, 48 00:02:50,560 --> 00:02:52,000 Speaker 5: be it with Jamie Diamond or be it with other 49 00:02:52,160 --> 00:02:56,200 Speaker 5: business leaders, and continuing to show that our affordability agenda 50 00:02:56,520 --> 00:02:59,880 Speaker 5: is an agenda that would also benefit businesses across the city. 51 00:03:02,360 --> 00:03:04,640 Speaker 3: I'm Sarah Holder, and this is the big take from 52 00:03:04,680 --> 00:03:08,520 Speaker 3: Bloomberg News today. On the show, New York City's uber 53 00:03:08,600 --> 00:03:12,520 Speaker 3: wealthy tried to stop or on mam Donnie's rise. Now 54 00:03:12,800 --> 00:03:16,519 Speaker 3: they're processing his victory. Can Mamdani come to the table 55 00:03:16,600 --> 00:03:20,359 Speaker 3: with billionaires and business leaders while delivering on the policies 56 00:03:20,440 --> 00:03:30,360 Speaker 3: and principles that got him elected? New York New York 57 00:03:30,680 --> 00:03:33,760 Speaker 3: the Big Apple, the city that never sleeps, and the 58 00:03:33,760 --> 00:03:36,080 Speaker 3: city where money never sleeps. 59 00:03:36,440 --> 00:03:39,760 Speaker 6: This is a really great place to get rich. 60 00:03:40,240 --> 00:03:44,760 Speaker 3: Emily Flitter covers economic and social inequality for Bloomberg. She says, 61 00:03:44,840 --> 00:03:48,280 Speaker 3: from twenty fifteen to twenty twenty three, the city minted 62 00:03:48,400 --> 00:03:52,400 Speaker 3: nine thousand new million dollar earners, a rate of three 63 00:03:52,560 --> 00:03:55,880 Speaker 3: per day. By twenty twenty three, there were almost thirty 64 00:03:55,880 --> 00:03:59,280 Speaker 3: five thousand New Yorkers making a million or more a year. 65 00:04:00,200 --> 00:04:02,600 Speaker 3: But if New York is a good place to get rich, 66 00:04:03,040 --> 00:04:05,400 Speaker 3: it's an even better place to get richer. 67 00:04:05,760 --> 00:04:09,600 Speaker 6: The billionaires who already live in New York City saw 68 00:04:09,800 --> 00:04:14,480 Speaker 6: their combined net worth grow ninety percent in the last 69 00:04:14,640 --> 00:04:15,480 Speaker 6: nine years. 70 00:04:16,080 --> 00:04:18,800 Speaker 3: Mam Donnie ran on a platform highlighting the fact that 71 00:04:18,839 --> 00:04:22,880 Speaker 3: along with that growing wealth has come a growing wealth divide. 72 00:04:23,279 --> 00:04:25,799 Speaker 3: Here he is on NBC's Meet the Press in June. 73 00:04:26,000 --> 00:04:28,839 Speaker 5: I don't think that we should have billionaires because, frankly, 74 00:04:28,960 --> 00:04:32,120 Speaker 5: it is so much money in a moment of such inequality. 75 00:04:32,560 --> 00:04:35,520 Speaker 3: New York City has some of the deepest income inequality 76 00:04:35,560 --> 00:04:38,719 Speaker 3: in the country. According to an analysis of census data 77 00:04:38,760 --> 00:04:41,200 Speaker 3: by the Center for New York City Affairs, the top 78 00:04:41,240 --> 00:04:44,520 Speaker 3: twenty percent of New Yorkers have total incomes thirty three 79 00:04:44,680 --> 00:04:48,599 Speaker 3: times larger than the bottom twenty percent, and Mam Donnie's 80 00:04:48,600 --> 00:04:52,120 Speaker 3: campaign promised to tax those at the top to provide 81 00:04:52,160 --> 00:04:54,080 Speaker 3: more public services for everyone. 82 00:04:54,480 --> 00:04:57,480 Speaker 2: The sort of three pillars of his campaign are fast 83 00:04:57,520 --> 00:05:01,080 Speaker 2: and free buses, freezing the rent, and free childcare for 84 00:05:01,400 --> 00:05:03,560 Speaker 2: children between six weeks and five years. 85 00:05:03,600 --> 00:05:03,840 Speaker 6: Old. 86 00:05:04,200 --> 00:05:08,680 Speaker 3: Bloomberg City Lab reporter Fola Akinneby recently profiled Mam Donnie 87 00:05:08,720 --> 00:05:11,919 Speaker 3: for BusinessWeek and looked at why his campaign caught on. 88 00:05:12,480 --> 00:05:16,839 Speaker 2: It speaks to the underlying stress and the underlying weight 89 00:05:16,880 --> 00:05:19,080 Speaker 2: of the conditions in the city. Right And when you 90 00:05:19,120 --> 00:05:21,280 Speaker 2: look at at the same time the stock market doing 91 00:05:21,360 --> 00:05:23,840 Speaker 2: what it's doing, and folks at the top getting wealthier, 92 00:05:24,040 --> 00:05:26,320 Speaker 2: and you see a federal push sit to cut. 93 00:05:26,160 --> 00:05:28,360 Speaker 3: Taxes, and the number of millionaires in the city has 94 00:05:28,400 --> 00:05:29,560 Speaker 3: grown as grown as well. 95 00:05:29,600 --> 00:05:32,640 Speaker 2: I think people start asking questions about where they fit in. 96 00:05:33,960 --> 00:05:37,359 Speaker 3: But as Mom Donnie campaigned on affordability for all, he 97 00:05:37,560 --> 00:05:40,720 Speaker 3: also tried to win over the cities one percent in 98 00:05:40,720 --> 00:05:43,640 Speaker 3: New York. That's people making at least nine hundred thousand 99 00:05:43,640 --> 00:05:46,640 Speaker 3: dollars a year. They're a big driver of the city's 100 00:05:46,680 --> 00:05:50,080 Speaker 3: economy because of how much money they pay an income 101 00:05:50,160 --> 00:05:54,120 Speaker 3: and property taxes. Mam Donnie recognized that a path to 102 00:05:54,240 --> 00:05:58,200 Speaker 3: victory in New York included getting them on board, so 103 00:05:58,279 --> 00:06:01,320 Speaker 3: he reached out to Catherine During. 104 00:06:01,080 --> 00:06:05,800 Speaker 7: The year before the primary election, I had met with 105 00:06:06,200 --> 00:06:09,280 Speaker 7: Zoran a few times, had introduced him to a couple 106 00:06:09,720 --> 00:06:10,679 Speaker 7: business leaders. 107 00:06:11,279 --> 00:06:14,000 Speaker 3: Catherine is the president and CEO of the Partnership for 108 00:06:14,120 --> 00:06:17,400 Speaker 3: New York City, a trade group representing the city's largest 109 00:06:17,480 --> 00:06:20,680 Speaker 3: employers across industries like real estate and banking. 110 00:06:21,000 --> 00:06:23,720 Speaker 7: Although there was not, frankly, a lot of interest in 111 00:06:23,760 --> 00:06:27,919 Speaker 7: his candidacy in the business community, no one had basically 112 00:06:27,960 --> 00:06:30,359 Speaker 7: ever heard of him. If they had, it was that 113 00:06:30,440 --> 00:06:33,400 Speaker 7: he was a socialist and a marginal character. 114 00:06:34,320 --> 00:06:39,080 Speaker 3: After mam Donnie's dramatic primary win, that changed, Catherine set 115 00:06:39,120 --> 00:06:41,640 Speaker 3: up a series of meetings between Mamdani and the city's 116 00:06:41,640 --> 00:06:44,680 Speaker 3: business leaders to talk about their visions. 117 00:06:44,240 --> 00:06:44,800 Speaker 6: For the city. 118 00:06:45,480 --> 00:06:50,000 Speaker 3: Which policy areas have been most concerning or divisive to 119 00:06:50,200 --> 00:06:52,960 Speaker 3: business leaders, and where are there areas of agreement. 120 00:06:53,800 --> 00:06:57,160 Speaker 7: So I think in general their areas of agreement are 121 00:06:57,320 --> 00:07:00,920 Speaker 7: that there is an affordability crisis in this city and 122 00:07:01,360 --> 00:07:06,960 Speaker 7: that we need to bring costs down, and disagreement on 123 00:07:07,720 --> 00:07:10,600 Speaker 7: how do we solve that, with the business community thinking 124 00:07:10,680 --> 00:07:16,120 Speaker 7: we do not solve that by increasing government spending, because 125 00:07:16,200 --> 00:07:19,080 Speaker 7: that will just put a new tax burden on everybody. 126 00:07:20,440 --> 00:07:24,360 Speaker 3: Many business leaders viewed mom Donnie with skepticism, thinking he 127 00:07:24,480 --> 00:07:28,320 Speaker 3: was young and relatively inexperienced. Some believed his proposals were 128 00:07:28,440 --> 00:07:32,760 Speaker 3: unrealistic or even posed a fundamental threat to their financial interests, 129 00:07:33,400 --> 00:07:37,400 Speaker 3: and Catherine said people in her network also had other concerns. 130 00:07:37,840 --> 00:07:41,920 Speaker 7: One source of great concern is coming from members of 131 00:07:41,960 --> 00:07:45,560 Speaker 7: the Jewish community that feel the strong importance of the 132 00:07:45,640 --> 00:07:50,440 Speaker 7: Jewish homeland. The other areas are in terms of support 133 00:07:50,480 --> 00:07:54,800 Speaker 7: for charter schools, mayoral control of the schools, most importantly 134 00:07:54,840 --> 00:07:55,640 Speaker 7: public safety. 135 00:07:56,320 --> 00:07:59,640 Speaker 3: Big name, wealthy New Yorkers largely backed former New York 136 00:07:59,680 --> 00:08:03,480 Speaker 3: Governor Andrew Cuomo. A Bloomberg News analysis found that pro 137 00:08:03,600 --> 00:08:06,880 Speaker 3: Cuomo and anti mam Donnie PAX raised over twenty six 138 00:08:06,920 --> 00:08:11,080 Speaker 3: million dollars between the June primary and yesterday's election, fueled 139 00:08:11,120 --> 00:08:14,240 Speaker 3: by donations from investors like Bill Ackman and Dan Loeb, 140 00:08:14,640 --> 00:08:17,320 Speaker 3: as well as Michael R. Bloomberg, the founder and majority 141 00:08:17,320 --> 00:08:18,640 Speaker 3: owner of Bloomberg LP. 142 00:08:19,520 --> 00:08:23,440 Speaker 2: There's been a lot of outside money flowing into this race, 143 00:08:23,760 --> 00:08:27,080 Speaker 2: and when you look at the advertisements and the messages 144 00:08:27,120 --> 00:08:29,400 Speaker 2: that are coming from these outside groups, these outside packs, 145 00:08:29,880 --> 00:08:31,920 Speaker 2: they've been pretty dark pictures of what the city could 146 00:08:31,960 --> 00:08:34,600 Speaker 2: look like under mayor mam Donnia. They say that, like 147 00:08:34,679 --> 00:08:37,160 Speaker 2: you know, crime is going to spike and the city 148 00:08:37,200 --> 00:08:38,719 Speaker 2: is going to change. 149 00:08:39,400 --> 00:08:42,440 Speaker 3: Mam Donni won't be able to achieve his key affordability 150 00:08:42,440 --> 00:08:46,520 Speaker 3: proposals alone, because the city doesn't fully control its own 151 00:08:46,559 --> 00:08:50,080 Speaker 3: per strengths. He's proposed paying for things like free buses 152 00:08:50,160 --> 00:08:54,840 Speaker 3: and universal childcare with increased corporate and income taxes. But 153 00:08:54,880 --> 00:08:57,760 Speaker 3: the power to set those tax rates and the operation 154 00:08:57,960 --> 00:09:03,719 Speaker 3: of the Metropolitan Transportation Authority is held in the state's capital, Albany, so. 155 00:09:03,720 --> 00:09:07,800 Speaker 2: Free buses would require likely some money from the MTA. 156 00:09:07,880 --> 00:09:10,679 Speaker 2: That the campaign puts a cost it around seven hundred 157 00:09:10,679 --> 00:09:12,439 Speaker 2: million dollars a year. The city has one hundred and 158 00:09:12,440 --> 00:09:14,520 Speaker 2: sixteen billion dollar budget. The city might be able to 159 00:09:14,559 --> 00:09:16,760 Speaker 2: afford it on its own, but he again would probably 160 00:09:16,840 --> 00:09:20,160 Speaker 2: need some state funding for that. Universal childcare is a 161 00:09:20,240 --> 00:09:22,720 Speaker 2: huge it's a massive undertaking. We're talking about six seven 162 00:09:22,720 --> 00:09:24,880 Speaker 2: million dollars a year, and it's also something that could 163 00:09:24,920 --> 00:09:27,960 Speaker 2: not be stood up, you know, in one year overnight, 164 00:09:28,040 --> 00:09:30,560 Speaker 2: right like something's going to take years now. Governor Cathy 165 00:09:30,640 --> 00:09:32,240 Speaker 2: Hoko in the past has said that she is not 166 00:09:32,320 --> 00:09:36,040 Speaker 2: open to raising taxes, and she has her own election 167 00:09:36,120 --> 00:09:38,600 Speaker 2: to look forward to in twenty twenty six. At the 168 00:09:38,600 --> 00:09:41,600 Speaker 2: same time, I think Mom Donnie's calculation here is that 169 00:09:41,920 --> 00:09:45,120 Speaker 2: all these people can be pushed and you know, funny enough. 170 00:09:45,120 --> 00:09:47,640 Speaker 2: If you look at Hoko's appearance at this Mom Donny 171 00:09:47,720 --> 00:09:50,040 Speaker 2: rally that was about a week or two ago, she 172 00:09:50,080 --> 00:09:51,680 Speaker 2: was heckled when she came on to stage. People were 173 00:09:51,760 --> 00:09:54,280 Speaker 2: chanting tax the rich, tax the rich, and she equivocater, 174 00:09:55,000 --> 00:09:57,800 Speaker 2: all right, I can hear you. 175 00:09:59,120 --> 00:10:01,800 Speaker 3: Hoko later said on a podcast that she still didn't 176 00:10:01,840 --> 00:10:05,640 Speaker 3: plan to raise taxes, but that she was hearing people's voices. 177 00:10:06,200 --> 00:10:10,440 Speaker 3: Catherine Wilde says the business community, meanwhile, sees tax hikes 178 00:10:10,520 --> 00:10:11,480 Speaker 3: as a non starter. 179 00:10:12,120 --> 00:10:16,360 Speaker 7: Personal and corporate tax increases are great concerns since we're 180 00:10:16,360 --> 00:10:19,720 Speaker 7: the highest tax city in the country. So a New 181 00:10:19,800 --> 00:10:23,920 Speaker 7: Yorker today, in a middle or upper middle income family, 182 00:10:24,800 --> 00:10:28,960 Speaker 7: fifty five percent of their paycheck goes to the government 183 00:10:29,120 --> 00:10:33,079 Speaker 7: in state, federal, and city taxes. And if you go 184 00:10:33,160 --> 00:10:37,319 Speaker 7: to Florida or Texas or Tennessee, you end up paying 185 00:10:37,400 --> 00:10:39,840 Speaker 7: thirty eight percent because they don't have state and local 186 00:10:39,840 --> 00:10:42,400 Speaker 7: income taxes. We just saw a two point six billion 187 00:10:42,440 --> 00:10:46,079 Speaker 7: dollar increase in state tax revenues because of Wall Street bonuses. 188 00:10:46,200 --> 00:10:48,560 Speaker 7: We do not want to lose those bonuses. We want 189 00:10:48,559 --> 00:10:50,280 Speaker 7: them to stay right here. 190 00:10:50,480 --> 00:10:53,840 Speaker 3: How would the business leaders like to see Mom Donnie 191 00:10:53,840 --> 00:10:56,880 Speaker 3: address some of those key affordability issues, if not by 192 00:10:56,960 --> 00:11:00,840 Speaker 3: raising taxes or going to the state for more money. 193 00:11:00,640 --> 00:11:04,320 Speaker 7: By reducing the size of government. We have three hundred 194 00:11:04,360 --> 00:11:08,280 Speaker 7: thousand employees of New York City government, the most in history. 195 00:11:08,880 --> 00:11:13,640 Speaker 7: I think that the city spending is mostly on labor, 196 00:11:13,880 --> 00:11:18,000 Speaker 7: and those expenses have gone up more than fifty percent 197 00:11:18,400 --> 00:11:21,679 Speaker 7: over the past decade. So I think most people in 198 00:11:21,720 --> 00:11:25,400 Speaker 7: the private sector think we could get along with less government. 199 00:11:26,440 --> 00:11:29,640 Speaker 3: The fear that wealthy New Yorkers might leave if they're 200 00:11:29,679 --> 00:11:32,320 Speaker 3: tax too much or if the city isn't run in 201 00:11:32,360 --> 00:11:35,160 Speaker 3: the way they want is one that mum donnie's critics 202 00:11:35,200 --> 00:11:38,880 Speaker 3: repeated in the lead up to the election. In late October, 203 00:11:39,040 --> 00:11:43,640 Speaker 3: Bill Ackman posted on x that mumdannie's quote anti business policies, 204 00:11:43,720 --> 00:11:47,800 Speaker 3: including higher corporate taxes, will kill NYC jobs and cause 205 00:11:47,840 --> 00:11:51,720 Speaker 3: companies to flee. And here's the Heritage Foundation. Stephen Moore 206 00:11:51,840 --> 00:11:54,000 Speaker 3: on Fox Business News in September. 207 00:11:54,280 --> 00:11:58,239 Speaker 6: If mcdonnie wins, Wall Street will no longer be located 208 00:11:58,320 --> 00:12:00,040 Speaker 6: in Manhattan, it will move. 209 00:12:01,400 --> 00:12:05,319 Speaker 3: So now that mom donnie's one is Wall Street moving 210 00:12:05,360 --> 00:12:21,559 Speaker 3: to Florida. That's after the break. If New York's billionaires 211 00:12:21,559 --> 00:12:24,880 Speaker 3: and multimillionaires were to pack up and leave tomorrow, it 212 00:12:24,920 --> 00:12:28,320 Speaker 3: would have a big impact on the city's finances. The 213 00:12:28,320 --> 00:12:31,080 Speaker 3: top one percent of earners account for forty percent of 214 00:12:31,120 --> 00:12:34,600 Speaker 3: the city's eighteen billion dollars in annual income tax revenue, 215 00:12:35,120 --> 00:12:38,040 Speaker 3: and the homes they own and offices they run or 216 00:12:38,120 --> 00:12:41,480 Speaker 3: work for rack up a lot of real estate taxes, 217 00:12:41,760 --> 00:12:44,640 Speaker 3: covering a large proportion of the city's thirty four billion 218 00:12:44,679 --> 00:12:49,079 Speaker 3: dollars in annual property levies. But Bloomberg's Emily Flitter says 219 00:12:49,360 --> 00:12:52,320 Speaker 3: those big real estate investments are also part of the 220 00:12:52,360 --> 00:12:55,719 Speaker 3: reason that it isn't so easy for the city's corporations 221 00:12:55,760 --> 00:12:59,480 Speaker 3: to quit New York. Barclay's just announced plans to invest 222 00:12:59,520 --> 00:13:03,640 Speaker 3: a billion an office tower in Times Square. JP Morgan's 223 00:13:03,720 --> 00:13:07,199 Speaker 3: new Park Avenue building fits ten thousand employees. 224 00:13:08,040 --> 00:13:12,479 Speaker 6: That's not something that any of these owners or investors 225 00:13:12,480 --> 00:13:15,880 Speaker 6: in real estate can just pick up and walk away with. 226 00:13:17,320 --> 00:13:20,839 Speaker 3: Sure, there are plenty of financial professionals who've already been 227 00:13:20,880 --> 00:13:24,559 Speaker 3: lured to South Florida, earning it the nickname Wall Street South, 228 00:13:25,200 --> 00:13:28,280 Speaker 3: But Emily says, when it comes to earning potential and 229 00:13:28,520 --> 00:13:31,880 Speaker 3: lifestyle potential, New York wins every time. 230 00:13:32,600 --> 00:13:38,640 Speaker 6: In twenty twenty, four Wall Street South financial industry employees 231 00:13:38,960 --> 00:13:41,880 Speaker 6: earned one hundred and eighty two thousand dollars on average, 232 00:13:42,320 --> 00:13:45,960 Speaker 6: whereas if you were working in finance in Manhattan last year, 233 00:13:46,880 --> 00:13:51,920 Speaker 6: you earned an average of four hundred and thirteen thousand dollars. 234 00:13:52,240 --> 00:13:54,880 Speaker 6: And I'm actually I'm from Miami. I love Miami, so 235 00:13:54,960 --> 00:13:58,440 Speaker 6: I don't want to be dissing Miami, but it just 236 00:13:58,520 --> 00:14:01,520 Speaker 6: doesn't have as much stuff as New It has fewer 237 00:14:02,200 --> 00:14:08,360 Speaker 6: fancy restaurants, it doesn't have as many really high end schools. 238 00:14:08,960 --> 00:14:12,319 Speaker 6: And let me just point out that the biggest corporate 239 00:14:12,400 --> 00:14:17,320 Speaker 6: move to South Florida has been from Chicago. Citadel moved 240 00:14:17,440 --> 00:14:20,680 Speaker 6: to Miami, Ken Griffin moved down there. But Ken Griffin 241 00:14:20,800 --> 00:14:24,680 Speaker 6: just announced that Citadel is going to invest a lot 242 00:14:24,720 --> 00:14:28,040 Speaker 6: of money so that they can enhance their presence in 243 00:14:28,120 --> 00:14:28,560 Speaker 6: New York. 244 00:14:30,000 --> 00:14:32,560 Speaker 3: Emily says, if you really want to know how New 245 00:14:32,640 --> 00:14:35,600 Speaker 3: Yorkers might react to a tax increase, you can look 246 00:14:35,640 --> 00:14:38,320 Speaker 3: back to what happened after New York increased its top 247 00:14:38,400 --> 00:14:41,640 Speaker 3: personal income tax rates in twenty twenty one from eight 248 00:14:41,720 --> 00:14:44,880 Speaker 3: point eighty two percent to nearly eleven percent for the 249 00:14:44,960 --> 00:14:46,920 Speaker 3: highest earners overall. 250 00:14:47,680 --> 00:14:50,880 Speaker 6: The data showed that people did not leave New York 251 00:14:51,040 --> 00:14:54,560 Speaker 6: in significant numbers because of the tax hikes. It's as 252 00:14:54,560 --> 00:14:55,240 Speaker 6: simple as. 253 00:14:55,120 --> 00:14:56,440 Speaker 4: That, and well. 254 00:14:56,520 --> 00:14:59,520 Speaker 3: Catherine Wilde, the head of the Partnership for New York City, 255 00:15:00,000 --> 00:15:03,400 Speaker 3: cautions that higher taxes could make the city less competitive. 256 00:15:03,960 --> 00:15:07,400 Speaker 3: She says, the fears about Mom Donnie have been overblown. 257 00:15:07,800 --> 00:15:11,600 Speaker 7: Certainly. I don't think people who are knowledgeable are going 258 00:15:11,640 --> 00:15:15,480 Speaker 7: to pick up and leave before they know that something 259 00:15:16,240 --> 00:15:19,840 Speaker 7: really devastating is going to happen, and there's no indication 260 00:15:20,000 --> 00:15:24,760 Speaker 7: that that's the case. Much of the rhetoric around this 261 00:15:24,880 --> 00:15:30,440 Speaker 7: mayoral election have suggested that a Mom Donnie victory will 262 00:15:30,520 --> 00:15:34,360 Speaker 7: result in the city falling into deep decline, that it 263 00:15:34,400 --> 00:15:38,360 Speaker 7: will be like the nineteen seventies. People should know that 264 00:15:38,440 --> 00:15:41,200 Speaker 7: if the budget in the city goes out of whack. 265 00:15:41,960 --> 00:15:44,560 Speaker 7: We have a financial control Board, which is run by 266 00:15:44,560 --> 00:15:49,800 Speaker 7: the governor, the state Controller, private sector representation they take over. 267 00:15:50,400 --> 00:15:55,320 Speaker 7: The mayor has no control over increasing income or corporate taxes. 268 00:15:55,840 --> 00:15:58,760 Speaker 7: The mayor has some control over real estate taxes, but 269 00:15:58,840 --> 00:16:01,080 Speaker 7: Mam Donnie has already said that he wants to reduce 270 00:16:01,240 --> 00:16:05,360 Speaker 7: real estate taxes where possible. Last spring, he was talking 271 00:16:05,400 --> 00:16:08,920 Speaker 7: about I'm going to freeze the rent. We asked the question, 272 00:16:09,400 --> 00:16:12,720 Speaker 7: how are you going to freeze the rent if you 273 00:16:12,760 --> 00:16:16,120 Speaker 7: don't freeze the costs? How are you going to continue 274 00:16:16,160 --> 00:16:20,960 Speaker 7: to encourage investment in rental housing if you don't have 275 00:16:21,080 --> 00:16:27,200 Speaker 7: some incentives financial incentives for that investment. He has now 276 00:16:27,320 --> 00:16:32,480 Speaker 7: incorporated into his freeze the rent plan a plan to 277 00:16:32,600 --> 00:16:37,080 Speaker 7: reform property taxes. So that's an example where I have 278 00:16:37,240 --> 00:16:42,000 Speaker 7: seen him incorporate the feedback he's gotten and now seems 279 00:16:42,040 --> 00:16:46,400 Speaker 7: prepared to take a more comprehensive and practical view of 280 00:16:46,440 --> 00:16:47,280 Speaker 7: that issue. 281 00:16:47,600 --> 00:16:51,360 Speaker 3: Catherine says. Another example of Mom Donnie's openness to compromise 282 00:16:51,800 --> 00:16:55,240 Speaker 3: was his decision to keep Police Commissioner Jessica Tish in 283 00:16:55,320 --> 00:16:57,960 Speaker 3: her position if you want. Is it fair to say 284 00:16:57,960 --> 00:17:00,000 Speaker 3: that one of the takeaways of this conversation at least 285 00:17:00,200 --> 00:17:02,120 Speaker 3: his Wall Street don't panic. 286 00:17:02,680 --> 00:17:08,040 Speaker 7: Absolutely. My message would be, don't panic, but be prepared 287 00:17:08,080 --> 00:17:11,160 Speaker 7: to roll up your sleeves and help our next mayor 288 00:17:11,200 --> 00:17:15,160 Speaker 7: solve the affordable crisis, which will be good for business, 289 00:17:15,520 --> 00:17:18,720 Speaker 7: for Wall Street and for the residents of New York City. 290 00:17:20,080 --> 00:17:23,600 Speaker 3: As Mom Donnie enters, Gracie Manson, buoyed by the support 291 00:17:23,680 --> 00:17:27,560 Speaker 3: of a diverse coalition of New Yorkers, Bloomberg City Labs, 292 00:17:27,560 --> 00:17:31,120 Speaker 3: Fola Kennedy says, Mam Donnie will continue to walk this 293 00:17:31,320 --> 00:17:34,680 Speaker 3: fine line. Can he come to the table for compromises 294 00:17:34,680 --> 00:17:37,840 Speaker 3: with big business while staying true to the values that 295 00:17:37,880 --> 00:17:39,000 Speaker 3: have made him so popular. 296 00:17:39,240 --> 00:17:42,760 Speaker 2: I think that's what's going to define his administration, right, 297 00:17:42,840 --> 00:17:44,520 Speaker 2: like whether he's able to sort of like thread some 298 00:17:44,600 --> 00:17:45,199 Speaker 2: of these needles. 299 00:17:45,240 --> 00:17:47,960 Speaker 3: I'm wondering whether you think the business community was caught 300 00:17:47,960 --> 00:17:51,160 Speaker 3: off guard by the rise of Mom Donnie and what 301 00:17:51,359 --> 00:17:54,520 Speaker 3: they should take away from the way that he's resonated 302 00:17:54,800 --> 00:17:55,800 Speaker 3: with voters. 303 00:17:56,359 --> 00:17:57,800 Speaker 2: I think a lot of people were cut off guard 304 00:17:57,800 --> 00:18:02,159 Speaker 2: by Mam Donny's rise, and it speaks to again how 305 00:18:02,240 --> 00:18:05,800 Speaker 2: much his message of affordability is resonated. This is a 306 00:18:05,840 --> 00:18:08,840 Speaker 2: guy that throughout the campaign has stuck to that talking point. 307 00:18:09,000 --> 00:18:11,960 Speaker 2: If you ask him any question, he always returned to 308 00:18:12,000 --> 00:18:14,159 Speaker 2: affordability as part of his answer to the question, and 309 00:18:14,240 --> 00:18:16,240 Speaker 2: I think it shows the power of that kind of messaging. 310 00:18:17,040 --> 00:18:21,200 Speaker 3: Already, it seems like Wall Street is coming around. Bill Ackman, 311 00:18:21,440 --> 00:18:24,440 Speaker 3: the billionaire investor who'd been warning of an imminent exodus 312 00:18:24,480 --> 00:18:27,119 Speaker 3: of the wealthy if Mom Donnie won, posted on X 313 00:18:27,200 --> 00:18:30,800 Speaker 3: last night tagging Mom Donnie quote congrats on the win. 314 00:18:31,280 --> 00:18:34,399 Speaker 3: Now you have a big responsibility. If I can help NYC, 315 00:18:34,880 --> 00:18:37,480 Speaker 3: just let me know what I can do. And even 316 00:18:37,560 --> 00:18:41,600 Speaker 3: President Donald Trump, speaking earlier today, followed up criticism of 317 00:18:41,640 --> 00:18:44,919 Speaker 3: mom Donnie by saying, we want New York to be successful. 318 00:18:45,200 --> 00:18:52,080 Speaker 3: We'll help him a little bit. Maybe this is the 319 00:18:52,119 --> 00:18:55,200 Speaker 3: Big Take from Bloomberg News. I'm Sarah Holder. To get 320 00:18:55,240 --> 00:18:57,840 Speaker 3: more from The Big Take and unlimited access to all 321 00:18:57,920 --> 00:19:01,959 Speaker 3: of Bloomberg dot com, subscribe today at Bloomberg dot com 322 00:19:01,960 --> 00:19:05,600 Speaker 3: slash podcast offer. If you liked this episode, make sure 323 00:19:05,640 --> 00:19:08,080 Speaker 3: to follow and review The Big Take wherever you listen 324 00:19:08,119 --> 00:19:11,800 Speaker 3: to podcasts. It helps people find the show. Thanks for listening. 325 00:19:12,080 --> 00:19:13,000 Speaker 3: We'll be back tomorrow.