WEBVTT - Mamdani Won on Affordability. Can He Win Over NYC’s 1 Percent? 0:00:02.720 --> 0:00:07.200 Bloomberg Audio Studios, podcasts, radio news. 0:00:09.240 --> 0:00:12.080 My vision for New York City in twenty twenty five 0:00:12.400 --> 0:00:13.760 looks like Saran Mandani. 0:00:14.160 --> 0:00:17.160 New Yorkers across the city went to the polls Tuesday 0:00:17.400 --> 0:00:21.240 to cast their ballots for mayor. On Manhattan's Upper East Side. 0:00:21.360 --> 0:00:25.000 We spoke to voters motivated by a wide range of issues. 0:00:25.600 --> 0:00:29.520 Mamdani is very like pro immigrant, pro LGBTQ plus community. 0:00:29.800 --> 0:00:33.080 The biggest thing for me has been corruption that I've seen. 0:00:33.280 --> 0:00:37.320 But New York City is too big a city for 0:00:37.640 --> 0:00:40.520 somebody to run that has never had a full time 0:00:40.640 --> 0:00:41.280 real job. 0:00:41.600 --> 0:00:43.960 No one's getting free groceries, and no one's getting free 0:00:44.000 --> 0:00:46.880 runt it does. More than two million New Yorkers came 0:00:46.920 --> 0:00:50.000 out to vote for mayor, something that hasn't happened since 0:00:50.120 --> 0:00:53.479 nineteen sixty nine, and when the results came in, more 0:00:53.520 --> 0:00:57.400 than fifty percent of voters went for Zoran Mamdani, the 0:00:57.440 --> 0:01:00.800 thirty four year old Democratic socialist whose platform was laser 0:01:00.840 --> 0:01:04.600 focused on one key issue, affordability. 0:01:04.640 --> 0:01:13.959 Tonight, you have delivered a mandate for change, a mandate 0:01:14.040 --> 0:01:18.560 for a new kind of politics, a mandate for. 0:01:18.560 --> 0:01:23.640 A Mamdanni won every borough but Staten Island He won 0:01:23.720 --> 0:01:27.240 in precincts that were majority Black and majority Hispanic, and 0:01:27.280 --> 0:01:31.959 precincts where most residents were renters and public transit users. Now, 0:01:32.080 --> 0:01:36.600 as mayor elect, Mamdanni faces a new challenge governing a 0:01:36.640 --> 0:01:40.280 city of eight and a half million people, including the 0:01:40.400 --> 0:01:44.240 vocal minority of New York's wealthiest who opposed him and 0:01:44.280 --> 0:01:48.120 poured millions into political action groups trying to defeat him. 0:01:48.760 --> 0:01:52.520 Mamdani has been unapologetic and steadfast in his message that 0:01:52.600 --> 0:01:55.920 many of the city's problems are rooted in income inequality, 0:01:56.440 --> 0:01:59.280 and in his victory speech billionaires were part of what 0:01:59.360 --> 0:02:00.600 he said had gone wrong. 0:02:01.120 --> 0:02:03.720 We will put an end to the culture of corruption 0:02:04.080 --> 0:02:08.080 that has allowed billionaires like Trump to evade taxation and 0:02:08.200 --> 0:02:11.280 exploit tax breaks, but with. 0:02:11.240 --> 0:02:15.440 Their outsized influence on the city's politics, economy, and revenue. 0:02:16.080 --> 0:02:19.520 Mam Donnie has also tried to make peace with the 0:02:19.560 --> 0:02:22.760 cities one percent, and there are signs that several of 0:02:22.800 --> 0:02:26.840 those big name high net worth skeptics are already coming around. 0:02:27.400 --> 0:02:30.680 Last month, Jamie Diamond, the CEO of JP Morgan Chase, 0:02:30.960 --> 0:02:33.520 said at a conference led by Fortune magazine that he 0:02:33.600 --> 0:02:35.680 was ready to work with Mam Donnie if he won. 0:02:36.160 --> 0:02:39.600 If he becomes mayor, I will call him an or 0:02:39.639 --> 0:02:40.200 for my help. 0:02:40.880 --> 0:02:42.079 Does may not agree with him? 0:02:42.120 --> 0:02:45.400 And at a news conference today, Mam Donnie said he's 0:02:45.480 --> 0:02:48.080 ready to sit down with people like Diamond too. 0:02:48.600 --> 0:02:50.480 So I look forward to having those kinds of meetings, 0:02:50.560 --> 0:02:52.000 be it with Jamie Diamond or be it with other 0:02:52.160 --> 0:02:56.200 business leaders, and continuing to show that our affordability agenda 0:02:56.520 --> 0:02:59.880 is an agenda that would also benefit businesses across the city. 0:03:02.360 --> 0:03:04.640 I'm Sarah Holder, and this is the big take from 0:03:04.680 --> 0:03:08.520 Bloomberg News today. On the show, New York City's uber 0:03:08.600 --> 0:03:12.520 wealthy tried to stop or on mam Donnie's rise. Now 0:03:12.800 --> 0:03:16.519 they're processing his victory. Can Mamdani come to the table 0:03:16.600 --> 0:03:20.359 with billionaires and business leaders while delivering on the policies 0:03:20.440 --> 0:03:30.360 and principles that got him elected? New York New York 0:03:30.680 --> 0:03:33.760 the Big Apple, the city that never sleeps, and the 0:03:33.760 --> 0:03:36.080 city where money never sleeps. 0:03:36.440 --> 0:03:39.760 This is a really great place to get rich. 0:03:40.240 --> 0:03:44.760 Emily Flitter covers economic and social inequality for Bloomberg. She says, 0:03:44.840 --> 0:03:48.280 from twenty fifteen to twenty twenty three, the city minted 0:03:48.400 --> 0:03:52.400 nine thousand new million dollar earners, a rate of three 0:03:52.560 --> 0:03:55.880 per day. By twenty twenty three, there were almost thirty 0:03:55.880 --> 0:03:59.280 five thousand New Yorkers making a million or more a year. 0:04:00.200 --> 0:04:02.600 But if New York is a good place to get rich, 0:04:03.040 --> 0:04:05.400 it's an even better place to get richer. 0:04:05.760 --> 0:04:09.600 The billionaires who already live in New York City saw 0:04:09.800 --> 0:04:14.480 their combined net worth grow ninety percent in the last 0:04:14.640 --> 0:04:15.480 nine years. 0:04:16.080 --> 0:04:18.800 Mam Donnie ran on a platform highlighting the fact that 0:04:18.839 --> 0:04:22.880 along with that growing wealth has come a growing wealth divide. 0:04:23.279 --> 0:04:25.799 Here he is on NBC's Meet the Press in June. 0:04:26.000 --> 0:04:28.839 I don't think that we should have billionaires because, frankly, 0:04:28.960 --> 0:04:32.120 it is so much money in a moment of such inequality. 0:04:32.560 --> 0:04:35.520 New York City has some of the deepest income inequality 0:04:35.560 --> 0:04:38.719 in the country. According to an analysis of census data 0:04:38.760 --> 0:04:41.200 by the Center for New York City Affairs, the top 0:04:41.240 --> 0:04:44.520 twenty percent of New Yorkers have total incomes thirty three 0:04:44.680 --> 0:04:48.599 times larger than the bottom twenty percent, and Mam Donnie's 0:04:48.600 --> 0:04:52.120 campaign promised to tax those at the top to provide 0:04:52.160 --> 0:04:54.080 more public services for everyone. 0:04:54.480 --> 0:04:57.480 The sort of three pillars of his campaign are fast 0:04:57.520 --> 0:05:01.080 and free buses, freezing the rent, and free childcare for 0:05:01.400 --> 0:05:03.560 children between six weeks and five years. 0:05:03.600 --> 0:05:03.840 Old. 0:05:04.200 --> 0:05:08.680 Bloomberg City Lab reporter Fola Akinneby recently profiled Mam Donnie 0:05:08.720 --> 0:05:11.919 for BusinessWeek and looked at why his campaign caught on. 0:05:12.480 --> 0:05:16.839 It speaks to the underlying stress and the underlying weight 0:05:16.880 --> 0:05:19.080 of the conditions in the city. Right And when you 0:05:19.120 --> 0:05:21.280 look at at the same time the stock market doing 0:05:21.360 --> 0:05:23.840 what it's doing, and folks at the top getting wealthier, 0:05:24.040 --> 0:05:26.320 and you see a federal push sit to cut. 0:05:26.160 --> 0:05:28.360 Taxes, and the number of millionaires in the city has 0:05:28.400 --> 0:05:29.560 grown as grown as well. 0:05:29.600 --> 0:05:32.640 I think people start asking questions about where they fit in. 0:05:33.960 --> 0:05:37.359 But as Mom Donnie campaigned on affordability for all, he 0:05:37.560 --> 0:05:40.720 also tried to win over the cities one percent in 0:05:40.720 --> 0:05:43.640 New York. That's people making at least nine hundred thousand 0:05:43.640 --> 0:05:46.640 dollars a year. They're a big driver of the city's 0:05:46.680 --> 0:05:50.080 economy because of how much money they pay an income 0:05:50.160 --> 0:05:54.120 and property taxes. Mam Donnie recognized that a path to 0:05:54.240 --> 0:05:58.200 victory in New York included getting them on board, so 0:05:58.279 --> 0:06:01.320 he reached out to Catherine During. 0:06:01.080 --> 0:06:05.800 The year before the primary election, I had met with 0:06:06.200 --> 0:06:09.280 Zoran a few times, had introduced him to a couple 0:06:09.720 --> 0:06:10.679 business leaders. 0:06:11.279 --> 0:06:14.000 Catherine is the president and CEO of the Partnership for 0:06:14.120 --> 0:06:17.400 New York City, a trade group representing the city's largest 0:06:17.480 --> 0:06:20.680 employers across industries like real estate and banking. 0:06:21.000 --> 0:06:23.720 Although there was not, frankly, a lot of interest in 0:06:23.760 --> 0:06:27.919 his candidacy in the business community, no one had basically 0:06:27.960 --> 0:06:30.359 ever heard of him. If they had, it was that 0:06:30.440 --> 0:06:33.400 he was a socialist and a marginal character. 0:06:34.320 --> 0:06:39.080 After mam Donnie's dramatic primary win, that changed, Catherine set 0:06:39.120 --> 0:06:41.640 up a series of meetings between Mamdani and the city's 0:06:41.640 --> 0:06:44.680 business leaders to talk about their visions. 0:06:44.240 --> 0:06:44.800 For the city. 0:06:45.480 --> 0:06:50.000 Which policy areas have been most concerning or divisive to 0:06:50.200 --> 0:06:52.960 business leaders, and where are there areas of agreement. 0:06:53.800 --> 0:06:57.160 So I think in general their areas of agreement are 0:06:57.320 --> 0:07:00.920 that there is an affordability crisis in this city and 0:07:01.360 --> 0:07:06.960 that we need to bring costs down, and disagreement on 0:07:07.720 --> 0:07:10.600 how do we solve that, with the business community thinking 0:07:10.680 --> 0:07:16.120 we do not solve that by increasing government spending, because 0:07:16.200 --> 0:07:19.080 that will just put a new tax burden on everybody. 0:07:20.440 --> 0:07:24.360 Many business leaders viewed mom Donnie with skepticism, thinking he 0:07:24.480 --> 0:07:28.320 was young and relatively inexperienced. Some believed his proposals were 0:07:28.440 --> 0:07:32.760 unrealistic or even posed a fundamental threat to their financial interests, 0:07:33.400 --> 0:07:37.400 and Catherine said people in her network also had other concerns. 0:07:37.840 --> 0:07:41.920 One source of great concern is coming from members of 0:07:41.960 --> 0:07:45.560 the Jewish community that feel the strong importance of the 0:07:45.640 --> 0:07:50.440 Jewish homeland. The other areas are in terms of support 0:07:50.480 --> 0:07:54.800 for charter schools, mayoral control of the schools, most importantly 0:07:54.840 --> 0:07:55.640 public safety. 0:07:56.320 --> 0:07:59.640 Big name, wealthy New Yorkers largely backed former New York 0:07:59.680 --> 0:08:03.480 Governor Andrew Cuomo. A Bloomberg News analysis found that pro 0:08:03.600 --> 0:08:06.880 Cuomo and anti mam Donnie PAX raised over twenty six 0:08:06.920 --> 0:08:11.080 million dollars between the June primary and yesterday's election, fueled 0:08:11.120 --> 0:08:14.240 by donations from investors like Bill Ackman and Dan Loeb, 0:08:14.640 --> 0:08:17.320 as well as Michael R. Bloomberg, the founder and majority 0:08:17.320 --> 0:08:18.640 owner of Bloomberg LP. 0:08:19.520 --> 0:08:23.440 There's been a lot of outside money flowing into this race, 0:08:23.760 --> 0:08:27.080 and when you look at the advertisements and the messages 0:08:27.120 --> 0:08:29.400 that are coming from these outside groups, these outside packs, 0:08:29.880 --> 0:08:31.920 they've been pretty dark pictures of what the city could 0:08:31.960 --> 0:08:34.600 look like under mayor mam Donnia. They say that, like 0:08:34.679 --> 0:08:37.160 you know, crime is going to spike and the city 0:08:37.200 --> 0:08:38.719 is going to change. 0:08:39.400 --> 0:08:42.440 Mam Donni won't be able to achieve his key affordability 0:08:42.440 --> 0:08:46.520 proposals alone, because the city doesn't fully control its own 0:08:46.559 --> 0:08:50.080 per strengths. He's proposed paying for things like free buses 0:08:50.160 --> 0:08:54.840 and universal childcare with increased corporate and income taxes. But 0:08:54.880 --> 0:08:57.760 the power to set those tax rates and the operation 0:08:57.960 --> 0:09:03.719 of the Metropolitan Transportation Authority is held in the state's capital, Albany, so. 0:09:03.720 --> 0:09:07.800 Free buses would require likely some money from the MTA. 0:09:07.880 --> 0:09:10.679 That the campaign puts a cost it around seven hundred 0:09:10.679 --> 0:09:12.439 million dollars a year. The city has one hundred and 0:09:12.440 --> 0:09:14.520 sixteen billion dollar budget. The city might be able to 0:09:14.559 --> 0:09:16.760 afford it on its own, but he again would probably 0:09:16.840 --> 0:09:20.160 need some state funding for that. Universal childcare is a 0:09:20.240 --> 0:09:22.720 huge it's a massive undertaking. We're talking about six seven 0:09:22.720 --> 0:09:24.880 million dollars a year, and it's also something that could 0:09:24.920 --> 0:09:27.960 not be stood up, you know, in one year overnight, 0:09:28.040 --> 0:09:30.560 right like something's going to take years now. Governor Cathy 0:09:30.640 --> 0:09:32.240 Hoko in the past has said that she is not 0:09:32.320 --> 0:09:36.040 open to raising taxes, and she has her own election 0:09:36.120 --> 0:09:38.600 to look forward to in twenty twenty six. At the 0:09:38.600 --> 0:09:41.600 same time, I think Mom Donnie's calculation here is that 0:09:41.920 --> 0:09:45.120 all these people can be pushed and you know, funny enough. 0:09:45.120 --> 0:09:47.640 If you look at Hoko's appearance at this Mom Donny 0:09:47.720 --> 0:09:50.040 rally that was about a week or two ago, she 0:09:50.080 --> 0:09:51.680 was heckled when she came on to stage. People were 0:09:51.760 --> 0:09:54.280 chanting tax the rich, tax the rich, and she equivocater, 0:09:55.000 --> 0:09:57.800 all right, I can hear you. 0:09:59.120 --> 0:10:01.800 Hoko later said on a podcast that she still didn't 0:10:01.840 --> 0:10:05.640 plan to raise taxes, but that she was hearing people's voices. 0:10:06.200 --> 0:10:10.440 Catherine Wilde says the business community, meanwhile, sees tax hikes 0:10:10.520 --> 0:10:11.480 as a non starter. 0:10:12.120 --> 0:10:16.360 Personal and corporate tax increases are great concerns since we're 0:10:16.360 --> 0:10:19.720 the highest tax city in the country. So a New 0:10:19.800 --> 0:10:23.920 Yorker today, in a middle or upper middle income family, 0:10:24.800 --> 0:10:28.960 fifty five percent of their paycheck goes to the government 0:10:29.120 --> 0:10:33.079 in state, federal, and city taxes. And if you go 0:10:33.160 --> 0:10:37.319 to Florida or Texas or Tennessee, you end up paying 0:10:37.400 --> 0:10:39.840 thirty eight percent because they don't have state and local 0:10:39.840 --> 0:10:42.400 income taxes. We just saw a two point six billion 0:10:42.440 --> 0:10:46.079 dollar increase in state tax revenues because of Wall Street bonuses. 0:10:46.200 --> 0:10:48.560 We do not want to lose those bonuses. We want 0:10:48.559 --> 0:10:50.280 them to stay right here. 0:10:50.480 --> 0:10:53.840 How would the business leaders like to see Mom Donnie 0:10:53.840 --> 0:10:56.880 address some of those key affordability issues, if not by 0:10:56.960 --> 0:11:00.840 raising taxes or going to the state for more money. 0:11:00.640 --> 0:11:04.320 By reducing the size of government. We have three hundred 0:11:04.360 --> 0:11:08.280 thousand employees of New York City government, the most in history. 0:11:08.880 --> 0:11:13.640 I think that the city spending is mostly on labor, 0:11:13.880 --> 0:11:18.000 and those expenses have gone up more than fifty percent 0:11:18.400 --> 0:11:21.679 over the past decade. So I think most people in 0:11:21.720 --> 0:11:25.400 the private sector think we could get along with less government. 0:11:26.440 --> 0:11:29.640 The fear that wealthy New Yorkers might leave if they're 0:11:29.679 --> 0:11:32.320 tax too much or if the city isn't run in 0:11:32.360 --> 0:11:35.160 the way they want is one that mum donnie's critics 0:11:35.200 --> 0:11:38.880 repeated in the lead up to the election. In late October, 0:11:39.040 --> 0:11:43.640 Bill Ackman posted on x that mumdannie's quote anti business policies, 0:11:43.720 --> 0:11:47.800 including higher corporate taxes, will kill NYC jobs and cause 0:11:47.840 --> 0:11:51.720 companies to flee. And here's the Heritage Foundation. Stephen Moore 0:11:51.840 --> 0:11:54.000 on Fox Business News in September. 0:11:54.280 --> 0:11:58.239 If mcdonnie wins, Wall Street will no longer be located 0:11:58.320 --> 0:12:00.040 in Manhattan, it will move. 0:12:01.400 --> 0:12:05.319 So now that mom donnie's one is Wall Street moving 0:12:05.360 --> 0:12:21.559 to Florida. That's after the break. If New York's billionaires 0:12:21.559 --> 0:12:24.880 and multimillionaires were to pack up and leave tomorrow, it 0:12:24.920 --> 0:12:28.320 would have a big impact on the city's finances. The 0:12:28.320 --> 0:12:31.080 top one percent of earners account for forty percent of 0:12:31.120 --> 0:12:34.600 the city's eighteen billion dollars in annual income tax revenue, 0:12:35.120 --> 0:12:38.040 and the homes they own and offices they run or 0:12:38.120 --> 0:12:41.480 work for rack up a lot of real estate taxes, 0:12:41.760 --> 0:12:44.640 covering a large proportion of the city's thirty four billion 0:12:44.679 --> 0:12:49.079 dollars in annual property levies. But Bloomberg's Emily Flitter says 0:12:49.360 --> 0:12:52.320 those big real estate investments are also part of the 0:12:52.360 --> 0:12:55.719 reason that it isn't so easy for the city's corporations 0:12:55.760 --> 0:12:59.480 to quit New York. Barclay's just announced plans to invest 0:12:59.520 --> 0:13:03.640 a billion an office tower in Times Square. JP Morgan's 0:13:03.720 --> 0:13:07.199 new Park Avenue building fits ten thousand employees. 0:13:08.040 --> 0:13:12.479 That's not something that any of these owners or investors 0:13:12.480 --> 0:13:15.880 in real estate can just pick up and walk away with. 0:13:17.320 --> 0:13:20.839 Sure, there are plenty of financial professionals who've already been 0:13:20.880 --> 0:13:24.559 lured to South Florida, earning it the nickname Wall Street South, 0:13:25.200 --> 0:13:28.280 But Emily says, when it comes to earning potential and 0:13:28.520 --> 0:13:31.880 lifestyle potential, New York wins every time. 0:13:32.600 --> 0:13:38.640 In twenty twenty, four Wall Street South financial industry employees 0:13:38.960 --> 0:13:41.880 earned one hundred and eighty two thousand dollars on average, 0:13:42.320 --> 0:13:45.960 whereas if you were working in finance in Manhattan last year, 0:13:46.880 --> 0:13:51.920 you earned an average of four hundred and thirteen thousand dollars. 0:13:52.240 --> 0:13:54.880 And I'm actually I'm from Miami. I love Miami, so 0:13:54.960 --> 0:13:58.440 I don't want to be dissing Miami, but it just 0:13:58.520 --> 0:14:01.520 doesn't have as much stuff as New It has fewer 0:14:02.200 --> 0:14:08.360 fancy restaurants, it doesn't have as many really high end schools. 0:14:08.960 --> 0:14:12.319 And let me just point out that the biggest corporate 0:14:12.400 --> 0:14:17.320 move to South Florida has been from Chicago. Citadel moved 0:14:17.440 --> 0:14:20.680 to Miami, Ken Griffin moved down there. But Ken Griffin 0:14:20.800 --> 0:14:24.680 just announced that Citadel is going to invest a lot 0:14:24.720 --> 0:14:28.040 of money so that they can enhance their presence in 0:14:28.120 --> 0:14:28.560 New York. 0:14:30.000 --> 0:14:32.560 Emily says, if you really want to know how New 0:14:32.640 --> 0:14:35.600 Yorkers might react to a tax increase, you can look 0:14:35.640 --> 0:14:38.320 back to what happened after New York increased its top 0:14:38.400 --> 0:14:41.640 personal income tax rates in twenty twenty one from eight 0:14:41.720 --> 0:14:44.880 point eighty two percent to nearly eleven percent for the 0:14:44.960 --> 0:14:46.920 highest earners overall. 0:14:47.680 --> 0:14:50.880 The data showed that people did not leave New York 0:14:51.040 --> 0:14:54.560 in significant numbers because of the tax hikes. It's as 0:14:54.560 --> 0:14:55.240 simple as. 0:14:55.120 --> 0:14:56.440 That, and well. 0:14:56.520 --> 0:14:59.520 Catherine Wilde, the head of the Partnership for New York City, 0:15:00.000 --> 0:15:03.400 cautions that higher taxes could make the city less competitive. 0:15:03.960 --> 0:15:07.400 She says, the fears about Mom Donnie have been overblown. 0:15:07.800 --> 0:15:11.600 Certainly. I don't think people who are knowledgeable are going 0:15:11.640 --> 0:15:15.480 to pick up and leave before they know that something 0:15:16.240 --> 0:15:19.840 really devastating is going to happen, and there's no indication 0:15:20.000 --> 0:15:24.760 that that's the case. Much of the rhetoric around this 0:15:24.880 --> 0:15:30.440 mayoral election have suggested that a Mom Donnie victory will 0:15:30.520 --> 0:15:34.360 result in the city falling into deep decline, that it 0:15:34.400 --> 0:15:38.360 will be like the nineteen seventies. People should know that 0:15:38.440 --> 0:15:41.200 if the budget in the city goes out of whack. 0:15:41.960 --> 0:15:44.560 We have a financial control Board, which is run by 0:15:44.560 --> 0:15:49.800 the governor, the state Controller, private sector representation they take over. 0:15:50.400 --> 0:15:55.320 The mayor has no control over increasing income or corporate taxes. 0:15:55.840 --> 0:15:58.760 The mayor has some control over real estate taxes, but 0:15:58.840 --> 0:16:01.080 Mam Donnie has already said that he wants to reduce 0:16:01.240 --> 0:16:05.360 real estate taxes where possible. Last spring, he was talking 0:16:05.400 --> 0:16:08.920 about I'm going to freeze the rent. We asked the question, 0:16:09.400 --> 0:16:12.720 how are you going to freeze the rent if you 0:16:12.760 --> 0:16:16.120 don't freeze the costs? How are you going to continue 0:16:16.160 --> 0:16:20.960 to encourage investment in rental housing if you don't have 0:16:21.080 --> 0:16:27.200 some incentives financial incentives for that investment. He has now 0:16:27.320 --> 0:16:32.480 incorporated into his freeze the rent plan a plan to 0:16:32.600 --> 0:16:37.080 reform property taxes. So that's an example where I have 0:16:37.240 --> 0:16:42.000 seen him incorporate the feedback he's gotten and now seems 0:16:42.040 --> 0:16:46.400 prepared to take a more comprehensive and practical view of 0:16:46.440 --> 0:16:47.280 that issue. 0:16:47.600 --> 0:16:51.360 Catherine says. Another example of Mom Donnie's openness to compromise 0:16:51.800 --> 0:16:55.240 was his decision to keep Police Commissioner Jessica Tish in 0:16:55.320 --> 0:16:57.960 her position if you want. Is it fair to say 0:16:57.960 --> 0:17:00.000 that one of the takeaways of this conversation at least 0:17:00.200 --> 0:17:02.120 his Wall Street don't panic. 0:17:02.680 --> 0:17:08.040 Absolutely. My message would be, don't panic, but be prepared 0:17:08.080 --> 0:17:11.160 to roll up your sleeves and help our next mayor 0:17:11.200 --> 0:17:15.160 solve the affordable crisis, which will be good for business, 0:17:15.520 --> 0:17:18.720 for Wall Street and for the residents of New York City. 0:17:20.080 --> 0:17:23.600 As Mom Donnie enters, Gracie Manson, buoyed by the support 0:17:23.680 --> 0:17:27.560 of a diverse coalition of New Yorkers, Bloomberg City Labs, 0:17:27.560 --> 0:17:31.120 Fola Kennedy says, Mam Donnie will continue to walk this 0:17:31.320 --> 0:17:34.680 fine line. Can he come to the table for compromises 0:17:34.680 --> 0:17:37.840 with big business while staying true to the values that 0:17:37.880 --> 0:17:39.000 have made him so popular. 0:17:39.240 --> 0:17:42.760 I think that's what's going to define his administration, right, 0:17:42.840 --> 0:17:44.520 like whether he's able to sort of like thread some 0:17:44.600 --> 0:17:45.199 of these needles. 0:17:45.240 --> 0:17:47.960 I'm wondering whether you think the business community was caught 0:17:47.960 --> 0:17:51.160 off guard by the rise of Mom Donnie and what 0:17:51.359 --> 0:17:54.520 they should take away from the way that he's resonated 0:17:54.800 --> 0:17:55.800 with voters. 0:17:56.359 --> 0:17:57.800 I think a lot of people were cut off guard 0:17:57.800 --> 0:18:02.159 by Mam Donny's rise, and it speaks to again how 0:18:02.240 --> 0:18:05.800 much his message of affordability is resonated. This is a 0:18:05.840 --> 0:18:08.840 guy that throughout the campaign has stuck to that talking point. 0:18:09.000 --> 0:18:11.960 If you ask him any question, he always returned to 0:18:12.000 --> 0:18:14.159 affordability as part of his answer to the question, and 0:18:14.240 --> 0:18:16.240 I think it shows the power of that kind of messaging. 0:18:17.040 --> 0:18:21.200 Already, it seems like Wall Street is coming around. Bill Ackman, 0:18:21.440 --> 0:18:24.440 the billionaire investor who'd been warning of an imminent exodus 0:18:24.480 --> 0:18:27.119 of the wealthy if Mom Donnie won, posted on X 0:18:27.200 --> 0:18:30.800 last night tagging Mom Donnie quote congrats on the win. 0:18:31.280 --> 0:18:34.399 Now you have a big responsibility. If I can help NYC, 0:18:34.880 --> 0:18:37.480 just let me know what I can do. And even 0:18:37.560 --> 0:18:41.600 President Donald Trump, speaking earlier today, followed up criticism of 0:18:41.640 --> 0:18:44.919 mom Donnie by saying, we want New York to be successful. 0:18:45.200 --> 0:18:52.080 We'll help him a little bit. Maybe this is the 0:18:52.119 --> 0:18:55.200 Big Take from Bloomberg News. I'm Sarah Holder. To get 0:18:55.240 --> 0:18:57.840 more from The Big Take and unlimited access to all 0:18:57.920 --> 0:19:01.959 of Bloomberg dot com, subscribe today at Bloomberg dot com 0:19:01.960 --> 0:19:05.600 slash podcast offer. If you liked this episode, make sure 0:19:05.640 --> 0:19:08.080 to follow and review The Big Take wherever you listen 0:19:08.119 --> 0:19:11.800 to podcasts. It helps people find the show. Thanks for listening. 0:19:12.080 --> 0:19:13.000 We'll be back tomorrow.