WEBVTT - ICYMI: Big Ideas on Display in Fast-Growing Big Apple Suburb 0:00:00.080 --> 0:00:09.760 Bloomberg Audio Studios, Podcasts, radio News. You're listening to Bloomberg 0:00:09.880 --> 0:00:14.440 BusinessWeek with Carol Masser and Tim Steneveek on Bloomberg Radio. 0:00:14.760 --> 0:00:15.000 Well. 0:00:15.040 --> 0:00:18.800 Housing is an issue all over the country. We know this. 0:00:18.840 --> 0:00:22.160 There's not enough of it. It's too expensive because there's 0:00:22.200 --> 0:00:24.640 not enough of it, and politicians at the national level 0:00:25.040 --> 0:00:28.800 only have so much control thanks to local zoning laws 0:00:28.840 --> 0:00:32.120 and the reality of local politics. So what is a 0:00:32.159 --> 0:00:35.120 city to do. New Rochelle, just outside of New York City, 0:00:35.159 --> 0:00:38.839 is trying to buck the trend and build homes. We're 0:00:38.920 --> 0:00:41.839 joined by the Mayor, Yadira Ramos Herbert. She's a Democrat 0:00:41.920 --> 0:00:44.599 of New Rochelle. She joins us here in the Bloomberg 0:00:44.680 --> 0:00:48.640 Interactive Brokers Studio. We should note that the city of 0:00:48.680 --> 0:00:51.800 New Rochelle has received funding as part of the Bloomberg 0:00:51.840 --> 0:00:55.840 Philanthropies Mayor's Challenge, and the mayor has participated in various 0:00:55.880 --> 0:00:57.760 Bloomberg Philanthropies programs. 0:00:58.320 --> 0:01:00.400 Mayor Romos Herbert, thanks for v here. 0:01:00.520 --> 0:01:01.440 Thank you for having me. 0:01:01.560 --> 0:01:03.760 As we've been discussing, we know the US housing supply 0:01:03.800 --> 0:01:06.760 and affordability really remains a prominent issue for so many 0:01:06.800 --> 0:01:09.119 Americans who are looking to find a place to live. 0:01:09.600 --> 0:01:11.240 Tell us a bit more about what you're doing in 0:01:11.280 --> 0:01:13.120 the city of New Rochelle, which of course we know 0:01:13.200 --> 0:01:15.360 is only about seventeen miles away from where we're sitting 0:01:15.400 --> 0:01:18.120 right now in midtown Manhattan. What are you all doing 0:01:18.160 --> 0:01:19.560 to address some of these concerns? 0:01:19.600 --> 0:01:22.680 Absolutely so back in twenty fifteen New Rochelle setup, but 0:01:22.720 --> 0:01:26.679 we now call the Neurochelle model a form based zone code. Essentially, 0:01:26.760 --> 0:01:31.080 the city council, in partnership with RXR and working with residents, 0:01:31.120 --> 0:01:33.080 really sat down and took a look at where can 0:01:33.120 --> 0:01:35.240 we build and what do we need to do to 0:01:35.280 --> 0:01:38.600 streamline processes, sort of frontload some of the environmental reviews 0:01:38.640 --> 0:01:41.600 and processes so that when developers come in, they can 0:01:41.640 --> 0:01:44.080 be approved in as little as ninety days, break ground 0:01:44.160 --> 0:01:46.240 and essentially start leasing out in three years. 0:01:46.440 --> 0:01:50.800 Ninety days. I mean, that's like a different language. Then 0:01:51.200 --> 0:01:53.160 we're like a different reality than we're used to if 0:01:53.160 --> 0:01:57.000 we're talking about development. Just contextualize that for us. How 0:01:57.000 --> 0:01:59.160 long would it typically take if you weren't able to 0:01:59.200 --> 0:01:59.800 fast track this? 0:02:00.160 --> 0:02:02.400 I mean, I guess and you were from five to 0:02:02.440 --> 0:02:04.800 ten years? Is anything? I mean within the last ten 0:02:04.880 --> 0:02:07.480 yearies in n years exactly exactly. 0:02:07.640 --> 0:02:10.520 You mentioned r XR. Talk a little bit about public 0:02:10.560 --> 0:02:13.840 private partnerships here and how you view as mayor the 0:02:13.960 --> 0:02:18.320 need to partner with for profit companies in order to 0:02:18.320 --> 0:02:18.919 get this done. 0:02:19.040 --> 0:02:22.040 Absolutely, it's been a key to what's allowed to be successful. 0:02:22.120 --> 0:02:24.799 Those resources allow us to invest in our community without 0:02:24.880 --> 0:02:27.720 raising property taxes. We worked with the community here what 0:02:27.720 --> 0:02:29.280 do you want to see in you Rochelle, And through 0:02:29.320 --> 0:02:32.919 our public private partnership, we've enhanced plazas, We've brought murals, 0:02:32.960 --> 0:02:35.760 we've increased ev charging stations, we've bought a black box 0:02:35.800 --> 0:02:39.040 theater right to our main street, We're opening parklets and 0:02:39.120 --> 0:02:43.720 so really working together, providing assurances to developers, everybody essentially wins. 0:02:43.760 --> 0:02:46.080 And never mind that rents are actually holding steady and 0:02:46.120 --> 0:02:48.720 actually decrease the median rent in twenty twenty to twenty 0:02:48.760 --> 0:02:51.040 twenty three at a rate that's unheard of in the region. 0:02:51.480 --> 0:02:54.079 So what have been some of the challenges. Of course, 0:02:54.280 --> 0:02:56.840 this isn't something I imagine had that have been easy 0:02:56.880 --> 0:02:58.720 to accomplish, So what were some of the challenges that 0:02:58.760 --> 0:03:01.440 you all experience as you were trying to deliver a 0:03:01.480 --> 0:03:04.200 world in area city in which things are a bit 0:03:04.200 --> 0:03:05.079 more affordable. Sure. 0:03:05.120 --> 0:03:06.920 I mean what's really wonderful is when they started, I 0:03:06.919 --> 0:03:08.680 wasn't on the city council. I was a mom of 0:03:08.720 --> 0:03:10.920 two kids, so I was the resident sort of being like, 0:03:11.080 --> 0:03:12.960 I want to see stuff in the downtown. I want 0:03:12.960 --> 0:03:14.919 to know what's going on. I think change is hard, 0:03:15.000 --> 0:03:16.680 right and right now. I kind of call it like 0:03:16.680 --> 0:03:18.720 our teenage years. You know, where two thirds of our 0:03:18.720 --> 0:03:22.240 buildings have been approved, We've authorized eleven thousand units, eleven 0:03:22.240 --> 0:03:24.680 thousand kitchen table moments, and about two thirds have been 0:03:24.720 --> 0:03:28.000 authorized and leasing up and so there's construction, and there's noise, 0:03:28.040 --> 0:03:29.800 and maybe with the right turn you make for coffee, 0:03:29.800 --> 0:03:31.040 you have to make a left and wait a few 0:03:31.040 --> 0:03:33.800 more minutes of the light. But it's staying engaged with 0:03:33.800 --> 0:03:36.840 the community and reminding them there are little tangible assets 0:03:36.840 --> 0:03:38.960 in our downtown that did not exist six years ago. 0:03:39.360 --> 0:03:42.720 Never mind again contributing to the housing and other investments 0:03:42.720 --> 0:03:44.080 we've made surrounding the downtown. 0:03:44.240 --> 0:03:46.240 What have been the politics of this, Because when we 0:03:46.280 --> 0:03:48.560 talk about zoning and we talk about the idea of 0:03:48.640 --> 0:03:52.920 building more dense and affordable housing or just more housing people, 0:03:53.320 --> 0:03:55.360 I guess I could rephrase this. People love to complain 0:03:55.680 --> 0:03:58.320 that housing is too expensive, but then when it comes 0:03:58.360 --> 0:04:01.200 to actually building that housing, if it's put up to 0:04:01.240 --> 0:04:03.440 a vote, they strike it down. 0:04:03.320 --> 0:04:04.280 Like not in my neighborhood. 0:04:04.280 --> 0:04:06.280 They don't want it understood. Well, it depends on It 0:04:06.280 --> 0:04:08.000 depends on where you live, because that has to do 0:04:08.080 --> 0:04:10.520 with zoning, and that might not actually be up to you. 0:04:10.920 --> 0:04:12.760 In certain parts of New York City, it's not necessarily 0:04:12.840 --> 0:04:15.440 up to us, and we've seen that play out. But 0:04:15.960 --> 0:04:18.360 politically this stuff can get really charged. What do they 0:04:18.360 --> 0:04:18.800 think of it? 0:04:18.839 --> 0:04:22.120 Absolutely? I mean it's the forum based zone coding essentially 0:04:22.120 --> 0:04:24.560 allows the city council, the elected officials, to set the 0:04:24.600 --> 0:04:27.680 scaffolding and sort of pinpoint where and then hands off 0:04:27.800 --> 0:04:30.520 the professional staff actually closed the deal. We have a 0:04:30.560 --> 0:04:33.240 council manager form of governments, our city manager, our Commissioner 0:04:33.240 --> 0:04:36.279 of Development. We have an Industrial Development Agency that really 0:04:36.320 --> 0:04:39.280 work out the nuances, the financial elements of it, and 0:04:39.600 --> 0:04:41.960 the projects are authorized. So again, when you decide to 0:04:41.960 --> 0:04:43.880 build a new Michelle, there's assurances you don't have to 0:04:43.880 --> 0:04:46.000 worry about a project being voted down the way maybe 0:04:46.000 --> 0:04:49.159 other regions municipalities do if you fit the specs that 0:04:49.200 --> 0:04:52.279 we've already identified. Again the council, working with the staff 0:04:52.279 --> 0:04:54.200 and the community, you have an assurance that you're going 0:04:54.240 --> 0:04:55.760 to be able to lease up within two to three 0:04:55.800 --> 0:04:56.640 years of breaking round. 0:04:56.640 --> 0:04:58.120 So you mentioned that you spent a lot of time 0:04:58.240 --> 0:05:00.479 talking to the community, engaging with the community to see 0:05:00.520 --> 0:05:03.200 what they'd like to see reflected in the area. What 0:05:03.279 --> 0:05:05.320 are some of the things that they've been interested to see. 0:05:05.440 --> 0:05:08.559 Green space, of course, more space for kids to play. 0:05:08.640 --> 0:05:11.960 More dogs are a big hit, and so dog runs 0:05:11.960 --> 0:05:14.000 and opportunities for dogs to have space to kind of 0:05:14.000 --> 0:05:16.880 stretch their legs, I guess leaving the apartment. We are 0:05:16.920 --> 0:05:18.960 a huge lover of the art. So, as I mentioned, 0:05:18.960 --> 0:05:20.760 we have a black box theater that's going to open 0:05:20.800 --> 0:05:23.120 the first half of twenty twenty six, and we've added 0:05:23.200 --> 0:05:26.880 murals to the community. But the downtown development has also 0:05:26.920 --> 0:05:29.320 served as a catalyst for other parts of development. So 0:05:29.360 --> 0:05:31.680 we have a project called the Link. We're taking three 0:05:31.760 --> 0:05:34.080 lanes of a Robert Moses kind of project and making 0:05:34.120 --> 0:05:36.760 it a linear park connecting parts of our farther out 0:05:36.800 --> 0:05:40.000 of our downtown to the actual downtown proper. We just 0:05:40.040 --> 0:05:42.359 approved a project Pratt Landing is what we call it. 0:05:42.360 --> 0:05:45.039 It's going to give waterfront access in addition to a 0:05:45.040 --> 0:05:48.599 community asset in an armory, ninety nine condos, one hundred 0:05:48.839 --> 0:05:52.440 apartment buildings, and a hotel. And we're revitalizing our train station. 0:05:52.560 --> 0:05:54.400 In three to five years will be the only station 0:05:54.480 --> 0:05:56.120 in Westchester where with one seat you can go to 0:05:56.160 --> 0:05:59.440 Grand Central or pen And so this development has allowed 0:05:59.520 --> 0:06:02.080 us to really respond to resident needs, concerns, and what 0:06:02.120 --> 0:06:04.039 they want to see in a really holistic way. 0:06:04.200 --> 0:06:06.560 So we like talking to mayors because and everybody who 0:06:06.600 --> 0:06:08.680 listens and watches our program knows that it's where the 0:06:08.760 --> 0:06:11.320 rubber meets the road when it comes to actually getting 0:06:11.320 --> 0:06:14.120 stuff done. Sure, really being accountable each and every day 0:06:14.160 --> 0:06:16.120 to the people you serve, because you see them out, 0:06:16.200 --> 0:06:20.800 you are there with them on that I'm wondering specifically 0:06:22.360 --> 0:06:27.200 about transportation and in an environment where you talked about, okay, well, 0:06:27.200 --> 0:06:28.799 if there is more density, if there is more housing, 0:06:28.839 --> 0:06:30.840 you might have to wait more when you take a 0:06:30.920 --> 0:06:33.560 right turn to get your coffee because the traffic is increased. 0:06:33.960 --> 0:06:35.919 Do we live in a world where we can realistically 0:06:35.960 --> 0:06:40.279 think that we could improve mass transit in small towns 0:06:40.880 --> 0:06:44.320 or have we shown that as a country we just 0:06:44.400 --> 0:06:46.880 cannot make those investments. I mean, look at California's high 0:06:46.880 --> 0:06:48.520 speed rail and the failure that I think many people 0:06:48.520 --> 0:06:49.440 would say we saw there. 0:06:49.760 --> 0:06:51.839 So New Rochelle already has the privilege of being the 0:06:51.839 --> 0:06:54.320 second busiest line on the New Haven's signs, second only 0:06:54.320 --> 0:06:56.599 the Grand Central, believe it or not, and the majority 0:06:56.600 --> 0:06:58.840 of our buildings are actually being built around this transit 0:06:58.880 --> 0:07:02.240 oriented development. We're also a hub to nine bus lines 0:07:02.520 --> 0:07:04.200 county and city bus lines, so you can get to 0:07:04.279 --> 0:07:06.760 the Bronx or Yonkers right from the same transit center. 0:07:07.120 --> 0:07:10.600 And our development allowed us to invest in some micromobility options. 0:07:10.640 --> 0:07:12.760 We have something called this Circuit, which is an electric 0:07:12.800 --> 0:07:15.080 shuttle you can call it like you call Ubert, absolutely 0:07:15.080 --> 0:07:16.640 free and takes you in to various parts of the 0:07:16.680 --> 0:07:20.400 city where scuter nation as well. So micromobility, and we're 0:07:20.440 --> 0:07:22.840 investing in bike LANs. The link will actually add bike 0:07:22.920 --> 0:07:25.640 lanes and connectivity in another way. So I think based 0:07:25.640 --> 0:07:27.600 on our foundation, but also the way we've been able 0:07:27.640 --> 0:07:29.960 to expand we are addressing transportation in a green way. 0:07:30.160 --> 0:07:32.559 That's interesting to hear that like got a micromobility level 0:07:32.920 --> 0:07:35.560 in addition to changing the way traffic patterns are we're 0:07:35.600 --> 0:07:39.480 speaking with Yadira Ramos Herbert, the Democratic mayor of New Rochelle, 0:07:39.560 --> 0:07:42.560 joining us here in the Bloomberg Interactive Broker's studio. As 0:07:42.600 --> 0:07:46.680 I mentioned, housing is probably one thing that Democrats and 0:07:46.680 --> 0:07:49.240 Republicans at the national level can agree on needs to 0:07:49.240 --> 0:07:53.160 be addressed. Their way of doing that doesn't necessarily fall 0:07:53.200 --> 0:07:54.880 in line with one another. They don't see eye to 0:07:54.960 --> 0:07:57.600 I we heard from Jade Vance at the vice presidential 0:07:57.680 --> 0:08:01.720 debate last year talking about opening up land, for example, 0:08:01.800 --> 0:08:05.200 to build more housing. What is your advice to leaders 0:08:05.240 --> 0:08:07.160 around the country, because you've been able to do this 0:08:07.240 --> 0:08:10.280 successfully as ways that other communities can do this. 0:08:10.560 --> 0:08:12.160 I mean, I think some of the models that can 0:08:12.200 --> 0:08:15.119 be barre from streamline processes. What are the pain points 0:08:15.160 --> 0:08:16.040 every municipality. 0:08:16.080 --> 0:08:17.280 You're essentially saying, get rid of. 0:08:17.200 --> 0:08:20.360 Regulation, streamline processes regulation. 0:08:20.720 --> 0:08:22.560 How do you do that without getting rid of regulation? Now, 0:08:22.560 --> 0:08:25.360 do you make sure that environmental review that you're not 0:08:25.400 --> 0:08:27.640 going to kill the sea turtles or whatever if you 0:08:27.680 --> 0:08:28.200 build here? 0:08:28.240 --> 0:08:30.920 So we did conduct an environmental review back in twenty 0:08:31.040 --> 0:08:33.440 fifteen and with in partnership with RXR. So it's not 0:08:33.480 --> 0:08:35.559 that we're getting rid of it, we're just front loading 0:08:35.600 --> 0:08:37.400 that process so that you have a sense already of 0:08:37.640 --> 0:08:39.480 if you choose to develop in this site, what are 0:08:39.480 --> 0:08:41.200 some of the issues, what's the investment you're going to 0:08:41.240 --> 0:08:43.120 have to make to meet those kind of codes. So 0:08:43.160 --> 0:08:44.920 I think that's one We looked at a lot of 0:08:45.040 --> 0:08:47.640 underutilized sites. Some of our sites were like old parking 0:08:47.679 --> 0:08:50.480 lots that were not being used, that were in bad shape. 0:08:50.679 --> 0:08:53.880 You know, former schools that were closed, but the structure 0:08:53.960 --> 0:08:57.560 was still there. And so every municipal leader knows their community, 0:08:57.600 --> 0:08:59.320 they know their corners where they could be a little 0:08:59.320 --> 0:09:01.960 bit more energy lights on, and that with that, in 0:09:02.000 --> 0:09:05.840 combombination with streamlining processes, I think will allow some positive 0:09:05.840 --> 0:09:07.240 results for this in the housing front. 0:09:07.800 --> 0:09:09.760 So I want to go back to your earlier question 0:09:09.960 --> 0:09:12.800 just about what types of advisor. I know you mentioned 0:09:12.840 --> 0:09:14.439 like some of the things that you all are working on, 0:09:14.520 --> 0:09:17.240 but I would say, you know, more logistically, what type 0:09:17.240 --> 0:09:19.120 of advice would you give to other parts of the nation, 0:09:19.160 --> 0:09:21.280 because not everywhere is like New Rochelle. Of course we 0:09:21.280 --> 0:09:23.640 were talking about LA We could talk about New York City. 0:09:23.640 --> 0:09:26.920 Here in Manhattan, Midtown, Sure, what is some advice that 0:09:27.000 --> 0:09:28.199 people can really take away here? 0:09:28.720 --> 0:09:31.200 I still stand by You know your corners, you know 0:09:31.320 --> 0:09:34.240 your blocks, you know the underutilized sites, you know where 0:09:34.280 --> 0:09:37.160 maybe it's like they're really business hasn't grown there there 0:09:37.200 --> 0:09:39.360 really has. It's been empty, there's lack of density. And 0:09:39.360 --> 0:09:40.960 I know it's tricky to say mid Tom Manhattan, right, 0:09:41.000 --> 0:09:43.240 you're going to use that specifically. I appreciate where we are, 0:09:43.480 --> 0:09:46.440 but every leader knows every corner. I know every corner, 0:09:46.520 --> 0:09:48.880 every black and where to think about that and so 0:09:49.000 --> 0:09:51.800 really thinking about what can be catalyzed and again we 0:09:51.840 --> 0:09:54.800 all know our own zoning and processes. Really being honest 0:09:54.840 --> 0:09:57.920 and holistically reviewing that I think will allow different communities 0:09:57.920 --> 0:10:00.720 to catalyze and also add housing in a way that 0:10:00.720 --> 0:10:02.480 helps to adjust the crisis that we're facing. 0:10:03.040 --> 0:10:05.880 You have a law degree, Yes, you're a litigator, Yes, 0:10:06.720 --> 0:10:08.680 in a previous life or currently. Is this a job 0:10:08.679 --> 0:10:11.000 that you can do while you're mayor. 0:10:11.200 --> 0:10:15.560 Yes, that's a great question. I would not be able 0:10:15.600 --> 0:10:18.240 to do it at the same pace that I did 0:10:18.320 --> 0:10:19.800 when I was a new lawyer. It was also an 0:10:19.800 --> 0:10:22.800 associating at Columbia Law School prior to becoming mayor. But 0:10:22.880 --> 0:10:25.320 I actually am looking to do a little bit of 0:10:25.320 --> 0:10:26.080 practice on the side. 0:10:26.240 --> 0:10:29.840 So It raises the question about your own future and 0:10:29.880 --> 0:10:32.960 how you think about your own political path forward, what's 0:10:33.000 --> 0:10:33.480 next for you. 0:10:33.640 --> 0:10:35.959 I don't think about my political cut path forward right now. 0:10:36.000 --> 0:10:38.720 The job is to make sure all eleven thousand units homes, 0:10:38.800 --> 0:10:41.280 kitchen table moments are catalyzed. It's to make sure the 0:10:41.320 --> 0:10:44.880 Link launches. It's deceive the landing project, the waterfront project, 0:10:45.080 --> 0:10:48.000 and we also started something called the Vanguard Initiative. We're 0:10:48.000 --> 0:10:50.720 investing two point twenty five million dollars in small businesses. 0:10:50.800 --> 0:10:52.520 I want to turn on those lights on every one 0:10:52.520 --> 0:10:54.839 of those first floors in my downtown. That's my mission. 0:10:54.880 --> 0:10:56.280 That's the only thing I'm focused on right now. 0:10:56.320 --> 0:10:59.640 You don't think at all about a bigger platform. 0:10:59.760 --> 0:11:02.120 I love the portfolio that New Michelle has given me, 0:11:02.160 --> 0:11:03.760 and that's really one. I want to finish the job, 0:11:03.840 --> 0:11:06.280 and to think otherwise would take my distraction. 0:11:06.440 --> 0:11:07.800 When do you think the job will be finished? 0:11:08.000 --> 0:11:10.440 That's a great question. I mean the link, you know, 0:11:10.520 --> 0:11:13.320 maybe I think within I would argue within five to 0:11:13.440 --> 0:11:17.000 seven we will see a significant transformative change in the 0:11:17.040 --> 0:11:19.679 downtown that can be measured through sales tax revenue and 0:11:20.080 --> 0:11:21.760 other initiatives and incentives coming to. 0:11:21.720 --> 0:11:26.000 Life Yadira Ramas Herbert. She's the Democratic mayor of New Rochelle. 0:11:26.080 --> 0:11:28.920 She joins us here in the Bloomberg Interactive Brokers Studio. 0:11:28.960 --> 0:11:30.880 Thanks so much for joining us this afternoon.