Big Take Podcast Summary

Episode: Mamdani Won on Affordability. Can He Win Over NYC’s 1 Percent?
Date: November 5, 2025
Host: Sarah Holder (Bloomberg News)
Featured Guests: Emily Flitter (Bloomberg), Katherine Wilde (Partnership for NYC), Fola Akinibi (Bloomberg City Lab), Zoran Mamdani (NYC Mayor-elect), plus commentary from business leaders

Episode Overview

This episode examines Zoran Mamdani’s unexpected and historic victory in the New York City mayoral race. The focus is on his sweeping affordability agenda, how he built a coalition across class and race, and—most crucially—whether he can govern a city so closely tied to the needs and desires of its billionaire and business elite. The episode explores reactions from wealthy New Yorkers and business leaders, and weighs their economic influence against a powerful grassroots push for greater income equality.

Key Discussion Points & Insights

1. Zoran Mamdani’s Victory & Platform

• Historic Turnout: Over 2 million New Yorkers voted, a turnout not seen since 1969.
• Mandate for Affordability: Mamdani, a 34-year-old Democratic socialist, won every borough except Staten Island (00:56, 01:35).
• Affordability at the Forefront:
  • “Tonight you have delivered a mandate for change, a mandate for a new kind of politics, a mandate for a city we can afford.” – Zoran Mamdani (01:19)

Core Campaign Promises

• “The three pillars of his campaign are the fast and free buses, freezing the rent, and free childcare for children between 6 weeks and 5 years old.” – Emily Flitter (05:09)

• Roots of the Divide:

  • Mamdani “unapologetic and steadfast in his message that many of the city’s problems are rooted in income inequality.” (01:35)
  • “We will put an end to the culture of corruption that has allowed billionaires like Trump to evade taxation and exploit tax breaks.” – Zoran Mamdani (02:16)

2. The Power & Concerns of NYC’s Wealthy

• NYC as a Wealth Engine:
  • From 2015-2023, 9,000 new million-dollar earners emerged (03:55).
  • The city now counts nearly 35,000 people making $1 million+ per year (04:20).
  • “The billionaires who already live in New York City saw their combined net worth grow 90% in the last nine years.” (04:20)
• Extreme Inequality:
  • Top 20% have incomes “33 times larger than the bottom 20%.” (04:47)
• Skepticism from the Elite:
  • “No one had basically ever heard of him. If they had, it was that he was a socialist and a marginal character.” – Katherine Wilde, business leader (06:36)

3. Building Bridges: Mamdani’s Outreach to the 1%

• Initial Resistance: Major business leaders—owners, bankers, and real estate figures—were wary.
• Reluctant Engagement:
  • “If he becomes mayor I will call him and offer my help. Doesn't mean I'll agree with him.” – Jamie Dimon, CEO of JPMorgan Chase (02:51)
• Facilitating Dialogue: Katherine Wilde (Partnership for NYC) reluctantly opened doors between Mamdani and business leaders (06:15–07:08).
• Shared Concerns, Stark Differences:
  • Agreement: “There is an affordability crisis in the city and we need to bring costs down.”
  • Disagreement: “We do not solve that by increasing government spending because that will just put a new tax burden on everybody.” – Katherine Wilde (07:08)

4. Opposition Funding & Campaign Battle

• Big Money Against Mamdani:
  • Pro-Cuomo and anti-Mamdani PACs raised over $26 million, largely from high-profile investors (08:11).
  • “The advertisements and the messages… have been pretty dark pictures of what the city could look like under Mayor Mamdani.” – Emily Flitter (08:34)

5. Policy Implementation & Constraints

• Who Controls the Purse Strings:
  • City’s budget and major policies (like transit funding and tax rates) require state support from Albany—not direct mayoral control (08:54).
• Reality Check on Affordability Promises:
  • Free buses could cost an estimated $700M/year; universal childcare, $6–$7B/year—requiring both city and state cooperation (09:18).
• Governor Kathy Hochul's Reluctance:
  • “Governor Kathy Hochul in the past has said that she is not open to raising taxes… she was heckled [recently], people were chanting ‘tax the rich, tax the rich.’ And she equivocated.” – Emily Flitter (09:18)
• Business Pushback:
  • “Personal and corporate tax increases are great concerns since we're the highest tax city in the country.” – Katherine Wilde (10:27)
  • “We do not want to lose those bonuses. We want them to stay right here.” (10:27)

6. Fear of an Elite Exodus & Economic Reality

• Threats of Departure:
  • “If Mamdani wins, Wall Street will no longer be located in Manhattan. It will move.” – Heritage Foundation’s Stephen Moore (12:09)
  • Bill Ackman warned Mamdani’s “anti-business policies” would cause companies to flee (11:41).
• Sticky Assets and Institutional Roots:
  • “That’s not something that any of these owners or investors in real estate can just pick up and walk away with.” (14:23)
• NY is Still the Place to Be:
  • “In 2024, Wall Street south financial industry employees earned $182,000 on average. Whereas…in Manhattan…you earned…$413,000.” – Bloomberg Audio (14:47)
• Empirical Reality:
  • After tax hikes in 2021, “the data showed that people did not leave New York in significant numbers because of the tax hikes. It’s as simple as that.” (16:01)

7. Compromise, Checks and Balances

• Civic Guardrails: If the city falters, “we have a financial control board… they take over. The mayor has no control over increasing income or corporate taxes.” – Katherine Wilde (16:23)
• Responsive & Adaptive Leadership:
  • Mamdani has begun to strike a pragmatic tone, incorporating feedback—for example, linking rent freeze plans to property tax reform (17:06).
  • “He has now incorporated into his freeze the rent plan, a plan to reform property taxes. So that's an example where I have seen him incorporate the feedback he's gotten and now seems prepared to take a more comprehensive and practical view…” – Katherine Wilde (17:35)
• Continuity of Public Safety: He pledged to keep Police Commissioner Jessica Tisch as an olive branch to critics (18:02).

Notable Quotes & Memorable Moments (with Timestamps)

• Zoran Mamdani’s Victory Speech:
  • “Tonight you have delivered a mandate for change… a mandate for a city we can afford.” (01:19, Mamdani)
• Billionaires Under Scrutiny:
  • “We will put an end to…billionaires like Trump [who] evade taxation and exploit tax breaks.” (02:16, Mamdani)
• On Wealth’s Growth:
  • “The billionaires who already live in New York City saw their combined net worth grow 90% in the last nine years.” (04:20, Bloomberg)
• Campaign Pillars:
  • “Free buses, freezing the rent and free childcare…” (05:09, Flitter)
• Business Community Doubts:
  • “No one had basically ever heard of him… he was a socialist and a marginal character.” (06:36, Wilde)
• Jamie Dimon’s Readiness to Help:
  • “If he becomes mayor I will call him and offer my help. Doesn't mean I’ll agree with him.” (02:51, Dimon)
• On Property Taxes:
  • “We do not want to lose those [Wall Street] bonuses. We want them to stay right here.” (10:27, Wilde)
• On Wealth Flight:
  • “If Mamdani wins, Wall Street will no longer be located in Manhattan. It will move.” (12:09, Moore)
• Persistence of NYC:
  • “That's not something that any of these owners or investors in real estate can just pick up and walk away with.” (14:23, Bloomberg Audio)
• Response to Tax Hikes:
  • “Overall, the data showed that people did not leave New York in significant numbers because of the tax hikes.” (16:01, Bloomberg Audio)
• On Panic:
  • “Absolutely. My message would be, don’t panic, but be prepared to roll up your sleeves and help our next mayor…” (18:17, Wilde)
• Threading the Needle:
  • “I think that's what's going to define his administration… whether he's able to sort of, like, thread some of these needles.” (18:54, Flitter)
• Bill Ackman’s Post-Election Pivot:
  • “Congrats on the win. Now you have a big responsibility. If I can help NYC just let me know what I can do.” (19:32, as paraphrased by Holder)

Flow and Tone

The episode is brisk, data-rich, and unflinching, blending earnest testimonials from ordinary voters and sharp skepticism from the city’s business mandarins. Mamdani’s own voice is direct and uncompromising, particularly on the issues of fairness and inequality. The business community’s representatives, notably Katherine Wilde, shift from early condescension to cautious engagement, ending on a note of conditional optimism. Host Sarah Holder keeps the discussion grounded in facts, city history, and contemporary challenges.

Conclusion: The Balancing Act Ahead

Zoran Mamdani’s election is a potent signal of New Yorkers’ urgent demand for a more affordable city. The episode suggests that, despite bombastic warnings of a mass business exodus, the foundations of New York’s economy and its elite are strong—and, at least for now, staying put. But Mamdani’s challenge will be to deliver on his ambitious promises without alienating the revenue engines—Wall Street and the 1%—that ultimately underwrite much of the city’s budget. As Emily Flitter concluded, his legacy will likely depend on his ability to “thread some of these needles” (18:54), governing with both principle and pragmatism.