Doug (Interviewer) (3:53)

Speaking with Jeannie Shan Zaino, Bloomberg Politics contributor, on a night where we are learning from the Associated Press that Democrat Zoran Mamdani has won the race to be New York City's next mayor. You mentioned affordability being a key issue here. But the other thing that strikes me is the youth vote here, particularly in New York City, the way in which Mamdani was able to energize younger voters.

Jeannie Shan Zaino (4:24)

That's right. I don't think we've seen anything like it recently on the Democratic side. He is an absolutely terrific candidate. He is appealing to so many of these young people who have been so frustrated, Doug, who with the system as it is and who have been looking for somebody to come in and to say that they have something new to offer. And so I think one of the things for the very frustrated moderate Democrats is that they were backwards looking with trying to push Andrew Cuomo out front. And so that is something that more moderate Democrats are going to have to think about, the establishment wing of the Democratic Party, if you will. But Zoran Mamdani, who doesn't have, we know, a lot of executive experience for sure, he ran an incredibly smart and strong campaign, well organized, well funded. And his message was particularly compelling to people in the city. And these turnout numbers, over 2.2 million New Yorkers turned out to vote, we're hearing now those are incredibly historic numbers.

Doug (Interviewer) (5:39)

So, Jeannie, as he builds out his administration, would you expect him to move to the city center and tap, let's say, commissioners or department heads that would be maybe a little bit more moderate in their thinking?

Jeannie Shan Zaino (5:53)

I think that is possible and I'll tell you why. You know, number one, obviously his acknowledgment of the police commissioner just before the last debate, I think was a small sign of that. But today, for so long, he had not said where he was going to vote on these ballot initiatives. And after voting today, he came out and he said that he had voted yes in the same way that Andrew Cuomo had. And that left Curtis Lewis as the one who had voted no. And I think that is another sign that we may underscore because we don't know see him moderate as he moves to fill in these very important positions that he has to fill. But one thing we do know about Mamdani, at least so far during the campaign, is that he is willing to think very carefully about what people are suggesting to the criticisms that are coming his way. He's very open to that. And in the end, he seems, at least on the face of it right now, to be very honest about where he comes down. And so I think the yes on these three ballot initiatives is an inkling that maybe we'll see him moderate a little bit.

Doug (Interviewer) (7:12)

He alarmed some of Wall street, much of Wall street, by vowing to tax the rich. Now, we know the dance here when it comes to tax policy in New York City is very much a dance with the governor. Can you imagine a partnership? I know that the governor of New York State, Kathy Hochul, did endorse Mamdani, but I'm wondering about how you imagine their partnership going forward.

Jeannie Shan Zaino (7:36)

It's going to be very interesting now with a win, and particularly Doug, if he is able to pull through this mandate, which for me means he's got to get over 50%. We've got Hochul now coming into a very tough election. She's going to be primaried by her lieutenant governor. She's facing a, a what we think will be a very strong campaign by Elise Stefanik. She is going to need Mamdani, and I think that is going to give Mamdani a lot of ability to move forward on some of, some of what he has promised. But as we know, the governor also is got to have to deal with the assembly and the Senate up there. And so she's not going to be able to give him everything he wants. But I do think that relationship is going to be really important going forward. I know there's a lot of talk right now that his win is going to make it very hard for her to pull out a win. And I think there could be some truth to that. But I also think that she is going to try very hard to work with him so that a lot of this energy and focus that he has had at the polls comes her way.

Doug (Interviewer) (8:49)

Speaking with Bloomberg's politics contributor Jeannie Shan Zaino about what is now being called as a victory for Democrat Zoran Mamdani, he has won the mayor's race in New York City. Jeanne, when it comes to the presence of Donald Trump in this campaign, particularly in the New York City's mayor's race, could he really be a problem for Mondami with a threat of withholding federal funds?

Jeannie Shan Zaino (9:19)

I think he can. I think that Zoran Mandani came out today and talked a little bit about how he would confront that. And certainly the courts are the major way in which you confront it. We've also heard talk that potentially you fight fire with fire and you withhold some of New York's incredibly large tax base. So I think we are setting up for a fight. But I do think that Donald Trump's role in all of this is very perplexing. I don't know in what universe Donald Trump thought that his endorsement of Cuomo's coupled with Elon Musk's and Steven Miller's would help quote Cuomo or help the Republicans. So, you know, it's almost to me as if he helped Mandani. I mean, Mandani jumped on those right away and used it to his advantage. So it was a very strange way in which he tried to enter this race. He sort of loomed over it. The last I looked on Truth Social, he hasn't said much about what has been a very, so far at least a very difficult night for Republicans. I take him at his word when he says he's going to try to take action against the city of New York. But I also think for all the frustration that New Yorkers who don't welcome Mamdani feel, I think they're not going to feel much love for Donald Trump either. If he tries to impact with the millions or billions of dollars he's talked about withholding from New York, I think he'd have a big fight on his hands.

Doug (Interviewer) (10:48)

So we have Democrats Zoran Mamdani winning the mayor's race in New York City. We have Democratic Rep. Mikey Sherrill winning the governor's race in New J. Spanberger being elected the first female governor of the Commonwealth of Virginia. You were mentioning a moment ago, Jeannie, that this could be kind of a harbinger of what's to come in the off term elections next year. Now tonight in California voters there are going to decide on Proposition 50. Now we know that this measure would redraw the state's congressional maps to favor Democrats. This is part of a broader story here when it comes to the national battle of on redistricting, how do you see this playing out going forward?

Jeannie Shan Zaino (11:33)

It looks, if we believe the polls and the turnout there, Doug has been incredible. I mean, I'm looking at over a third of the electorate turning out for a proposition in an off off year election is absolutely incredible. And if the polls are to be believed, it looks like Gavin Newsom and those in favor of Prop 50 are going to pass it. And that means that Democrats will have enough se likely in California to counter the gains that Trump and Abbott made by redistricting. In Texas, I think the redistricting or mid decade redistricting war will continue as other states are sort of pushed and pulled to get involved. Virginia now, for instance, that we have a Democratic governor. Indiana, the vice president was just out there trying to compel them to move forward. But this is a big blow to Donald Trump. And I think when Gavin Newsom first proposed the idea, I think many of the, many of us I know myself was very skeptical that he could do this in a way that wouldn't alienate so many Democrats like myself who are opposed to this kind of mid district, mid decade, rather redistricting. But he did it. It looks like at least he has done it and he has made the case that we need to fight fire with fire. And this is temporary and it is to confront what is happening on the Republican side. So I, I do think that this countering in California is setting an example for the rest of the blue states. And if they're able to, I think we will see at least some of them. Like I mentioned, Virginia following suit. And this bodes again very badly for Donald Trump. There's only one reason he tried to do this in Texas is because he is very concerned about how this midterm is going to turn out, particularly in the House. If Democrats take the House, everything he wants to do that requires congressional approval is going to be stalled and he'll be the subject of enormous oversight investigations.

Doug (Interviewer) (13:40)

Jeannie, thank you so very much. It's always a pleasure. Jeanne Shann Zaino there, Bloomberg Politics contributor. Jeanne is also democracy visiting fellow at Harvard Kennedy Schools Ash center, joining us here for special coverage of the 2025 election. And just to give you an update on this Proposition 50 vote that was happening today in California, the measure redrawing the state's congressional maps in favor of Democrats, it has passed. Let's bring In Bloomberg, government reporter Greg Giraud, who joins us from just outside Washington. Greg, let me get your reaction to the passage of Prop 50.

Greg Giroux (14:23)

Yeah. Well, it's one of maybe several capstones for Democrats and what's a great night for them politically? It puts them formally into the re redistricting wars mid decade that was prompted by Donald Trump and Texas Republicans who redrew their map to elect up to five more Republicans in that state. The California map, now it's been enacted, could deliver up to five Democratic seats to that party, therefore offsetting Texas, the Texas Republican map. So a big win for California Democrats. It'll be interesting to see what at risk Republicans do. Do they run free election? Do they retire? And then we have to see what what other states do. Some other Republican leaning states are trying to enact maps. They did so in North Carolina and Missouri, which could net them one additional seat. Some other states are very much in play. But what California has shown us by passing Proposition 50 is that Democrats will significantly eat into the big margins that Republicans expected they would have had in a broader kind of war to redraw congressional districts to partisan advantage.

Doug (Interviewer) (15:44)

Let's talk a little bit about New York City politics, Greg. We are moments away from hearing from Mayor Elect Zoran Mamdani, who has won the race this evening will be going to the Paramount Theater in Brooklyn to hear from Mr. Mamdani. It was interesting today that according to the Board of Elections, the turnout in this election here in New York City drew the highest number of voters since 1969. And Greg, you and I were speaking earlier about the degree to which there has been this tremendous amount of enthusiasm from younger voters.

Greg Giroux (16:19)

Yeah, there really has. I was struck by one of the many things that I was struck by tonight is just how much the turnout surged in New York city, more than 2 million votes cast compared to about 1.1 million in the 2021 race between Eric Adams and Curtis Sliwa. So it's clear that, you know, Mamdani has certainly energized a larger swath of the electorate than than Adams did in 2021. I'm just struck by kind of a turnout increase in New York City and then kind of what, what happens next and to what extent Mohammedani becomes a, you know, a top spokesperson maybe for the Democratic Party. One thing I noticed on election night tonight is from the Republican Party groups, they have, you know, obviously downplayed or ignored their big losses in Virginia, New Jersey, and they have actually focused a lot of their attention on Mamdani and they're trying to link Democratic candidates to the new New York City mayor elect. I don't know how many voters outside of New York City will, you know, will kind of respond to that. But it's clear that Republicans are definitely trying to link Democratic candidates in competitive states and districts to the New York City Mayor elect, Mamdani.

Doug (Interviewer) (17:40)

So remind me of the dynamic that began to unfold between Zoran Mamdani and President Trump and how this may impact Mamdani's ability to govern New York City.

Greg Giroux (17:53)

Yeah, it'll be interesting to see just kind of how he adjusts. I think the mayor elect said just in the last, you know, 48 hours or so that he'd be willing to work with President Trump on things that would benefit New York City voters. So I think you'll, you'll. I think you'll start to make the mayor elect will start to make some, you know, outreach and maybe extend a, maybe extend a hand to some political adversaries. You know, as you know, as Mario Cuomo once said, you campaign in poetry and you govern in prose. And the euphoria and the adrenaline, the campaign and the election will soon dissipate and give way to the, you know, hard realities of actual governing here. What I think that's what one thing that Mamdani is going to have to face.

Doug (Interviewer) (18:35)

I'm sorry to interrupt there, but what about the dynamic between Mamdani and the current governor, Kathy Hochul, also a Democrat who is up for reelection next year?

Greg Giroux (18:46)

Yeah, that'll be interesting to watch as well because she has her, your own, you know, politics to think of. She is likely to face a, you know, a serious opponent in most likely Congresswoman Elise Stefanik from the North Country. You know, Hochul in 2022, you know, kind of underperformed at the polls, only she was won a full term in her own right by about six points against Lee Zeldin. But, you know, tonight's results, you know, may, may give, you know, kind of a bit more morale boost for, you know, Democrats across the country, perhaps in New York State as well. But interesting to see what the dynamic will be between the governor and the mayor elect, that's for sure.

Doug (Interviewer) (19:30)

So what does the conventional wisdom say about whether the Democrats can continue this momentum as the battle heats up for control of Congress in next year's midterms?

Greg Giroux (19:42)

Yeah, I think, you know, it's certainly tonight's results were certainly a morale boosting election for Democrats and a gut punch to Republicans. More often than not, when one party wins the Virginia and New Jersey governor elections. The same party goes on to do well in the following year's US House elections. And I think with the California Prop 50 passing tonight, that at least kind of cushions some of the, you know, the blow that, you know, Democrats have experienced with some new Republican maps. I still think you have to rate the Democrats as more likely than not to win control of the House. They only need a net gain of three seats. Democratic officials, including Chuck Schumer and Kirsten Gillibrand have also said tonight that this makes tonight's results show that the Senate is also in play. I think that's still a tougher lift for Democrats because they need a net gain of four seats to win control of the Senate. And most of the Senate seats at stake in the 2026 election are in very Republican states. However, it does give, you know, think Democrats a morale boost certainly a year after they're very devastating losses for the presidency, the House and the Senate, most definitely.

Doug (Interviewer) (20:56)

And I'm wondering if the intention was to kind of move toward the center, whether the Mamdani victory, given the fact that it's such a high profile victory, would make that a bit more challenging.

Greg Giroux (21:11)

Yeah, I think Republicans will certainly want to tie. I think it's why we're seeing kind of Republican groups tonight trying to tie Democratic candidates to Mamdani and trying to paint Democrats as the Socialist party, kind of reviving kind of some of the messaging we've seen from Republican groups against Democrats in the, in the 2024 election. I think we'll see more of that. Interesting to see kind of what kind of profile Mamdani will seek to have within kind of the broader Democratic Party. You know, I think for the last four years, I don't know how many people knew who Mayor Eric Adams was or knew who, you know, Bill DeBlo Blasio was. But I think this victory certainly will garner a lot more nationwide attention than previous Democratic victories for New York City mayor.

Doug (Interviewer) (22:01)

Speaking with Bloomberg Government's Greg Giroux joining us from just outside Washington, we are waiting for the appearance of Zoran Mohamdani, the mayor elect for New York City, winning by More than 50% of the votes tonight cast across the five boroughs, according to the Board of Elections. Among the city's 4.7 million active registered voters, over 2 million cast their ballots. We heard a short while ago a concession speech from former Governor Andrew Cuomo. Just to get your perspective on what may be in store for Mr. Cuomo next, do you have a sense, Greg, of where he may land going forward I really don't.

Greg Giroux (22:44)

I, I'm kind of at a loss there. I just. This will be a. He narrowed the, he seemed to narrow the gap in this race. I think he was, you know, it was a very kind of incongruous situation where he was saying that he would be the one to stand up for Trump. But then he also accepted Trump's endorsement. It looks like, you know, a lot of the Republican vote in New York City peeled away from Curtis Leela to, but slu. Excuse me, to back Cuomo, but I'm not sure what will be, what will be next for him. I don't know.

Doug (Interviewer) (23:17)

And of course, President Trump endorsing Cuomo in the last several days, was that a surprise to you?

Greg Giroux (23:25)

Maybe a formal endorsement? I think Trump had telegraphed that, you know, that Curtis Lewitt didn't really have a realistic chance to win the election and that really the only way for Mamdani, who Trump obviously vociferously opposed, the only way for him to lose was to have a May, perhaps a one on one race with, with Cuomo or have at least as many Curtis Lewa voters, you know, shift their allegiance to Cuomo. But as, as it turned out, you know, that wasn't enough. It would have been interesting to see, you know, what it. Even in a one on one race, presumably Mamdani would have won. It looks like he's just over majority of the vote. It would have been interesting to see what would have happened if the Republicans had nominated a kind of mainstream, well known candidate like, you know, Congresswoman Malia Takis of Staten island in Brooklyn. If that had been a one on one race against Mondani, how that would have turned out. That's what we can only kind of speculate now.

Doug (Interviewer) (24:22)

And just in the interest of full disclosure, Michael Bloomberg endorsed Andrew Cuomo in the mayoral race. He also donated to the super PAC supporting Cuomo. Michael Bloomberg is, of course, founder and majority owner of Bloomberg lp, the parent company of Bloomberg Television and Radio. Speaking here with Bloomberg government reporter Greg Giroux in Washington, as we stand by to hear a victory speech from the Mayor Elect of New York City, Zoran Mundani will go live to the Paramount Theater in Brooklyn. Very quickly, Greg, if you were to summarize the gubernatorial races in both New Jersey and in Virginia, what's the key takeaway?

Greg Giroux (25:04)

I think the key takeaway for me is the Democratic margins of victory more so than the Democratic wins. I think it was clear going in that Abigail Spanberger in Virginia was a clear favorite to win that election. And that Mikey Sherrill was probably going to win the governorship of New Jersey. But I am struck by their margins of victory as we speak. Spanberger, with about 95% of the vote in, is leading by more than 14 percentage points which would be the large margin of victory by a Democrat in a Virginia governor's election since 1961. And in New Jersey, as we spoke about earlier this evening, I think Cheryl's margin of victory, I think she exceeded expectations. What may have been a single digit race is now turning out to be a double digit decisive blowout. She is leading by more than 12 percentage points with, you know, about 95% of the vote counted. And Cheryl had, unlike Spanberger had to run with to succeed a, you know, a term limited two term governor of her own party, Phil Murphy, who did not have the, you know, the best approval rating. And you know, Cittarelli was, you know, trying to run against so called Trenton Democrats and trying to link Cheryl to Phil Murphy. But it looks like, you know, Cheryl is going to win very decisively by the double digits. And if with her win, that'll mark the first time also since 1961 that the same party has won three consecutive governor's elections in New Jersey. But bottom line, it was the margins for Democrats that stand out more so than the win.

Carol Massar (26:52)

I'm Carol Massar.

Tim Stanweck (26:54)

And I'm Tim Stanweck inviting you to join us for the Bloomberg businessweek daily podcast.

Carol Massar (26:58)

Now every day we are bringing you reporting from the magazine that helps global leaders stay ahead.

Tim Stanweck (27:03)

We've got insight on the people, the and trends that are shaping today's complex economy.

Carol Massar (27:07)

That's right, Tim. We're all over global business, finance, tech news, all as it is happening in real time. And we've got complete coverage of the US Market.

Jeannie Shan Zaino (27:15)

Close.

Carol Massar (27:15)

Gotta say, basically if it impacts financial markets, if it impacts companies, if it's impacting trends and narratives that are out there, we are on it.

Tim Stanweck (27:22)

We also have a lot of fun doing it. Bloomberg businessweek also brings you the analysis behind the headlines through conversations with our expert guests.

Carol Massar (27:29)

And we are doing this all live each weekday. And then we bring you the best analysis in our daily podcast search for.

Tim Stanweck (27:36)

Bloomberg business week on YouTube, Apple, Spotify or anywhere else you listen.

Carol Massar (27:39)

Check it out on your way home from work to catch up on the conversations that you miss during the business.

Tim Stanweck (27:43)

Day and on the weekend. Check it out for a complete wrap up of your business week.

Carol Massar (27:47)

That's the Bloomberg Business Week daily podcast. I'm Carol Massar.

Tim Stanweck (27:51)

And I'm Tim Stanovec. Subscribe today, wherever you get your podcasts.