Loading summary
Transcript163 lines
- [00:00]
Cincinnati Insurance Announcer
If you follow markets, you know the value of long term thinking. You plan, you diversify, you prepare for volatility. But even the best strategies can't prevent every bad day. For more than 75 years, Cincinnati Insurance has helped individuals and businesses navigate tough moments. With expertise, personal attention and independent agents who focus on relationships, not transactions, the Cincinnati insurance companies. Let them make your bad day better. Find an agent@cin fin.com so there's a
- [00:36]
IBM Representative
lot of noise about AI. But time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a Global workforce of 300,000 can use AI to fill their HR questions. Resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business IBM.
- [01:05]
Tracy Alloway
As industries evolve faster than ever, companies need an environment that accelerates strategic growth. And Michigan delivers on that promise. From emerging startups to global enterprises, Michigan offers what executives value most. A resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work life. Balance with our unit with a unified T Michigan approach, businesses scale faster and compete at the highest level. Michigan Pure opportunity. Seize your opportunity@MichiganBusiness.org
- [01:39]
Joe Weisenthal
Bloomberg Audio Studios podcasts Radio news.
- [01:54]
Tracy Alloway
Hello and welcome to another episode of the All Thoughts podcast. I'm Tracy Alloway.
- [01:58]
Joe Weisenthal
And I'm Joe Wiesenthal.
- [01:59]
Tracy Alloway
So, Joe, we are here in Madrid as part of Bloomberg City Lab.
- [02:04]
Joe Weisenthal
Tough, tough assignment for us.
- [02:06]
Tracy Alloway
I know, a real hardship posting.
- [02:08]
Joe Weisenthal
Yeah, a real hardship posing, but willing to do it.
- [02:10]
Tracy Alloway
Yeah. So there are mayors from all over the world here all talking about the challenges and opportunities facing cities. And we're about to speak to one of them in particular. And it's actually a really interesting test case of I think a lot of themes that kind of touch on the odd lots oeuvre, let's say.
- [02:29]
Joe Weisenthal
Well, one of the things that comes up all the time, obviously on odd lots over the years is housing. Right. And one of the things that we've discovered, I would say is okay, every, it's easy to say housing is a stress everywhere, housing is a challenge, there's a housing crisis and so forth. And it's kind of true. But as we've discovered, there's a different fingerprint of it everywhere.
- [02:51]
Mayor Brandon Scott
Right?
- [02:51]
Tracy Alloway
That's right.
- [02:52]
Joe Weisenthal
So, you know, we go to, we were in, you know, Mount Airy, North Carolina and it's Very sparse in rural. Even there, there's a housing shortage, et cetera. Everywhere there are these common themes, but every location has its own distinct challenges, right?
- [03:05]
Tracy Alloway
So the city we're going to be talking about today is Baltimore. And in Baltimore, one of the issues with housing is this vacant housing problem. And I gotta say, I actually feel really bad about this. My dad was a pilot, as you know, and he flew out of BWI for many, many years, but he lives in Annapolis, So I never actually spent that in Baltimore except to get the Greyhound bus and go to the Baltimore bus terminal. And I would not want to judge any city based on the Greyhound terminal, but I definitely saw a lot of vacant houses around the area.
- [03:38]
Joe Weisenthal
I haven't spent a ton of time in Baltimore either. You know, I was born in Detroit. I have a lot of family there. Also a city that sort of famously, for a long time, had a lot of vacant houses. You know, there were times when, you know, you see these websites advertising houses for a dollar, etc. It's like there's clearly so much potential in a place with such, you know, at least nominally affordable homes. So, like, how do you actually get people to move in? How do you make them valuable? How do you fix them up? So many, I guess, interesting technical questions, I would say, to solving these problems.
- [04:10]
Tracy Alloway
Exactly. So we do in fact, have the perfect guest. We're going to be speaking with Mayor Brandon Scott, who is, of course, the mayor of Baltimore. So, Mayor Scott, thank you so much for coming on odd lots.
- [04:20]
Mayor Brandon Scott
Thank you all for having me. Great to be here. So in Madrid. No, in Madrid.
- [04:24]
Tracy Alloway
I know.
- [04:25]
Mayor Brandon Scott
Tough assignment for all of us.
- [04:26]
Joe Weisenthal
Second best city in the world, I take it.
- [04:28]
Mayor Brandon Scott
Second greatest outside of Baltimore.
- [04:30]
Joe Weisenthal
That's right.
- [04:31]
Tracy Alloway
So when you became mayor of Baltimore, I'm really curious, how did the vacant housing problem actually show up on your radar? And why did it become a priority for you?
- [04:41]
Mayor Brandon Scott
Well, for me, it showed up on my radar the day I was born. Right. So I was born and raised in Baltimore, born in 1984. So I had the fortune or misfortune of growing up in the 80s, 90s, and 2000. When you think about all of the crazy things that happened in the United States at that time, of course, we're talking about drugs showing up into neighborhoods, the war on drugs, failed war on drugs, and zero tolerance policing. But I also live in the city that is the birthplace of racial redlining. It was signed at the very desk that I sit in. The racial redlining law was signed in Baltimore City. I grew up on a Block with a vacant house that my dad made me and my brothers cut the grass at every single time because he said by the time the city gets around to cutting it for the owner, it's going to be a foot high. Right. So for me, this wasn't something that I discovered when I became the mayor of Baltimore. It had been very prominent in my neighborhood that I grew up in, in Park Heights and all over the city of Baltimore for a long time. But I knew it had to be a priority because you cannot and we will not be the best version of Baltimore if we are not a whole version of Baltimore. And when you think about it like this, when I was a junior in high school in the year 2000, December of 2000, Baltimore had 16,000 vacant properties.
- [05:57]
Tracy Alloway
Wow.
- [05:58]
Mayor Brandon Scott
And that's a lot less than the 30 or 40,000 it had years prior to that. But when I became mayor on December 8th of 2020, Baltimore had 16,000 vacant properties. The number essentially had not moved. So we knew that we needed a, a different strategy to dealing with this long standing challenge. That is, you can directly. I showed this at City Lab. I'm a map and a data guy, right? When you look at, love it, the 1937 racial redlining map in Baltimore, and then you look at the vacancy map in 2020 or even the vacancy map today, it's the same neighborhoods, literally the same neighborhoods in Baltimore. We, they call it the black butterfly and the white L. So you got this white ale that goes down the city and out. And then you have these two heartbeats, so to speak, of the black butterfly, the wings. And you can see that the vacants in Baltimore are a direct correlation to that, direct correlation to purposeful disinvestment into those neighborhoods and all the other things, deindustrialization, all of those things that happen.
- [07:00]
Joe Weisenthal
How would you describe, okay, everyone can recognize that having lots of vacant housing is a very serious problem for a city. You recognize it from, as you said, the moment you were born, growing up, prior to your administration, what was the sort of status quo? Thinking about it, what was the way that prior administrations had thought about the challenge or the problem?
- [07:21]
Mayor Brandon Scott
Well, listen, I have to say that my predecessors with the tools and knowledge and understanding that they had, they didn't do a bad job, Right. The only thing that I'd say that they did, that I do differently and thinking about it differently is that for. And this is just, this is mayors, this is politicians, right? Folks like to tell folks that I'm going to handle this issue in my time in office. There's no way in holy hell that any mayor was going to eliminate a vacant housing in Baltimore in four years, let alone eight. And a lot. Some of them, many of them before me, got a lot less than even four years, right? So when you think about that, the approach, for us, it has never been about the approach, Baltimore, between our city government, partnership with the state government, with our private community, with. With the folks in philanthropic and CDCs and developers, they've always had the strategy. They always had the know how and the do how of taking vacants and even demolishing them, turning them to park space, getting them renovated, building a lot of housing, all of those things. It's been about the capital. That's what they did not have. They didn't have the capital, and they did not have a unified strategy that was about something greater than one mayoral term. And I think that's where we have struck goals, so to speak, is that we came out and I stood with the community and Build, which is a community organization that has relationships with churches and communities and mosques and everything all over the city of Baltimore and represents a lot of residents and neighborhood leaders in our business community and the greater Baltimore community and myself, stood up and said, we are coming up with this strategy that we, as in Baltimore, as a community, not just city government, not just private, not just philanthropic, not just the residents, we are going to end this crisis for good over the next 15 years. And this strategy is our strategy so that everyone is bought in. That's the difference. And now that we're all working together and then we got a blessing, a few months later, we got a governor elected. And now the governor of Maryland is also a member of that. Right. The state of government has given us $50 million a year. So now we've been able to just think about that. I told you it was 16,000 for 20 years, right? So we went from 16,000 when I took office now down to 11,806 as of early this morning.
- [09:47]
Joe Weisenthal
Do you get a daily report on that? You have it down to the dashboard.
- [09:51]
Mayor Brandon Scott
It's a website. You can go look, reframe. Baltimore will tell you how many. Right? And the number sometimes fluctuates because we take some off, some go up. But it's that collective way that we've done it, because it's a very, very tough issue for even people to understand. You mentioned, like, dollar houses. People are like, well, if you sell all the vacants for a dollar, they'll go away. No, because one, the overwhelming majority of the vacants in the city of Baltimore are not owned by the city of Baltimore. They're owned by private folks who are sitting on the mold. Folks that we have. Many, I hate to say this, a good bit of them were ones that back in the day, one of my predecessors sold for a dollar. But if I sell you a house for a dollar and you don't have the 100, $150,000 needed to actually get it up to living standards, it's still going to remain vacant.
- [10:40]
Tracy Alloway
Well, so on this note, I want to back up for a second and ask what is potentially a very basic question, but how do the houses actually become vacant? Like, what is the typical process by which a house becomes vacant? We've heard the population decline story in Baltimore, but, like, it's hard for me to believe people just leave and don't do anything with their houses.
- [11:01]
Mayor Brandon Scott
So it's a couple of things. One, the thing I can tell you about Baltimore that is probably so much different than any other city is that we're a city of neighborhoods, right? And I literally tell people this, that those neighborhoods can literally be a city of countries. Not two blocks are the same. Everything is different. That's why our strategy is block by block. But just to give you the historical context, we know that we got a lot of vacants when suburbs were built, right? Like, we had suburbs being built, white flight, all of those things happened. That happened in cities around the country. So we had that. Then we had deindustrialization. We had Bethlehem Steel and General Motors. General Motors is actually the reason why I am here. Because my mom's parents moved to Baltimore. My granddad, when they were down to their last $100, was thinking about moving back to rural Virginia, got a job at General Motors, and boom, they bought the house where my mom grew up in. And my dad, who was following my. My uncles, his older brothers and older cousins to Baltimore, visiting in the summertime. My uncles were working at Bethlehem still. Him and my mom met, and the rest is history. But those went away. Those jobs went away, right? And then some people did leave. And then when you. You add on to that, that a lot of folks that left, left those houses, and they left their houses. And people died, right? Older folks died. They. They left them, the people who didn't care for them. You had a lot of folks come in and buy up property that were vacant when people did move out and just sitting on them, they're just waiting for prices to recover. Waiting or waiting for the city or someone to come along and give them more than what they paid for. Right. But then you have, we have a lot of folks who pass away and their kids are gone and they don't want the property. It runs the gamut. There is not one sole reason why you have so many. But when you think about we were a city of basically a million people and now we're a city of 600,000, right? You think about the amount of people that law that left the city of Baltimore for a multitude of reasons. And then when you add on to that redlining, de industrialization, crime and violence and drugs that just showed up out of nowhere all of a sudden, you add all of those things together, you have really a recipe for disaster, so to speak.
- [13:21]
Joe Weisenthal
You said something that it must be a tricky issue because, okay, let's say, and I want to talk more about this, but you get this infusion of capital or you get this coordination of capital and suddenly the governor is willing to work with you and allocate money from the budget. But presumably, yeah, you, I imagine you don't want, you want private capital, but you don't want entities who are just going to take the public money to see their properties inflate. So how do you think about coordinating that so that you get that private capital, you get the investment capital, but it's not just essentially a free lunch of, okay, you get to do whatever you want, right?
- [14:00]
Mayor Brandon Scott
Yeah, yeah. So that's where the, how do you
- [14:02]
Joe Weisenthal
get that skin in the game?
- [14:03]
Mayor Brandon Scott
That's where the block by block comes in, really. So we do block level planning for these, but it's also about strategic. We have strategic investment zone, seven of them, where most of the vacants are. And what we're telling folks is that we have a plan for each block. And we don't just do big developers, we'll work with small developers. We work with community development corporations. And the great thing about the city of Baltimore versus Detroit, where folks are like, oh, you guys should create a land bank, like Detroit. Well, we visited Detroit and they're like, well, you guys don't need to do that because your housing department has the authorities that our land bank has. Now, we didn't have that within the city of government. And now what we've been able to do, because also it's not that easy to get, get to the point of getting a vacant back to renovation. So I'll step back and walk you guys how this work. You own a house that's vacant. So and then we, our housing department, our inspectors come out, someone complains there's a vacant House to me, the owner's not taking care of it. We give them a citation. They have 30 days to remedy that citation. We literally legally can't do anything for that time frame. Then we come back again and we have to do it now after that one. Then we maybe cut the grass, lien it, et cetera. We have raised the fines up, we can find them up to $1,000. Then they get a vacant building notice, right? And if we want to take that property through receivership and all these other things in rem, we have to go to court. They know how long that takes. That could take. You know, it used to take two to three years, right? Now we've worked with the court. We have a special in RIM docket, right? And we're getting that time down a lot faster. But we're doing that thousands of times, right? Over and over again. And when you're talking about that takes the time to assemble blocks, right? Now think about this block, 4800 block of Park Heist Avenue, right? So the Park Heights master plans. The neighborhood I grew up in is one of the largest redevelopment issues in the country. Think about it like this. They started talking about the plan when I was in middle school, right. The city finally was able to have all of the properties acquired when I was a staffer in city government and on the board of their CDC in 2008 and 2009, we finally had them all demolished around 11 or 12. The first new housing units didn't get built until I was mayor. Right. When you talk about those large amounts of vacant properties, it just takes a long time. Single ones, you can replenish them a little quicker. And it takes a lot of block by block level planning, identifying a developer, making sure the developer fits with the neighborhood, making sure that we have the partnership with the state because they also have their sway and control over the money that they're pumping into. Everyone has to be align and making sure that we are not just giving it to people who just want to make a buck, but they understand that, yes, we want them to make money. We believe in capitalism, but we have. They have to understand how this is going to work to improve those neighborhoods. And we've seen so many neighborhoods take great, great, great change like Johnson Square in East Baltimore, Oliver in East Baltimore, where, you know, they used to film the wire and now they're selling houses over there. Like I was wondering, thousand dollars, how
- [17:22]
Tracy Alloway
long until we reference the wire?
- [17:24]
Mayor Brandon Scott
You know, it's going to.
- [17:26]
Tracy Alloway
Yeah, it had to happen.
- [17:27]
Joe Weisenthal
So same a curse, I imagine for us.
- [17:29]
Mayor Brandon Scott
Mainly a curse for us, but yes, mainly a curse for us. We don't like this show at all.
- [17:34]
Joe Weisenthal
Oh, really? Wait, can we just change the entire subject?
- [17:37]
Tracy Alloway
Let's just talk about the Wire and
- [17:38]
Joe Weisenthal
have you go off on the Wire for a while.
- [17:40]
Mayor Brandon Scott
I guess it's for us is we understand it and we appreciate it for the storytelling. But people don't look at NYPD Blue and think like, oh, this is all New Yorkers.
- [17:52]
Joe Weisenthal
Right, I see what you're saying.
- [17:53]
Mayor Brandon Scott
That's what I'm saying. Right. Like, and for us, we've only had those shows, right? So we had the Wire, we had the Corner, we had Homicide, Life on the Street. Now when they maybe do a complete Baltimore story on a show, hbo, hint, hint.
- [18:07]
Joe Weisenthal
Like maybe because in New York we have Seinfeld and Friends, you got all that.
- [18:12]
Mayor Brandon Scott
We only have the bag. And you know, people just like, oh yeah, I saw the show. This is what the whole city is.
- [18:16]
Tracy Alloway
Yeah, all right, fair enough. I was going to ask, how do you decide what to do with the vacant houses that you end up, you know, taking back and taking control of? So you can work with private developers, as you mentioned. I guess they can choose to renovate them. They can choose to demolish them.
- [18:32]
Mayor Brandon Scott
Like how do those conversations, that decision about demolish or renovate is made by us beforehand.
- [18:37]
Tracy Alloway
Okay.
- [18:38]
Mayor Brandon Scott
If the houses are going to be demolished, we do that. We do that in partnership with, with the state. The renovation will. When we award an RFP to someone, we are awarding it for housing, like to renovate, to do that. So that's. We do that. But that again goes back to the block level planning. Right. And making sure that we like. Okay, in this neighborhood, we need this, right? This block is. These houses are too far gone. We're just going to knock that down, make it park space or RFP the land. Right? These, this block, this small developer can handle. This block only has three vacants and it's a block of 10. They can handle just doing these particular one. Or we have scattered sites. So we do that identification through our block by block strategies through our neighborhood strategic investment areas, identifying those things before we give get over to the developers or the CDC or individuals. Because we're also one of the most innovative things that we're doing. Folks typically use TIF tax increment financing for like new developments. Right. For us think about like harbor east or Harbor Point, all the fancy areas. Well, we're actually doing it on Tiffany. And this is the first time you got a.
- [19:49]
Joe Weisenthal
What is tiff? Where I cut in and say, explain how TIFF works.
- [19:53]
Mayor Brandon Scott
Tech instrument financing, where essentially like that, you will put all this money up front and you will get it back on the back end, which is they use to incentivize development all around the country. This is the first time that that tool is being used for something that is not a non contiguous area. So what we're doing is we're using the vvn, the vacant building notice all across the city and identifying like we're going to put a TIF on that. So we offered out and people were going crazy like it's not going to work. No one's going to apply for this. You have to have it in one area. That's the way the TIFF works. Well, we put out in our first round $28 million worth of TIF financing. We got $380 million worth of applications. So the demand is there. And this is affordable housing. TIFF in neighborhoods. And you can see if you look at our map, right, you can see that it's going right in those red line neighborhoods, right in those disinvested neighborhoods. And in fact, as a part of my state of the city, we, we unveiled a investments map data map where you can see, since I've been in office, where the investment has gone. Right. And we did a heat map. It was Baltimore's purple. So the darker the, the more purple, the more investment. And you can see that we are strategically investing in the neighborhoods that have been disinvested in, in the butterfly or the red line neighborhoods. And that's how we're going to build upon what we're doing.
- [21:15]
Tracy Alloway
Wait, why do people think that TIFF only works for contiguous areas?
- [21:18]
Mayor Brandon Scott
I guess because no one tried it before. I had no idea. But it's probably also a little bit of hidden racism in people that were saying that. They were also saying like you can't do TIF in an area that is this kind of area. Right. But yeah, they were wrong. We knew they were wrong. The numbers speak for themselves.
- [21:51]
Public Investing Announcer
Support for the show comes from public. Lately it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades. And others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public. You can build a portfolio of stocks, options, bonds, crypto, without all the bugs or the confetti. Retirement accounts. Yep. High yield cash. Yes again. They even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by Public Holdings Brokerage Services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor Crypto Services by ZeroHash all investing involves risk of loss. See complete disclosures@public.com disclosures the thing about
- [22:50]
IBM Representative
AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across hr, IT and procurement processes, we've reduced costs by millions, slashed repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business.
- [23:19]
Mental Health Podcast Announcer / Okta Announcer
IBM for many men, mental health challenges aren't recognized until they've already taken a toll. Work pressure, financial stress, changing relationships, and traditional expectations around masculinity can quietly wear men down, often without clear warning signs. In season three of the Visibility Gap, Dr. Guy Winch and his guests explore how these pressures show up, how to spot them earlier, and how men can access meaningful support. Listen to the new season of the Visibility Gap, a podcast presented by Cigna Healthcare.
- [23:51]
Joe Weisenthal
How much do you think about the specific types of house? Let's say you raise a tract of land or whatever and you're thinking, okay, reimagining what this space can be. How much are you planning the specific type of housing that you want in an area, whether it's multifamily rental condos, home ownership, freestanding solo home. How do you think about envisioning what the neighborhood should or could be?
- [24:16]
Mayor Brandon Scott
Again, I'm gonna go back to the neighborhood block level planning. And that's all this is. This is Baltimore, right? So those neighborhoods love their neighborhood aesthetic and they want to keep them as much as possible, right? So even for example, in that block of Park Ice that I talked about where we knocked down, which were, we have row homes, connected row homes for the most part. In Baltimore, we have single family too. I live in one. But connected row homes, even though we built a, a multi unit senior apartment building for senior living there, it actually looks on the outside like the row homes that were there before. So we have to make sure that we're meeting the aesthetic of the neighborhood and what the neighborhood actually needs. So that neighborhood needed that, right? It needed places for older adults to actually who want to remain in the community to do that. The next phase that we're doing there that we'll break ground on before the year's out, hopefully is the first home ownership opportunities built there since my grandmother and grandfather moved to the neighborhood. Right. So that's the way that we're doing it. And it just depends on where you are, because we want to mix it. For example, we had a housing project, Perkins Somerset in Old Town. Now we have the new one where we have the mixture. Right. We have mixed income. We have to make sure that we're providing a multitude of opportunities because it's not. It can't just be all high end. It can't just be all affordable. We need working class, all of those things.
- [25:36]
Joe Weisenthal
Things.
- [25:37]
Tracy Alloway
So one of the other things you're doing is taxing vacant land. And we've done, you know, we are vacant houses, I should say. We've done episodes on odd lots about a land tax. Walk us through, like the. The pushback that you got to that plan. Why do people seem opposed to taxing empty buildings or empty land?
- [25:56]
Mayor Brandon Scott
Well, we actually didn't get any public pushback. Right. The reality was, is that the way Maryland is set up, we had to get the state to say, yes, you can tax them at a higher rate. Now it took a little while for them to do that, but now we got the blessing, we got the bill passed, and now we're able to do that at the local level. And I think that it's just that there's been this theme, right? So we're independent city. There's no county government for us. Amen. Hallelujah. It's just us and state and the federal government. But there's been this sentiment that, like, the city doesn't know what it's doing, et cetera, et cetera. But you can't really argue with the data, right? Whether it's, you know, we've reduced, basically eliminated one in four vacant houses in my time in office. Right. We've reduced violence in the city to the lowest levels on recorded record. You can't really argue with the numbers. So now folks are more ready to give us more of that authority to deal with the issues because it's also a drain on them. Right. And that's the. What we're saying to them is that this takes money out of the state's pocket. Right. The inability for us to do stuff with these owners hurts the state of Maryland just as much as it hurts the city of Baltimore.
- [27:06]
Joe Weisenthal
I was just about to ask you, you mentioned the big drop in violence. How much is that a key pillar of any sort of development success. Because ultimately, I imagine you can have the right tax incentives and the right codes and the right planning, but people don't want to live around a lot of crime. How much has that decline been as sort of, I guess, a tailwind to the entire project?
- [27:27]
Mayor Brandon Scott
I think that it is the number one reason why Baltimore is so hot right now. Because after all those years, I'll just say it like this. If this were 20, 21 and we're at city lab, the only thing people want to talk to me about is how am I going to reduce gun violence in Baltimore now? The only thing people want to talk to me about, how did I reduce gun violence in Baltimore? And I think it's not just that we did it, it's how we did it. Because listen, we're talking about a place that when I was growing up, we had breathing while black policing, right? Seven times in my lifetime, I was sat down on the curb and put in handcuffs, including in the rain, simply because I was outside and looked the way I look, accused of committing crimes that I couldn't have possibly committed because I was two hours away at college when it happened. So when you think about that and think about that, I'm 42 now, but 18 out of the 42 years that I've been alive. Baltimore had over 300 murders. And we went from in the last six years, right. Violence has dropped over almost 60% in the city of Baltimore, going from 300 plus to now 133, which is still 133 too many for me. But the fact that we've been able to do that and that we've done it in a smart way is important for us.
- [28:45]
Joe Weisenthal
Yeah. So if it's not the sort of hyper aggressive police work, the type you described, what has it been? How would you describe it?
- [28:53]
Mayor Brandon Scott
Well, let me just start to say that doesn't work, right? So if you think about those years of zero tolerance, so I'll give you a year. For example, 2004, the city had 278 homicides, right? They arrested 91,000 people in the city of 600,000.
- [29:10]
Tracy Alloway
Oh, my God.
- [29:11]
Mayor Brandon Scott
Last year we had 133. We arrested 17,000 people. Significantly less homicides with significantly less arrests. Because it's never been about how many people you arrest. It's always been about who and for what. And the way that we've done it is we by law, a law that I passed as a city council president in 2019, the mayor of Baltimore has to present a comprehensive violence prevention plan at least every two years. And that is what we did in 2020. One, I unveiled our first comprehensive violence prevention plan. I said that we reduce homicides in the city by 15% from one year to the next. And people literally laughed because they laughed, because one, they thought that was ridiculous, and two, they said it's not going to work the way you say, because we're going to be smart on crime. Right? Being smart on crime is how you really get tough on it. We're going to throw away the idea that you just go out and arrest everybody for everything and crime will go down because it didn't. But what we've been able to do is one, we use our focus deterrence model, what we call GVRs, the group violence reduction strategy, which we actually use data, which is something also funded partially by the folks, good folks at Bloomberg, to identify who are the most likely to be the victim or perpetrator of gun violence. And we actually go to them, many of them, and say, they get a letter directly from me that says, I know who you are. I know what you do. This is your one chance to change your life. We will help you in any way that we can. If you need housing, job training, education, if you want to be relocated, we'll do that. But if you don't stop doing what you're doing, I am going to bring the hammer down on you and we're going to remove you out of the folks who have taken us up on, that. Over 90% of them have not been revictivized or recidivated, when you think about that. And then at the same time, we put $50 million into our community violence intervention ecosystem, where we pay people who used to be involved in their life to prevent conflict to go out there through safe streets. And we are, us and these other organizations to do that. Great work. Because there are things that our police officers could never get in between because no one's going to tell them that. Right. But at the same time, we also focus on the flow of guns. We're going after gun stores. We won the largest settlement against a gun store in this country's history. We want a settlement against the Ghost Gun Company. We're going after gun traffickers. We're doing all of that and investing into youth and education in historic ways. That's the way that we've been able to do it.
- [31:41]
Joe Weisenthal
There's a professor at John Jay College, Peter Moscos. Who. Do you know who that is?
- [31:45]
Mayor Brandon Scott
I know he is.
- [31:46]
Joe Weisenthal
Yeah, he wrote this. He spent a few years within the Baltimore Police Department. And he wrote a great book about basically the terrible incentives that happen when you start incentivizing just, like, pure number of arrests and why that completely fails as a crime prevention. I can't remember the name of the book right now, but is really enlightening. And he makes it very clear why, if the incentive is to just maximize the number of arrests or whatever, that will never work in terms of who
- [32:12]
Tracy Alloway
would have thought that incentives matter? Crazy, crazy stuff.
- [32:16]
Mayor Brandon Scott
And you can see, look, this building that is actually documented on a PBS documentary called the Body Politics. So my entire first two and a half years, an office building. That is something people can see.
- [32:28]
Tracy Alloway
Can I ask how. How does safety play into actually attracting capital back into the city? Because I get that, you know, if you're a business or a developer and you're thinking of putting money into Baltimore, you want to see the crime rate go down. But, like, do people get really specific about it? Do they have, like, targets? Like, okay, once homicides are under, like, 100 per year, we'll go in.
- [32:50]
Mayor Brandon Scott
So yes and no, right? I will tell you that, for example, if we're at the In N Out Shopping Centers conference in Vegas every May a few years ago, let's say 21 and 22 folks would be saying to Mr. Mayor, I love Baltimore, but until you guys, you know, reduce homicides and shootings, we can't invest there. But then you would get folks that would say, like, until you guys get under 300 homicides, right? It's. They don't. Depends on the person. But, you know, it was the. The big elephant in the room. Do you guys have a plan? What's your plan? Is the plan working? How are you going to do it? A lot of folks would. Some folks would still invest if you show them the plan, even before we actually were able to implement the plan. But it was the big elephant in the room, and we've been able to really show people that we have it. And now folks are like, oh, you guys are right. We're ready to come, right? And now we have to continue that. And I tell the team all the time, folks, whenever we're in a big event, like the other day I was speaking and people started clapping when I mentioned the 133 number. I said, don't clap. We haven't done anything yet. That's 133 too many. And I don't want my team to feel like it's time to celebrate. I said, this is not celebratory. We're acknowledging this historic progress. Because now that we know that we can do better, the best is out there for us to go and achieve.
- [34:24]
Public Investing Announcer
Support for the show comes from Public Lately it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public. You can build a portfolio of stocks, options, bonds, crypto without all the bugs or the confetti. Retirement accounts? Yep. High yield cash? Yes again. They even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by Public Holdings Brokerage services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor Crypto Services by ZeroHash all investing involves risk of loss. See complete disclosures@public.com disclosures so there's a
- [35:23]
IBM Representative
lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business. IBM.
- [35:53]
Mental Health Podcast Announcer / Okta Announcer
For many men, mental health challenges aren't recognized until they've already taken a toll. Work pressure, financial stress, changing relationships and traditional expectations around masculinity can quietly wear men down, often without clear warning signs. In season three of the Visibility Gap, Dr. Guy Winch and his guests explore how these pressures show up, how to spot them earlier, and how men can access meaningful support. Listen to the new season of the Visibility Gap, a podcast presented by Cigna Healthcare.
- [36:23]
Joe Weisenthal
Let's talk about, you know, because this is odd lot finance podcast. Let's talk a little bit more about the capital structure and how that works. So you mentioned, okay, like money from the state, but what are some of these financing vehicles? How are they structured? Whose balance sheets do they sit on? What is the city fronting? How does that, how does it fit together?
- [36:43]
Mayor Brandon Scott
The city is running a TIF money. Obviously the city money is a TIFF money for us. The state is fronting their $50 million investment each and every year. And then we have the private investment and we have Philanthropic investment into the vacant strategy. So it's really everybody coalescing together and then obviously the operational portions of it is on the city as well. For the most part, the state has some of the operational portions of it. When you think about the housing department, all of those things on the city, on the city's books, and even some of the capital investment in our own capital budget is also on the city, the city's books as well.
- [37:20]
Joe Weisenthal
Do you get pushback from people in the community who worry that, okay, it's great, housing is going to be built, it's going to be higher quality, etc. But oh, it's only going to go to wealthy people. And how do you think about balancing the need for sheer volume versus guaranteeing that some of it is affordable or cheaper, below market rate, whatever it is.
- [37:41]
Mayor Brandon Scott
That's a very important thing to me. Right. I love the city of dc. My brother lives there. But I know that if you talk to, specifically to old time black Washingtonians, they will say that we're no longer chocolate city, we're Latte city. Right. Like they, they feel like they've lost a bit of their culture with a lot of folks coming in from all over and feeling like some of the original Washingtonians have just been pushed out. Right. And we, we're very intentional about understanding that we do want people to come from all over, but we also, and we have this very unique opportunity with all the vacants to make sure that the folks that have stayed in Baltimore and lived through all this can benefit from it from as well. And we do that through things like my buy back the block program where we're taking people who are renters, in fact, paying more in rent than they would in mortgage and making them homeowners.
- [38:27]
Tracy Alloway
Very familiar New York City problem as well.
- [38:29]
Mayor Brandon Scott
Yeah. And it's also why we work with different kind of developers. Right. Who smaller developers who are taking these other things and we can partner them with folks that get these people there. We have to be thinking about all of that because people are going to say that anytime you make that investment.
- [38:44]
Tracy Alloway
So I have a very technical question going back to the vacant homes issue, but one of the things I saw on the Bolt, the Baltimore subreddit was someone was saying like we would get more buyers of vacant homes or more action on vacant homes if the water bills were not such an issue.
- [39:03]
Mayor Brandon Scott
Yeah.
- [39:03]
Tracy Alloway
So what's the deal with the water bills?
- [39:05]
Mayor Brandon Scott
So I think that what I would say is that I thought it was gonna be a real technical question. So I think that A few things, right? Yes, water rates have increased. They're increasing everywhere. But I would say that our increases up until last year were the lowest that we've had pretty much in my lifetime. But I would. No developer has said to me that, like, oh, I'm not going to come and renovate houses in Baltimore because of the water bill. We know that costs are rising across the board and we're going through a process now even. And where this conversation really normally leads to is like, oh, well, the county pays less for their water than we do and they don't have to pay all these fees. And then you have to spend this long explanation saying, well, they actually do play those fees, except for the county just hides the fees and other bills that they don't see. Right. And we're working with Fowl county partners through a bill that me and the county executive put into state about how the water system is going to look moving forward because the city does the water for the surrounding county as well. We pay every month, they pay every four months. All of these kinds of. Of things convolute the issue. But water rates and listen, the thing about water utilities is that taxpayer dollars for the. For like property taxes and other money doesn't go into that. Water utility systems only come from the systems themselves. And when you think about the world and the craziness that we're living in today and the cost of the equipment and the materials that needed to make sure that water that's going up, so there's no other way essentially to deal with it. But I think that for us, it's really about setting the structure in a more simplified, understandable way for the residents and making sure that our partners around are playing a more critical role when it comes to the resources. And that's what we're going to do.
- [40:53]
Joe Weisenthal
So we're here at the City Lab Conference, and I'm sure you know every different city all around the world, for the most part, different issues, different challenges they're facing. But a common theme in much of the world is what you said at the beginning. Deindustrialization. And this is all across the United States, all across Europe, et cetera, a major source of anxiety at the city, state, national level, you name it. How do you think of. I don't know, maybe this is just a very conceptual question. But okay. Presuming that there's not going to be a big revival of steel mills in the vicinity of Baltimore anytime soon, how do you think about the businesses of the future and what the. The New industries that could thrive in a city like Baltimore and any other cities that have suffered the same.
- [41:39]
Mayor Brandon Scott
No, just in Baltimore. But I think for us, listen, we're blessed. We still have some industry. We're always going to be a port city. The world found that out a few years ago when the Key Bridge collapsed and found out how important the port of Baltimore is to the world right now.
- [41:54]
Tracy Alloway
I thought we were going to talk
- [41:55]
Joe Weisenthal
about the wired again, the Key Bridge, how's that going?
- [41:58]
Mayor Brandon Scott
It's going to. It's going, it's going. The bridge has been demolished and it's moving pretty fast for an infrastructure project of that size. People like, oh, the bridge is not being rebuilt. I'm like, this is the bridge, you guys. This doesn't happen that quickly. But we're still a port city. We're obviously a big hub for tourism and culture and Sports. We're also Eds in Med City. Right. With Hopkins and University of Maryland. We're a big, huge, big arts and culture city. And we're growing tech city, which is where we think the growth is for us. We had like 600 million in capital investment into those kind of firms over the last few years. And we want to continue to see that grow because they're growing out of Hopkins, they're growing out of umd. Yeah. And we want to make sure that they stay in the city because the port's always going to be there. Right. The hospitals are always going to be there, the tourism is always going to be there. And we're revitalizing now through the process of revitalizing the Inner harbor as well. But we think that. And light manufacturing will continue to be a growth area for us.
- [42:57]
Tracy Alloway
Well, say more about the competitive advantage for Baltimore when it comes to attracting tech businesses and AI in particular, because it feels like at the moment every city in the US certainly is kind of trying to do the same thing. Right.
- [43:10]
Mayor Brandon Scott
Yeah. I think for us, one, you get to be that close, you know, 29 minute train ride away from D.C. and you don't have to pay D.C. prices. Right. Like that's. Yeah, we're just going to keep. And when you think about, especially for defense and other tech companies, Fort Meade is there. You know, all of these things are nsa. All these things are really close to the city of Baltimore. And you're in a, in a perfect spot. You can get to D.C. and train in 30 minutes. You can get to Philly by train in 45, you can get to New York in 2 hours and 30 minutes. And you're in this and where the location of Baltimore physically is an advantage over basically, in my opinion, any other city in the country. But when you add on the infrastructure of the universities, like, you're just not going to get a Johns Hopkins and the University of Maryland in the same place, in the same city anywhere else. You're just not going to get that kind of. And the opportunities that Baltimore provides to
- [44:05]
Tracy Alloway
folks, I guess you're really close to the data centers in Virginia as well, technically, right?
- [44:09]
Mayor Brandon Scott
Technically, yeah, we're close to them.
- [44:11]
Joe Weisenthal
You know, again, like I said in the beginning, there's a different version of the housing crisis, the housing problem everywhere. In New York, a lot of the discourse is just about zoning rules or people finding it, it takes too long to get a permit, et cetera. What is the Baltimore version of that story?
- [44:29]
Mayor Brandon Scott
That's it. Listen, everywhere you go, you're going to hear the same thing, whether it's me and Mayor Mondame talking about it or Mayor Van Johnson from Savannah. We all talk about making sure that our systems are working better. Right? We. We're going through that now. When I took office, they were still doing timesheets by hand in city government.
- [44:48]
Tracy Alloway
Wow.
- [44:48]
Mayor Brandon Scott
Right? So modern. Think. Think about that right now that, like, we can modernize those systems and we're modernizing our permit systems. Different agencies had systems that didn't talk
- [44:58]
Joe Weisenthal
to each other, like in terms of, okay, someone submits an application or someone submits an application to make a change to a building or something like that. Other times that you track, you could say, okay, this has substantively gotten shorter or faster there.
- [45:13]
Mayor Brandon Scott
Some things have gotten shorter. And now we got to a point where a lot of our stuff is waiting for the applicant. Right.
- [45:19]
Joe Weisenthal
Okay.
- [45:20]
Mayor Brandon Scott
But it was about simple stuff, right? Well, there wasn't. The applicant put something in, we put it back. The system didn't automatically notify the applicant. Now they were made it waiting on them. Right. Those kind of simple things, when you come talking about operating a city government, are important to have from a systemic point of infrastructure point of view, making sure that those things are there, making sure that you have the staffing necessary to go through all of the things that are necessary. And that's where we've been really focusing, building that infrastructure up, both from the data side and the technical side, but from the human capital as well, because you need both of them.
- [45:56]
Tracy Alloway
Do you have a favorite KPI when it comes to local government efficiency, A number that you watch to try to judge the progress you're making?
- [46:04]
Mayor Brandon Scott
Well, see, for me, I hate to say this, but that one is always gonna be the violence number for me. Like, that's the, that's the one. Where are we every day when I wake up? That's the first thing. Well, now it's in the afternoon while I'm here, but every day when I wake up at home, it's the first thing that I look at. And then it's also the vacance number, right? Like, where are we today? How many. Has it gone up? Has it gone down? We wanna make sure that we're hitting our goals, right? Like, are we at our 15% goal for violence this year? Right? Like, that's what I want to see continuously to do that. But I have a lot of things that I follow. I'm a dashboard data person, so I have dashboards. We have a housing dashboard, public safety dashboard. We track a lot of things on dashboards.
- [46:45]
Joe Weisenthal
I hate to even ask this question because it's so trite and so cliche to ask, but I'm just going to ask it anyway. AI in terms of its actual application within city government, are there things yet at this point, what Is it late April 2026 where you could say we are employing AI in some way that is making something better or is it an experimental stage? Do you have a lot of vendors promising magic if you adopt their solution?
- [47:14]
Mayor Brandon Scott
No, that would never happen. No one promises that they're.
- [47:17]
Joe Weisenthal
What is the role of contemporary artificial intelligence models within city government?
- [47:23]
Mayor Brandon Scott
So for us it's, you know, we're. Our fire department's using housing departments using it like even with vacants to help identify the structures and whether, like if we need to look at condemnation and those kind of things and there'll be other, other things that we can push to use it. We just have to be smart about it.
- [47:40]
Joe Weisenthal
How many conversations here have I had people mayor's trading tips and stories.
- [47:45]
Mayor Brandon Scott
Oh, that's, that's, that's the beauty of it, right? That we're all. Listen, we. I'm a part of the best Bloomberg Harvard class. That's the fifth class. So don't let any of the other mayors tell you they're not from my class. They're not part of the best. But like we all talk to each other pretty much every day, right? Like there's a whole bunch of mayors.
- [48:02]
Tracy Alloway
There are group chat.
- [48:03]
Mayor Brandon Scott
There's group chats with an S. With an S. So we talk to mayors every day. I'm the president of the African American Mayors Association. We talk to each other every day. We're always sharing things. If you're a mayor, one of the best things that you have to be in order to be a great mayor, you have to be a great thief. You have to steal from mayors across the country and steal ideas and make them better for your. Because if you're not learning from your counterparts, who are you learning from?
- [48:29]
Tracy Alloway
I have just one more question, and it's entirely out of personal interest, but if I want to explore Baltimore outside of the Greyhound bus station and the casino that's next to it, where should I go?
- [48:42]
Mayor Brandon Scott
Well, it depends what time Now I have to ask question what time of year you're coming?
- [48:45]
Tracy Alloway
Let's say summer. That's when I'm next gonna visit my dad.
- [48:49]
Mayor Brandon Scott
And what do you. What do you. What do you interest? What are your interest?
- [48:52]
Tracy Alloway
Oh, culture, art.
- [48:54]
Mayor Brandon Scott
All right, great.
- [48:54]
Tracy Alloway
Animals, Gardening, Animals. Yes.
- [48:56]
Mayor Brandon Scott
All right, great.
- [48:57]
Tracy Alloway
Food.
- [48:58]
Mayor Brandon Scott
If you're food and you're not a sports person.
- [49:00]
Tracy Alloway
No.
- [49:00]
Mayor Brandon Scott
All right, great.
- [49:01]
Tracy Alloway
I didn't want to say everything except sports, but that's pretty much it.
- [49:04]
Mayor Brandon Scott
I need to know these are the kind of things I need. So if you're coming in the summertime, you love food, so you're coming to Baltimore. So you can't come to Baltimore and not eat crabs. So would you prefer crabs or crab cakes?
- [49:15]
Tracy Alloway
Oh, that's a really hard question.
- [49:17]
Mayor Brandon Scott
Yeah, I feel it.
- [49:19]
Tracy Alloway
Crab cakes, probably.
- [49:20]
Mayor Brandon Scott
All right, so if you're going to get crab cakes, you have to go and get the best crab cake in the world from Cocoa's Pub. You'll never eat another crab cake after having that one. I'll just.
- [49:29]
Cincinnati Insurance Announcer
Sounds good.
- [49:29]
Mayor Brandon Scott
Start you there. But since you're into art and culture, you should then right now, up and through August, we actually have at the Walters Art Gallery, which is free to the public, we actually have a Dorian Fletcher exhibit that is an exhibit that has the jewelry and the costumes from Black Panther Wakanda Forever in display in Baltimore at the museum because we found out that some of the art at our museum inspired her to do her jewelry art. So that's a great way to spend your time there. But if you happen to come Memorial Day weekend, you can do that and enjoy the Artscape Festival, our free arts festival that is Memorial Day weekend that has art vendors selling art, including at our Scout Art Fair, which is really great. You have musicians there. The roots will be there this summer. You have food galore, everything galore, and it's there. The art you have to pay for, but everything else is there. Food you have to pay for, but the music is free.
- [50:31]
Tracy Alloway
99, you've sold me crab cakes and costumes. I am there. Mayor Brandon Scott, thank you so much for coming on. All thoughts, really great.
- [50:37]
Mayor Brandon Scott
Thank you for having me. Thank you.
- [50:39]
Joe Weisenthal
That was fantastic. Thank you so much.
- [50:53]
Tracy Alloway
So, Joe, that was obviously very interesting. I never expected to interview the mayor of Baltimore in Madrid, but, you know, one of those nice occasions that happens.
- [51:02]
Joe Weisenthal
Life is interesting. No, I thought there was a really interesting episode. I mean, we could have gone for like an hour just asking him to go off on the wire, obviously, but I get that. I hadn't really thought about that. This is the cultural depiction of a city in a way that does not. The richness of the depictions of New York City. Totally different. Totally, totally unfair. I also thought it was, like, interesting, this thought, and I sort of had it before, but it really makes sense. Like. Like, crime has to be the number one thing. And sometimes I think that there are certain questions that economics itself as a discipline is sort of ill equipped to deal with. And look, you can have all the sort of right zoning and tax structures and capital structures in the world, but if people don't want to live in the vicinity of high crime rates, it's going to mean nothing. But that is going to be sort of a limit to what you can do on paper or with money or anything like that.
- [51:54]
Tracy Alloway
Yeah. And I thought it was really interesting to hear how, I guess, developers, businesses are actually thinking about it, because, yes, it's at the forefront of everyone's mind, but it's kind of interesting to hear. Maybe a specific business will be like, we're interested. Once the homicide rate is below this particular number, I guess you have to have a numerical target in your mind as well.
- [52:16]
Joe Weisenthal
Yeah, that makes sense. Everyone should read the. Peter Moskow's book. It's about. He spent a year within the Baltimore Police Department. And it's a really good. You know, it's this cliche that we talk about in many fields, which is that, you know, once something becomes a measure, once you start targeting a measure, it stops being useful.
- [52:36]
Mayor Brandon Scott
Right.
- [52:36]
Tracy Alloway
Yeah.
- [52:36]
Joe Weisenthal
So maybe in theory, at one point, there might have been some relationship between the number of arrests that you make and the size of the crime rate. Suddenly then you're like, okay, let's prioritize making arrests. And then once the measure becomes a target, target in its own right, it completely falls apart. And it's sort of intuitive. But he really, like, walks through exactly how and why that fails from a policing perspective. It's really one of the more interesting books that I've read.
- [53:02]
Tracy Alloway
Yeah, that was like a stunning figure. This idea that the number of arrests has gone down so much along with the homicide rate, I had no idea, like how many arrests there actually were before that was crazy.
- [53:13]
Joe Weisenthal
I think we should go to Baltimore soon. No, seriously. It sounded like, you know, he made
- [53:18]
Tracy Alloway
a very good case when he pitched
- [53:19]
Joe Weisenthal
to you at the end, you know, started thinking about the crab, the food, the music, the art. I was like, yeah, we should. I mean, you're, I guess you're going to be there regardless. But now I want to take another Baltimore.
- [53:29]
Tracy Alloway
I'll be at the bus station and then moving onwards. But I think this time I am going to. I'm going to try to stay for like a day.
- [53:35]
Joe Weisenthal
Yeah. Spend a little time there.
- [53:36]
Tracy Alloway
Have some crab cakes. All right. Shall we leave it there?
- [53:39]
Joe Weisenthal
Let's leave it there.
- [53:39]
Tracy Alloway
This has been another episode of the Odd Lots podcast. I'm Tracy Alloway. You can follow me at Tracy Alloway.
- [53:45]
Joe Weisenthal
And I'm Joe Weisenthal. You can follow me at the Stalwart. Follow our producers, Carmen Rodriguez Armanarmond Dashiell Bennett at dashbot Kellbrooks Kellbrooks and Kevin Lozano Evanloyd Lozano and for more Odd Lots content, go to bloomberg.com oddlots we have a daily newsletter and all of our episodes and you can chat about all these topics 24. 7 in our Discord, Discord, GG Oddlots
- [54:08]
Tracy Alloway
and if you enjoy Odd Lots, if you want us to go to Baltimore and eat crab cake, then please leave us a positive review on your favorite podcast platform. And remember, if you are a Bloomberg subscriber, you can listen to all of our episodes absolutely ad free. All you need to do is find the Bloomberg Channel on Apple Podcasts and follow the instructions there. Thanks for listening.
- [54:58]
Cincinnati Insurance Announcer
If you follow markets, you know the value of long term thinking. You plan, you diversify, you prepare for volatility. But in life, even the best strategies can't prevent every bad day, a fire, a loss, a disruption that demands immediate attention. When that happens, what matters isn't just what you planned. It's who shows up. That's where Cincinnati Insurance comes in. For more than 75 years, they've helped individuals and businesses navigate life's toughest moments with care, expertise and personal attention. Together with independent agents, Cincinnati Insurance focuses on relationships, not transactions. Their approach is grounded in experience, follow through and trust built over time. Bad days happen, and when they do, you deserve an insurance partner who understands risk, respects what you've built, and is ready to help you move forward. The Cincinnati insurance companies. Let them make your bad day better. Find an independent agent@cin fin.com these days
- [55:59]
Mental Health Podcast Announcer / Okta Announcer
it seems like AI agents are just about everywhere you turn, every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into to opportunity. Secure every agent Secure any agent. Okta secures AI from coast to coast. Unlock adventure at Red Lion Hotels by Sonesta where restful sleep, friendly service and trusted local knowledge are part of every stay. Red lion makes it easy to feel welcomed, comfortable and connected wherever the road takes you. Whether you're traveling for business or pleasure, you can spend less and make more of every trip. When you sign up for Sinesta TravelPass, you'll get their best rates instantly. Go to sonesta.com to book your stay and unlock the best rates with Sonesta Travel Pass here today, Rome tomorrow. Join now@sonesta.com terms and conditions apply.