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- [00:00]
Eric Adams
At pgm, we actively manage risk today while targeting outperformance tomorrow. So no matter what investment risks concern you most, from geopolitics to inflation to liquidity, PGM brings disciplined risk management expertise that spans 30 market cycles. Our active approach finds opportunities and volatility, helping our clients to navigate risk and achieve their long term goals. Pull pjum Our investments shape tomorrow. Today.
- [00:30]
Karen Moscow
Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moscow.
- [00:38]
Nathan Hager
And I'm Nathan Hager. Each morning we're up early putting together the latest episode of Bloomberg Daybreak US Edition. It's your daily 15 minute podcast on the latest in global news, politics and international relations.
- [00:52]
Karen Moscow
What's special about Bloomberg Daybreak is the immediacy of the news we bring you each day in your podcast feed by 6am Eastern Time.
- [01:00]
Nathan Hager
This isn't a deep dive on yesterday's news. Instead, you get the latest stories with context.
- [01:06]
Karen Moscow
And that's something you don't get from other news podcasts. So join us for the best from Bloomberg's 3,000 journalists and analysts around the world with reporting backed by data and journalists at the center of the stories we cover.
- [01:19]
Nathan Hager
Listen to the Bloomberg Daybreak US Edition podcast each morning for the stories that matter with the context you need.
- [01:27]
Karen Moscow
Find us on Apple, Spotify or anywhere you listen.
- [01:34]
Unknown
Bloomberg Audio Studios Podcasts Radio News.
- [01:50]
Joe Weisenthal
Hello and welcome to another episode of the Odd Lots Podcast. I'm Joe Weisenthal.
- [01:54]
Tracy Alloway
And I'm Tracy Alloway.
- [01:56]
Joe Weisenthal
Tracy, we have a special episode of the podcast today which needs very little introduction, but we are speaking to the mayor.
- [02:02]
Tracy Alloway
I love our transition to local city reporters.
- [02:05]
Joe Weisenthal
It's really fun learning about our city. Mayor Adams, New York City Mayor Adams, thank you so much for coming on Odd Lots.
- [02:12]
Eric Adams
Thank you, thank you. I think this is my second time this week. Or was it last week? The days go this fast, but it's great here being at Bloomberg.
- [02:18]
Joe Weisenthal
It's fantastic. Thank you so much. I read an article recently from the journalist Derek Thompson. He was talking about the death of partying in America. People apparently don't party as as they used to. New York City people still party, but like, you know, there aren't as many 24 hour clubs there used to be. Apparently there's fewer 4am liquor licenses, et cetera. You're a man who appreciates nightlife and partying. What happened? Why don't people party as much as they do?
- [02:43]
Eric Adams
Great question. And first of all is why do I appreciate the nightlife? It's a $30 billion industry and we view the city often as mayors. We viewed it as 9 to 5, but it's not. When I was a police officer, I worked overnights, midnights. And when I go into a nightlife, a restaurant, I walk in the kitchen and I talk to the dishwasher, I talk to the busboy or girl. Those are everyday working class people. And I knew when I came back after Covid, I had to turn our nightlife around. And we did that. You can't get reservations in the city anymore. Broadway had the best 12 months in the history of the city. And part of coming back out at night is what is our signature?
- [03:29]
Joe Weisenthal
New York, the city that there's no party crisis.
- [03:31]
Eric Adams
No, it's not okay, but stuff still.
- [03:33]
Tracy Alloway
Shuts down earlier than it used to.
- [03:35]
Eric Adams
No, it does. And part of the problem, I believe you have far too many people on community boards that have been for a long time and they're not connecting the economics with their desire really not to have any nightlife. Nightlife is important of the community. It's allowed to let off some steam, networking, really collaborating, listening. You come to New York, you're going to find your mate here because the diversity of this great city.
- [04:03]
Tracy Alloway
I wanted to ask about some other specific policy proposals, specifically housing. And you know, I went to your website and I saw the sort of summary of your proposals and then I clicked into learn more and it took me to your previous accomplishments under your first term. So I'm really curious if you could maybe broaden out some of your housing policies. Like what exactly are you talking about here?
- [04:27]
Eric Adams
Well, first let's, let's look at the fact that when you look at shovels in the ground and what we're proposing in Arizona, including the most comprehensive housing reform in the history of the city. 60 years previously was the first time we really started looking at housing and some of the reform. We're going to build more housing in one term than the 12 years under Bloomberg, the eight years under de Blasio combined in one term, and $25 billion we put into our 10 year capital plan. In addition to that, for the first time history, we are including NYCHA housing into the plan. So we're looking at a couple of different locations. Number one, we saw the federal and state government walk away from NYCHA. NYCHA has an $88 billion capital problem. We had to find new ways of building on nycha. We did the land trust. Many people tried. We got it done. We're also doing the rad programs. Many people have attempted to do it. We got it done. The amazing project that we are getting ready to do in Reese Houses where we're going to tear down buildings, build new buildings and without zero displacement of tenants. That's how we deal with the NYCHA issue. Then we realized that if we want to build more housing, we have to build everywhere. It was unbelievable how many elected officials were stopping that building. 59 community boards. 10 of those 59 were building more affordable housing than 49 combined. So our goal now is to build all over the city. And that's what city of yes was about. A little more housing in every community that we could allow residents and tenants to stay in their community instead of leaving the city. So our goal in the future, as we move forward, want to build faster, we want to build more. Drive by Willis point right now, 2,400 units of affordable housing that's there. New soccer stadium that's paid private dollars, a new school, new open space. And you see the buildings actually going up in the same term. So our focus is building more and building everywhere.
- [06:31]
Joe Weisenthal
The first time I ever heard about controversy at the Elizabeth street garden was in 2018, I think. And then now it's 2025 and you've come out and said, okay, like let's move on, let's not continue to fight this. But setting aside whether it was it's right to use that space for housing or not, like setting aside these questions, why does it take seven years or longer to come to answers on these questions?
- [06:54]
Eric Adams
Great question. And if you, if you do an analysis over all the things that we've done, we've landed, we landed planes that no one else was able to do. When you rid all the noise, take all the noise out of the administration and you say, okay, let's look at the raw numbers. Like you said, your listeners are sophisticated. Look at the raw numbers. We were able to land a plane on Governor's Island. We were able to land a plane in Sunset Park. We were able to land the plane on these difficult tasks. So what did we do when we brought in Randy Mastro as the first deputy mayor? He looked at it, he says, how can we leverage this space? How could we walk away with a win? We did. Elizabeth Street Garden was going to do about 125 units of housing. 120 units. We're going to get 625 units of housing. And we got elsewhere.
- [07:46]
Joe Weisenthal
And after years of fighting about it.
- [07:48]
Eric Adams
Yes, this is New York. Let's be clear about this city. Whatever you try to do we got 8.5 million people, we have 35 million opinions. You always going to have New Yorkers no matter what you attempt to do. But how do we leverage the best for city? So we took the concerns of Elizabeth Street Garden, people were concerned about that. They wanted to hold onto the garden. And I said, you got to give me a plan that I could deal with the number one crisis I have in the city and that is housing. And we were able to leverage that space and walk away with over 600 additional units of affordable housing. That's a win no matter how you, how you, how you talk about it.
- [08:28]
Tracy Alloway
What's the broad lesson from that experience? Because when we were talking about nightlife just then, you know, it sounds like community groups and special interest group are still an impediment or an obstacle to some of the things that you seem to want to do. Is there anything you're thinking about to maybe like encourage more cooperation, build up that City of Yes idea?
- [08:49]
Eric Adams
Yes. And you know what we witness in the city, particularly in our elected officials, our elected officials on Monday they say housing is a right, but on Tuesday they say not in my district, we don't want to hear. And we, if I walked away with anything in the last three years and seven months is that you have to ignore the noise. You have to do what's best long term for the city. And it's a retrospective appreciation. And if you do an analysis not only in housing, look how far I was away from where the noise of the leadership of Democratic party. When I was talking about taking severe mental health illness off our streets, I got a unbelievable pushback. When I talk about investing in the police department, when others were talking defund the police, everyone was pushing back. And now we see records and levels of decrease in crime. When I was talking about the cannabis fight that we had to do something about it. So when you look at where I was, even in housing, everyone was pushing back on City of Yes. Until they all came to where we were. And when you live these experiences, you have a different eyesight than others. And so what I want for my local community groups and organizations is to understand we're in the city together. And far too often folks said that, listen, I have my backyard, I have my park, I have all that I want. I don't want any additional people here. But if you do that, then you're going to hurt the long term plan of this city.
- [10:15]
Joe Weisenthal
So your main opponent in this race has made affordability the sort of cornerstone. And you've talked about obviously the Expansion of affordable housing in New York City under your administration, which is real. Nonetheless, New York City is a crazy expensive place to live. Yes, I think it's worth it because I think it's the best city in the world. So it's like, you know what, I'll pay the high cost of housing here because I love New York City. But do we just have to accept, you know, sort of in the same way you said, okay, you know, New York's always going to have 35 million opinions for 8.5 million residents. That's New York City. Do we just all have to accept that the city has to be incredibly expensive?
- [10:52]
Eric Adams
No. No we, we don't. And what government must do is utilize their powers to help working class people. And when you think about it, that's what we have done. We put $30 billion back into working class people and we looked at what is driving the cost. Number one as we talked, affordable housing was one area and we're doing that, we're building it. We breaking records. Year one, year two and year three. We build more affordable housing years in any other administration in history. But look at the other areas. What's the number one cause of bankruptcy? Medical debt. We are excusing medical debt for low income New Yorkers. Foster care. Children 6 to 700 age out every year. They slip through the cracks. They don't get the support that they deserve. We're paying their college tuition and we're giving them life coaches until they're 21 instead of aging out at 18 so they don't slip through the cracks. Or what hurts women the most but families in particular childcare. We dropped the cost of childcare from $220 a week to less. I mean a month to less than $20 a month. We were the first one in 20 years to drop the earning to increase the earned income tax credit. We're paying for high speed broadband and low income housing in NYCHA and other locales in the process reduce the cost of using our subway system for low income New Yorkers. So the real message is I can't handle the price of bread but I could put bread back in the pockets of New Yorkers and we've done it at the sum of $30 billion. So it's easy to talk about pie in the sky ideas that is not within the span of the control of the mayor. Like free buses. Free buses is a $3 billion price tag. And if you're stating that the foundation of your plan is based on increasing taxes on high 1% earnest when in fact you don't have the authority to do that. You know who, who has the authority? Assemblyman, My opponent is an assemblyman. If he couldn't get it done as the assemblyman, how is he going to get it done as a mayor? Particularly when the governor who signs off on it stated that she's not raising income taxes. New York City is the highest income tax in the country. The state is the highest in the country. And so what I did put money back into pockets. Do you know there's no income tax for low income New Yorkers in the city because of my extra tax? That is how you look at the power of the mayor's office and say, how do I help working class people? I'm blown away that he has hijacked the narrative of being a working class mayor and putting money back in affordability issue. When I've done it, my record is clear on putting money back in the pockets of working class people.
- [13:41]
Tracy Alloway
Since we're talking about your opponent's policies, Zoran Mamdani, you've said that New Yorkers don't understand what socialism is. Can you give us your definition of socialism? Like what is socialism to you?
- [13:54]
Eric Adams
Well, first I would say this. 70% of New Yorkers like the theme and concept of socialism. And many people, if you were to ask, they would tell you they'd never been to a socialist country. I've been to a communist and socialist country. I've been to Venezuela, I've been to Cuba. I know where ration books are. I think it is the concept that you're going to take money from one area of the population and equal it out across the board at many government run locales and facilities such as supermarkets. Now when you do that in concept, it sounds good, but if you open a government run supermarket, you're going to kill the bodega industry, you're going to kill the independent supermarket industries. So I think the whole concept of believing as though resources from the top end, that those who believe that we should not have any billionaires in the city, which I just don't, it doesn't balance out because when you look at where the tax dollars come from and spreading the wealth, if you want to use that classific, across the entire population, that doesn't work for me, has never worked anywhere on the globe. There's not one country we can point to that says this concept has been successful.
- [15:10]
Tracy Alloway
I mean, we do have progressive taxes though. You just said that lower income New Yorkers don't have to pay New York tax. So There is an element of that here. Like, is there a point at which it's too much? Or like what exactly is the issue.
- [15:22]
Eric Adams
When you say it's too much? Explain it to me.
- [15:23]
Tracy Alloway
More like, is there a point at which the redistributive effects flips into socialism?
- [15:28]
Eric Adams
Yeah.
- [15:29]
Tracy Alloway
Flips into socialism.
- [15:30]
Eric Adams
Well, I think so. I think there's a balance. And I like to say all the time I want the person who drives the limousine to get a fair wage and be able to provide for his family. And I want the person that sits in the backseat of the limousine to be able to use his discretionary dollars or her discretionary dollars. When you look at the billionaires in this city that everyone wants to demonize, they're the ones who pay into their philanthropic actions, into our museums. They're the ones that sponsor like the Robin Hood foundation to deal with, are slipping through the cracks. They're the ones in their tax dollars are paying for our teachers and our firefighters and those who are on the low economic end. That perfect financial ecosystem is what makes a city like this great. So if your position is that particularly in the atmosphere where you now could run your organizations and entities outside the city, you can easily go to Connecticut, New Jersey or Miami, which we lost a great deal of high income earners. If your position is we don't want you here in our city, ideally that's attractive people to hear we're getting rid of all the billionaires. But when you drill down in the numbers, those billionaires are keeping the lights on. And because we have billionaires, we're able to do things like ax the tax for the working class.
- [17:03]
Karen Moscow
Speaking of alternatives, PGIM's monthly podcast discussing.
- [17:08]
Eric Adams
Trends and strategies in alternative investing. There's no question that Mexico's preferential position in the new trade policy will drive incremental demand for industrial real estate and will sequentially drive rent growth as well. There's more to uncover.
- [17:23]
Karen Moscow
Hear the full conversation on PGIM's podcast.
- [17:26]
Eric Adams
Speaking of alternative.
- [17:30]
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- [18:30]
Karen Moscow
Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moscow.
- [18:37]
Nathan Hager
And I'm Nathan Hager. Each morning we're up early putting together the latest episode of Bloomberg Daybreak US Edition. It's your daily 15 minute podcast on the latest in global news, politics and international relations.
- [18:51]
Karen Moscow
What's special about Bloomberg Daybreak is the immediacy of the news we bring you each day in your podcast feed by 6am Eastern Time.
- [18:59]
Nathan Hager
This isn't a deep dive on yesterday's news. Instead, you get the latest stories with.
- [19:04]
Karen Moscow
Context and that's something you don't get from other news podcasts. So join us for the best from Bloomberg's 3,000 journalists and analysts around the world with reporting backed by data and journalists at the the center of the stories we cover.
- [19:18]
Nathan Hager
Listen to the Bloomberg Daybreak US Edition podcast each morning for the stories that matter with the context you need.
- [19:26]
Karen Moscow
Find us on Apple, Spotify or anywhere you listen.
- [19:30]
Joe Weisenthal
Going back to something you said earlier, you're talking about federal funding, federal support for nycha, the public housing. Should any mayor of New York City currently, should the mayor have a oppositional relationship with Trump? A lot of people want that. A lot of people want, want the mayor to stand as a bulwark to some extent against Trump's policy. You obviously benefited from the fact that he dropped charges or his DOJ dropped charges against you. There's been cooperation in terms of ice on Rikers. How do you think about the fact that whether you know, this sort of, sort of. Yeah, de Trumpifying New York City for both the citizens and also undocumented residents.
- [20:10]
Eric Adams
You know, the most dangerous thing that being American mayor during this time is people read headlines and not the full stuff. And that's unfortunate when you think about it. Sometimes you tell a lie long enough, it becomes the truth. And when you look at the definition of the relationship I have with the current president, everyone is ignoring the relationship I have with President Biden. I call myself the Biden of Brooklyn. Everyone.
- [20:34]
Joe Weisenthal
Yeah, I watched that video. I saw that clip. I've watched it like 10 times, I'll have to admit.
- [20:39]
Eric Adams
Yeah, because we had a good relationship And I liked the president. Do I believe there were those in his administration that participated in lawfare? He actually said it. He said his Justice Department was politicized when he pardoned his son. He knew what was happening there. But Biden came to the city and spent the whole day with me when I was dealing with law enforcement issues and we didn't have an ATF head, someone to be in charge of the Alcohol, Tobacco and Firearms. And he appointed someone. He visited my crisis management teams. He sat down and spoke with me about going after violence, which was my issue that I ran on. And so the same goes to for this president. I didn't know Donald Trump. A lot of people don't realize that. I didn't know him until I met him at the Alfred E. Smith Dinner. And he spoke with me. He was on a campaign trail prior to even meeting me, saying, it's wrong what they're doing to this mayor in New York City. And he saw what was happening. And when, when he came into office, the same things I was saying about dangerous migrants and asylum seekers pre election, I was saying post election. And when I walked out of the voting booth on election day and the microphone was in my face and they said, who did you vote for? I said, VP Harris. I was very clear. Did I disagree with what I saw the Democratic Party was doing? Yes. But I still remained loyal to do what I thought was right to do. So when you fast forward to today, we took, took the administration to court more than any other mayor in the country. No other mayor is going to court as much as I have, pushing back on the policies. But when we needed the President of the United States to look at a project we had in Sunset Park, a wind farm, billions of dollars investment, 500,000 homes were going to use the energy, 1500 union jobs. I flew to Washington and sat down with the president and said, Mr. President, we can't have this project destroyed. He lifted the stop work order. That project now moving forward, that's what mayors of big cities are supposed to do. Now I can pout in the corner and just call the president names and say, well, you know what? People are upset over the outcome of the election, but how does that help New York? How does it help New York to communicate and coordinate to go after dangerous people? We had dangerous Venezuelan gangs in the city. They were forcing women who are migrants and undocumented into prostitution. I coordinated with federal authorities. We took down the 27 gang members we were able for gun possession and other dangerous crimes. So it is my job as the mayor of the biggest city in America to sit down and not war with the president, but work with the President to deliver for the people of this city.
- [23:28]
Tracy Alloway
This is the perfect segue for me to ask something that might seem slightly random, but actually I think it's relevant because you've recommended before that New Yorkers should read Kash Patel's book, all about the deep state. What do you think about. About the Trump administration's refusal to release the Epstein files?
- [23:47]
Eric Adams
I would love to see what's in those Epstein files. You know, I think we all do. You know, I'm eager to look at UFOs. You know, there's so many history. I'm still trying to figure out who could have killed Kennedy, you know.
- [23:58]
Tracy Alloway
Well, that was another thing that what's.
- [24:00]
Joe Weisenthal
Going on here because a lot of people are really confused because for years this was a, it was a campaign promise, basically. Yeah. And then suddenly it's like, ah, it's a hoax. What do you have? You have a guess for what's going on here?
- [24:09]
Eric Adams
Not at all. I don't know if his advisors, security personnel, advise otherwise or timing, I have no idea. I look forward to seeing there's so many deep secrets in America that I think we all want to know and it's imperative that as much as we can find out as possible. And I want to talk about Cash's book, which I thought was a good book. People laugh at the terminology of a deep state state, but it is. We have people in government who have been in government through presidents, through mayors, through governors. And they're very arrogant. They believe they are the elected. They believe they answer to no one. They believe that they are able to hold up projects that they don't like. And I saw that firsthand as the mayor. And they're connected to reporters, they're connected to prosecutors, and they're connected to be able to. They write a letter on you in a minute. They'll get a story planted on it in a minute. And leaks. And I saw it and how it operates. Now think about this for a moment. Everybody let it go over their head. The Southern District of New York classified themselves as sovereign. I mean, we need to really think about that as sovereign. There's no sovereign entities in America. Everyone responds to someone. If you believe you have to report to no one, even Main justice, you could do whatever you want. That's unacceptable. And I should outrage every American that any entity with that level of prosecutorial power that can really disrupt your life. You know, people didn't read my Indictment. I was indicted for calling the fire department, asking them to do a building inspection, not to pass. What I ran on. I ran on making the FDNY response to businesses that could not open and they connected it to, well, you had a bunch of upgrades when you paid for your travel and we're gonna now turn that into bribery and we're gonna put you in jail for 33 years. Come on.
- [26:16]
Joe Weisenthal
I wanna go back to ICE for a second. I take your point absolutely, about violent criminals and the need to address them whether they're migrants or not. But obviously there's ICE raids happening, including nonviolent but undocumented migrants. New York City has a long history of being a self designated sanctuary city. Setting aside the sort of violent criminal element, what is the degree to which, you know this is going to continue, presumably going forward, at least through the rest of the Trump administration? What is the degree to which you're inclined to cooperate with the administration on nonviolent undocumented migrants?
- [26:57]
Eric Adams
We don't. We don't. We're very clear. And as you mentioned, this city is a sanctuary city. And understand, sanctuary city is not a law. It is a belief that we believe in this city. If you're in New York and you buy a bottle of water and you pay taxes on that, those taxes go to your goods and services. So in this city, if you are documented or not, we don't question you on that. You could go get medical assistance if you need it, your child will be able to go to school, you can call a police. Police. If you're a victim of a crime, you could make sure that you could walk the streets of the city of New York. And that is what our entire belief system is. We would never cooperate or collaborate with ICE on civil enforcement. That is against the law. We've never done and we never will. We will coordinate with them when it comes down to criminal enforcement because we need to be very clear on this and I think this has been distorted. ICE is not a criminal organization people could dislike. I don't like the IRS taking money out of my pockets, but it's still a federal agency and it's needed to make sure our tax dollars are collected and spent. ICE is not a criminal organization. ICE is a federal law enforcement agency. Our city has determined that parts of their duties we are not allowed to collaborate with. We respect that and we never will. But I'm going to collaborate with law enforcement agencies, hsi, FBI, ice. When it comes down to keeping the city safe, safe. These gangs were extremely dangerous. And you had others who were committing real crimes in this city. And I don't care if you're documented or undocumented. After 22 years of being in the law enforcement community, I'm going to keep New Yorkers safe.
- [28:45]
Tracy Alloway
But isn't ISIS definition of a crime that includes basically anyone who entered the country illegally? Right, that's the problem. They're not distinguishing between gang members, violent criminals, and people that you know are just trying to work?
- [29:00]
Eric Adams
Great question. Because it is a crime to enter and remain. That's a crime. We don't collaborate on that.
- [29:08]
Tracy Alloway
Okay.
- [29:08]
Eric Adams
Because it's clear in our law that of certain, even crimes of that nature, we will not collaborate in. And so when it comes down to that level of crimes, we would not collaborate. We're very clear on what we will collaborate. But I also want to point this out because it's often ignored. I'm often. Someone is always pointing a mic in my face and saying, hey, Everett, what are you gonna do about what ICE is doing? That's a federal agency. I think we are allowing our federal electors off the hook. I don't control the rules of the federal agencies. I don't have. I have the city council. That's my job, to look at laws, to sign their laws. We're not asking our federal partners enough. Hey, guys, what are you doing about this? That's not my job. The enforcement of immigration is a federal authority, not a city authority. I'm going to do my job. I don't control who come across the border. I control who's in the city when they are across the border. And I told President Biden this, I said, listen, we have a porous border. I went down to El Paso, I went down to the Darien Gap to Ecuador, Colombia, Mexico. And I saw the flow and I saw how they were telling people the streets are paved with gold in New York. Why don't we control the flow? We have serious population issues across our country. We should be allowing people to come into the country and say, hey, Kentucky, need back stress. Workers in the racing industry. Here's where you're going for three years and then you could go wherever you want in the country. This is a win win if we handle it better. We had no control at the border. We were allowing anyone to come through. Now that we see a substantial decrease, we're no longer getting 4,000 people a week into city, which was just not sustainable.
- [31:02]
Joe Weisenthal
Speaking of crime, the crime stats have improved a lot in the last couple of years. The rat I've been monitoring your war on Rats. Very impressed.
- [31:11]
Tracy Alloway
He's a single issue voter on the rat problem.
- [31:13]
Joe Weisenthal
I've been very impressed with the war on rats and I've looked at the stats on 311 calls for rats, etc. Very good. On the other hand, the city is still dirty. When I take my kids to the park, only half the time can I expect to be to. Able, able to not even have like find a clean bathroom. Elevators at the subway is still like, you know, it's, this is a world class city. Do we just have again sort of going back to the thing, like is this inevitable that a city like New York City has to have it so that we don't even have clean bathrooms most of the time? Like speaking of like from a family issue, like public childcare, obviously incredibly important, but there's all these other things that make it much more difficult, I would think, than it needs to be that I feel like everyone has just come to accept like, yeah, we can't have clean bathrooms in a public park.
- [32:00]
Eric Adams
I agree with you 100%. I would never accept a city where there's disorder, there's chaos and there's dirt. I just don't want. Remember when I came into office, many people don't realize that we had encampments in our subway system.
- [32:14]
Joe Weisenthal
It was the worst of the COVID pandemic.
- [32:16]
Eric Adams
But yeah, all over we had on long highways, January and February. I went out and there's still pictures that someone sent me the other day I went out and visited pictures, people that were living in encampments. And I saw that when I walked in and crawled in their encampments and their boxes and their tents. I saw stale food, human waste, drug paraphernalia. Many of them was dealing with schizophrenic behavior, bipolar. And I went back to the team and said, we can't, the city can't live this way. Go look at Los Angeles, San Francisco, Portland, go look at these other cities. You don't see that here because I had a zero tolerance. And once we dealt with the encampments, once we dealt with, with the crimes, removing 22,000 illegal guns off our streets, 100,000 ghost vehicles, illegal vehicles that were running our streets. Once we dealt with that, now we move into the next layer. We immediately went after the rodents in our city, which was just really an indicator of just total uncleanliness in the city. Now we put in place a 1200 person quality of life team, our Q team, we call it. That's going after those nagging issues. I still ride around the streets, 1:00am, 2:00am in the morning, calling my commissioners, when I see an encampment or I see an overflow trash, they all tell you about those horrific calls that they get from me. Because we should see it before you see it. You deserve a clean bathroom. You deserve to be able to go to a park where there's no trash on there. You deserve to not have to worry about a rodent running across your feet. You know, this is what you deserve. These are the basic things that we deserve. But we had to deal with the level one issue first. Dealing with getting us out of COVID dealing with crime, and then this unexpected crisis of dealing with the migrants and asylum seekers. You know, people tell us all the time that, okay, Eric, you have the migrant asylum seekers behind you. Everything is okay. It's not. We spent $7.7 billion. 500 million of that should have gone to chronically absent children. A billion should have gone to building housing for our seniors. A billion should have gone to making sure that we. We boost up our department of sanitation. What I'm trying to share, the long term repercussions of what we experience is going to have long term impacts on.
- [34:31]
Tracy Alloway
Our city, on the quality of life issues and crime. I gotta say, practically every time I'm in Broadway and Lafayette, the station, which is pretty often, there are people shooting up in the corner. I literally went down the stairway the other day and a guy was standing there shooting himself up in the arm, and I was three inches away from him. That was uncomfortable. That happens all the time and no one seems to be doing anything about it. What exactly is the obstacle to improving some of these issues? Is it budget? Is it enforcement? What is it?
- [35:05]
Eric Adams
And I hate it. I hate it when I see someone. What we call nodding on the street.
- [35:09]
Tracy Alloway
Yeah, exactly.
- [35:10]
Eric Adams
When I see someone. We were up at the Hub the other day. It was just a state of total disrepair until we got in there and zoomed in. We put in place what we call our. Our path team and our scout teams. And I spend a lot of time in the subway system. And the goal is, how do you talk people off the system? Now we were able to take 8,500 people off our system that was living on our system. But I cannot tell you how much a challenge it is dealing with people who are dealing with severe mental health issues. They don't know they need care. That is why I was trying to get Albany to pass the involuntary removal bill. Because there are people who are harmful to themselves and harmful to others, and we have to take them inside, we have to bring them inside. And many people just have a philosophical disagreement with me on this issue. I want to say that if you are using drug use, we need to take you inside. If you are 30 degree weather, you don't have on shoes, you have soiled your clothing, you're yelling and screaming, we have to talk them off the ledge now and hope that they after building trust and the scout team are doing an amazing job. But it takes longer and you see those repeated offenders over and over again. But our goal is to go after it. It's illegal to shoot up drugs in public, but when you do a real crackdown, you get a lot of heat that we're criminalizing drugs because drugs is, you know, addiction is a disease. So we're trying to use the right balance. But we are far more encountering people than others would like us to do. We get a lot of complaints because we encounter people who are injecting themselves with drugs, people who are dealing with severe mental health illness. And I got to really ignore that noise for the better public overall public safety of the city.
- [37:12]
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- [38:43]
Karen Moscow
Bloomberg Daybreak is your best way to get informed first thing in the morning right in your podcast feed. Hi, I'm Karen Moscow.
- [38:50]
Nathan Hager
And I'm Nathan Hager. Each morning we're up early putting together the latest episode of Bloomberg Daybreak US Edition. It's your daily 15 minute podcast on the latest in global news, politics and international relations.
- [39:04]
Karen Moscow
What's special about Bloomberg Daybreak is the immediacy of the news we bring you each day in your podcast feed by 6am Eastern Time.
- [39:12]
Nathan Hager
This isn't a deep dive on yesterday's news. Instead, you get the latest story with.
- [39:17]
Karen Moscow
Context and that's something you don't get from other news podcasts. So join us for the best from Bloomberg's 3,000 journalists and analysts around the world with reporting backed by data and journalists at the center of the stories we cover.
- [39:31]
Nathan Hager
Listen to the Bloomberg Daybreak US Edition podcast each morning for the stories that matter with the context you need.
- [39:39]
Karen Moscow
Find us on Apple, Spotify or anywhere you listen.
- [39:44]
Joe Weisenthal
Hotel prices in New York City are insane. And part of it seems to be this sort of opposition to hotel expansion, both from the owners of existing hotels and from unions. Also you can't do Airbnb, but whatever. I care less about that. When you think about like the vitality of New York City, like do you have any vision like how to break this impasse? Or do we just have to accept that as much as this city is going to grow, that the number of the capacity for our ability to take in tourism is just going to be sort of capped by our inability to build any new hotels.
- [40:17]
Eric Adams
We need to build more and we're at the pre pandemic levels. Our hotel industry is doing well. I think, you know, the mere fact we have 65 million tourists that came in last year, this is still the hot spot, people.
- [40:30]
Joe Weisenthal
How's New York City? How's this summer shaping up this summer from tourism perspective?
- [40:34]
Eric Adams
Not as, not the levels we have. I think some of the conversation around tariffs, some of the conversations around impacted our tourism, particularly some of our domestic tourists. We used to get a lot of tourists from Canada and we never really recovered the way we should have. Our Asian market, Chinese, they were a major part of our tourism. But we're gonna bounce back. We had a hit during COVID and we were able to recover after Covid and this is still a good product. You know, people want to come.
- [41:02]
Joe Weisenthal
It's a great product. I love it here.
- [41:03]
Eric Adams
Yes. And we believe the tourists, the hotel industry is going to continue to grow. You know, some bumps in the roads. We're had a conversation around what we could do with our hotel tax.
- [41:14]
Joe Weisenthal
Yeah. How do we get more rooms, though?
- [41:16]
Eric Adams
That's the goal. We gotta build more. We have to encourage more building. There were certain laws that were put in place previously about getting and receiving the permits to build. We have to do a real analysis of how do we encourage to get more rooms in the city.
- [41:32]
Tracy Alloway
I have one more question.
- [41:33]
Eric Adams
Yes.
- [41:34]
Tracy Alloway
This is my most important one, possibly, and something I've always wondered. A great mystery of our times. But in the course of prepping for this interview, Joe and I watched a lot of your preview previous interviews, your previous videos. I was watching your famous contraband video. Where in the world did you get a used crack pipe to use as a prop in that video?
- [41:56]
Eric Adams
That was. And actually, I'm gonna remake that video to modern times. When I did that first video, for those who are not aware, it was a video showing how you should look in your child's room for drugs. When I did the first video video. And still today, people say, oh, you know, how can you do that? That's hard on children. You know, many people don't know that if someone is selling drugs in your home, when the police come, they come in and do a raid. Everyone goes, grandmother, grandfather, children go to acs. Families are disrupted, and we need to take control of our homes. Now, it may not be in your. Your home, you know, in your home. This is something that you don't have to even worry about, or possibly I don't have to worry about it with Jordan, my child. But when you go to many of the inner cities where violence is rampant and drugs are pervasive, when we did that video, the number of responses people gave me was like, no. Wow, I didn't know that. And so that. That broke crack pike. Back then, when I did it, it was just about everywhere. Like, you see in certain communities, you see needles.
- [43:05]
Tracy Alloway
Did you just pick one up off the street or something?
- [43:07]
Eric Adams
Off the street.
- [43:08]
Tracy Alloway
Oh, my gosh.
- [43:08]
Joe Weisenthal
Okay, last question. A bunch of people through gave Andrew Cuomo tons of money, and it came up totally short in the primary? You're still running?
- [43:16]
Eric Adams
Yes.
- [43:17]
Joe Weisenthal
A, would you consider in September, dropping out if you're fourth in the polls or third in the polls? And B, why should anyone donate to your campaign or your super PAC given how ineffective those dollars seem to be in the Democratic. Democratic primary?
- [43:30]
Eric Adams
Well, it wasn't ineffective. We. In the last filing, we raised $1.5 million.
- [43:35]
Joe Weisenthal
No, the money given to Cuomo was totally ineffective because he got trounced. So why should anyone feel that any Political giving is going to be useful.
- [43:41]
Eric Adams
In this environment, and money is important. It's unfortunate. I am probably the only elected official that has stated over and over again, we need to take money out of politics completely. We should give a dollar amount to every candidate that can only spend that dollar amount. And that's. That's it. There's no reason we should be calling up individuals asking for money. But that's the nature of the beast. And so when you look at it, those dollars are used for important reasons because television is extremely expensive, your staff costs money, et cetera. He didn't lose because of the shortage of dollars. He lost because he did not want to be mayor. New York City's not a consolation prize. You step down as governor and then you wake up one day and say, okay, I want to do a consolation and run to be the mayor of the city of New York. And it was obvious. You don't come out on weekends. You don't do this. Don't sit down and speak on podcasts, interviews. You live in a bubble. He always lived in a bubble. Governor's son went on to become ag, Went on to become governor. And then there's another pattern that a lot of people are ignoring. What he feels about black men who are elected. Nobody wants to talk about this. He did it to Carl McCall. When Carl McCall ran to be the first black governor, Andrew Cuomo got in the race, sabotaged his campaign. He did it to Charlie King. Charlie King was running to be attorney general, raised $5 million, was one of the leading candidates. He got in, pushed Charlie King out. He did it to David Patterson. David was gonna run for reelection. He decided to sabotage his campaign and moved him out. Now he's trying to do the same thing for me. And like you said, your audience needs to really understand what happened. I ran for independent. Everyone knew I was running for independent. Everybody thought I was foolish for doing so, not understanding that the only mayors one on the independent line was Sidi Maeus. We knew that Mandani was going to be on the general election ballot on the Ruthins family line. Why did Andrew throw his name into it if he was in the primary? He did it because he thought he could follow the same process that he's done for a long time. So let's look at the polls. The polls had him up for 40 points. 40 points. He sent out a poll to his staffers the day before the election that he was up 10 points. He lost by 13 points.
- [46:01]
Joe Weisenthal
Yeah.
- [46:02]
Eric Adams
How could we trust when you have an unexpected voting environment? Right now, this vote is going to depend on new voters. And everyone is talking about the energy on the Madani camp. Nine percent of the voters, 2.5 million Democrats, haven't voted yet. A million independents haven't voted yet. Several hundred thousand republics haven't voted yet. Never in my history of politics have I seen the energy of racism around the Stop Madani movement, coming from my bodegas owners, coming from my small property owners, coming from my Jewish community, coming from my former Soviet and socialist bloc constituents that are here right now. So they don't want to go backwards. So I said it before, if you look at some of the old tapes, I said, this is going to be the most exciting male race in the history of the city. I knew it in seven.
- [46:50]
Joe Weisenthal
That's why we're covering politics.
- [46:52]
Tracy Alloway
That's right. Where were you actually the night of the Democratic primary? And what was your reaction when Mamdani. Were you like, oh, I expected this because of all the reasons you just laid out about Cuomo.
- [47:02]
Eric Adams
I'm trying to think about it. I think I was in the bed sleeping. I knew what the outcome was going to be. I said six months before the primary that Madani was going to win. And all I had to do was wake up to. I had an early day, had things to do in the city. I think we had a storm that day. I could have been going around the city looking at some of the rain sites. You know, you think about. I always use sports, as in a night. You know, I have the crown. And just a thought that Andrew is going to tell the second sitting mayor, second mayor of color, that I should step aside for him. I mean, that's the highest level of arrogance. You know, during my difficult moments, Covid migrant, asylum seeker, law affair, I didn't step down. I stepped up. I said I was elected to serve this city. No matter what I had to face, I was going to live up to my commitment. He didn't do that. When it got hot, he left. He abandoned his obligation for the city of New York. I would never do that to the city. I didn't abandon it as a police officer. I'm not going to abandon it as the mayor.
- [48:06]
Joe Weisenthal
You and our producer Kel are the only two who knew six months earlier that, um, Donnie was going to win. Eric Adams, thank you so much for coming on Odd lots. Really appreciate the chance to chat.
- [48:15]
Tracy Alloway
Thank you.
- [48:15]
Eric Adams
Thank you.
- [48:16]
Joe Weisenthal
Thanks.
- [48:16]
Tracy Alloway
Can Joe call you if he sees a rat?
- [48:18]
Joe Weisenthal
Yeah.
- [48:20]
Eric Adams
No.
- [48:21]
Joe Weisenthal
Thank you so much. That was a lot of fun. Thank you so much.
- [48:23]
Eric Adams
Enjoyed it.
- [48:36]
Joe Weisenthal
Tracy, I'm glad we finally got a chance to speak to the mayor. I've never talked to. Never talked to him before.
- [48:41]
Tracy Alloway
No, neither have I. I'm enjoying this transition. I do think it's a really interesting. New York is obviously a really interesting petri dish in which to experiment with a lot of economic policies, and it sort of solidifies a lot of the trends we've been talking about over the years, including affordable housing, taxation, things like that.
- [48:59]
Joe Weisenthal
I liked your question about when is there some magic line from which progressive taxation becomes socialism?
- [49:08]
Tracy Alloway
Right, right.
- [49:08]
Joe Weisenthal
And I actually think, like, this is a question for a lot of people, including Mamdani, et cetera. Is there, like, what actually constitutes, like, an acceptable or an ideal level of redistribution? Because obviously, you know, Mayor Adams was talking about, you know, socialism has failed everywhere, as he asserted. And yet an important element of New York City is the money that is raised from wealthy New Yorkers to, as he put it, you know, put. Put money back into people's pockets to make the city more affordable.
- [49:39]
Tracy Alloway
Right. So at the moment that's optional. Billionaires can choose to do it. But I mean, if you think it's a good thing, then why not make it. You potentially maybe mandatory at some higher level, maybe.
- [49:52]
Joe Weisenthal
And why does it have to just be billionaires? Because also there are a lot of people who are not billionaires who are also very wealthy, and that everyone just talks about billionaires, which I think is an important element of this conversation. You know, I do think that, like, there is this certain degree to which some of the pathologies of the city are just taken as, like, it's New York City.
- [50:15]
Tracy Alloway
And because it.
- [50:16]
Joe Weisenthal
Deal with it, and this is like, what you do. So it's like. And this is like, these are the costs. So of course, it is going to take years to figure out whether we're going to use a specific plot of land that is contested and turn it into housing. Of course it's going to. There's going to be a certain level of public drug consumption and rats, although the rats have declined and broken bathrooms and stuff like that. It does feel like in the District, we just sort of accept that because it's New York City, that there are certain things that are just going to be, like, subpar or actively hostile. Again, like, from a family perspective, like, it really is not good at all that it's so hard frequently to find a bathroom in a public area.
- [50:59]
Tracy Alloway
I will just say here. I mean, other major cities in the world do it differently, right? Like, you go to a place like Tokyo. You do not see people nodding off in the street. And it kind of blows my mind also that New York still has this extremely high and a lot of these quality of life issues.
- [51:16]
Joe Weisenthal
But anyway, there's plenty more to talk about. If he wins reelection, we'll have him back on. We'll definitely. We'll definitely have him back on to talk about how all of these things are going.
- [51:25]
Tracy Alloway
All right, shall we leave it there?
- [51:27]
Joe Weisenthal
Let's leave it there.
- [51:27]
Tracy Alloway
This has been another episode of the All Thoughts podcast. I'm Tracy Alloway. You can follow me raceyallaway and I'm Jill Weisenthal.
- [51:34]
Joe Weisenthal
You can follow me at thestalwerk. Follow Mayor Eric Adams. He's ycmayer. Follow our producers Kerman Rodriguez at Carmen Armand, Dashiell Bennett at D Dashbot and Kale Brooks at Kalebrooks. More odd lots content go to bloomberg.com oddlots we have the daily newsletter and all of our episodes and you can chat about all of these topics 24. 7 in our Discord, Discord, GG Oddlots.
- [51:56]
Tracy Alloway
And if you enjoy Odd Lots, if you enjoy our turn into local New York politics, 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 Podcast and follow the instructions there. Thanks for listening.
- [52:48]
Karen Moscow
Bloomberg Daybreak is your best way to get informed first thing in the morning right in your podcast feed. Hi, I'm Karen Moscow.
- [52:56]
Nathan Hager
And I'm Nathan Hager. Each morning we're up early putting together the latest episode of Bloomberg Daybreak US Edition. It's your daily 15 minute podcast on the latest in global news, politics and international relations.
- [53:10]
Karen Moscow
What's special about Bloomberg Daybreak is the immediacy of the news we bring you each day in your podcast feed by 6am Eastern Time.
- [53:18]
Nathan Hager
This isn't a deep dive on yesterday's news. Instead, you get the latest stories with.
- [53:23]
Karen Moscow
Context, and that's something you don't get from other news podcasts. So join us for the best from Bloomberg's 3,000 journalists and analysts around the world, with reporting backed by data and journalists at the center of the stories we cover.
- [53:37]
Nathan Hager
Listen to the Bloomberg Daybreak US Edition podcast each morning for the stories that matter with the context you need.
- [53:44]
Karen Moscow
Find us on Apple, Spotify or anywhere you listen.