NYC Mayoral Candidate Curtis Sliwa & CA Rep. Ro Khanna 10/23/25

Summary

Squawk Pod (CNBC) – NYC Mayoral Candidate Curtis Sliwa & CA Rep. Ro Khanna

Date: October 23, 2025
Hosts: Joe Kernen, Becky Quick, Andrew Ross Sorkin
Main Guests: Curtis Sliwa (NYC Republican Mayoral Candidate), Ro Khanna (U.S. Representative, CA)

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Episode Overview

This episode spotlights the high-stakes race for mayor of New York City, examining the dynamics between Republican Curtis Sliwa, Independent/former Governor Andrew Cuomo, and Democrat Zohran Mamdani. The discussion expands beyond city politics to include national issues: new US sanctions on Russian oil, media industry mergers, the ongoing government shutdown, and debates over healthcare reform. Congressman Ro Khanna joins for in-depth commentary on generational political change, health policy, and the implications of the government impasse.

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Key Topics & Discussion Points

1. The NYC Mayoral Election: Battle for America’s Largest City

[01:04–02:21, 19:15–32:07]

• Three-way race: Curtis Sliwa (Republican), Andrew Cuomo (Independent, former Governor), Zohran Mamdani (Democrat, Assemblyman).
• Pressure on Sliwa: Notable donors want him to drop out to boost Cuomo against progressive Mamdani.
  • Sliwa's adamant stand: "I'm not dropping out because some billionaires." (Curtis Sliwa, 01:39)

Highlights from the Final Debate

• Key Issues: Crime, education spending, property and corporate taxes.

  • Sliwa: "Last night I was the only one saying we need to cut corporate taxes. We've got to cut the income tax. The one tax I can cut as mayor without interference is property tax, which is up to 20%." (Curtis Sliwa, 17:26)

• Debate over Democratic priorities:

  • "Democrats have sacrificed their party to the Socialists. I'm the only Republican." (Curtis Sliwa, 21:22)
  • Sliwa attacks Cuomo’s track record on crime and alleges lack of accountability.

• Pushback against dropping out: Sliwa refuses, touting support from GOP figures (Giuliani, Pataki, Ed Cox).

  • "Why would I drop out of a race? … And you're assuming Republicans are going to vote for Cuomo, you're on the ballot." (Curtis Sliwa, 24:04)
  • "I was born in New York City. They tried to kill me in New York City. I will die in New York City. I will be buried in New York City. I know what's in the best interests of New York City. I'm not dropping out because some billionaires have vertical." (Curtis Sliwa, 25:49)

• Bill Ackman’s Allegations Addressed:

  • Andrew Ross Sorkin confronts Sliwa with hedge fund billionaire Bill Ackman's claim that Sliwa's campaign is using public matching funds for personal benefit.
  • Sliwa: "My sister does public relations, which has been her career. Is there something wrong with that?" (Curtis Sliwa, 29:13)
  • Sliwa answers directly and dismisses Ackman as meddling outsider: "This is a guy who's had a midlife crisis [and] thinks he's a tennis pro, and he gets booed off the court. Well, guess what, Ackman, you're getting booed out of the political court. Stay in your lane." (Curtis Sliwa, 28:09)
  • Sliwa closes with a populist stance, emphasizing working-class roots and dismissing outsider (billionaire) influence on NYC politics.

Notable Exchanges and Quotes

• Electoral math skepticism:
  • "It appears the math is not ultimately on your side. I just can't figure out, beyond the pride piece of it… if this is this critical moment for the city, why not unite?" (Andrew Ross Sorkin, 24:57)
• Sliwa’s Response: Emphasizes billionaire influence being consistently "wrong" and frames the race as a battle for the city’s future against special interests.

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2. Media & Market Mergers: Paramount’s Bid for Warner Bros. Discovery

[11:43–14:32]

• Paramount’s multiple bids for Warner Brothers Discovery: $19, $22, and finally $23.50 per share.
• Proposal for co-CEO arrangement with David Zaslav (WBD) and David Ellison (Paramount):
  • "When there’s a co-CEO, there’s never a co-CEO. There’s always a real CEO." (Joe Kernen, 13:05)
  • "Didn’t work in Ancient Rome, didn’t work now." (Becky Quick, 13:18)
• Regulatory, political, and industry complications explored.

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3. Russia Oil Sanctions & Geopolitics

[03:06–05:00]

• New, harsher sanctions imposed by the Trump administration on Russia’s largest oil companies.
• Motivated by failed peace negotiations and political rifts. Discussion on timing, strategy, and the impact on oil prices and US energy markets.
  • "If you really want to put pressure on Putin, this would be the way to go at it." (Joe Kernen, 04:04)

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4. Meme Stocks and Meat Prices

[15:26–16:57]

• Beyond Meat and meme stock phenomena.
• Commentary on beef prices and the Trump administration’s relation with US ranchers.
• Light moments about meat alternatives: "I don’t know where we are on the pea-based meat either." (Becky Quick, 15:57)

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5. The Government Shutdown: How To End the Stalemate

[32:09–47:18]

Ro Khanna on Solutions

• Bipartisan funding for troops and essential employees: "I’d vote in a bipartisan way for both paying the troops, paying essential federal [workers]." (Ro Khanna, 34:56)
• Filibuster carve-outs: Urges a filibuster workaround for keeping government open.
• Obamacare, Healthcare Costs, and Medicare for All: Spirited discussion about affordability, private insurer profits, and possible reforms.
  • "Private insurance companies made $171 billion of profits. If we had Medicare for All, if we extended that, it would help private business, it would lower health [costs]." (Ro Khanna, 36:30)
• Transparency, fraud, and pharmaceutical influence:
  • "One is going after Medicare Advantage … the second … is his executive order going after Big Pharma." (Ro Khanna, 39:34)
• Frustration over lack of congressional votes on lowering prescription drug prices.

Exchanges and Philosophical Contrasts

• Concern about both parties using shutdown leverage:
  • "[Neither] party should be shutting the government to blackmail and hold the other party hostage." (Becky Quick, 37:31)
  • "I agree. It’s not that both parties don’t..." (Ro Khanna, 37:54)
• Health care cost solutions debated: Competition, transparency, and government intervention explored from progressive and centrist perspectives.

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6. The Generational Shift in Democratic Leadership

[02:03, 43:59–47:18]

• Ro Khanna’s support for Zohran Mamdani:
  • "We need a new generation of leadership. I mean, does anyone think that we need recycled politicians from the 90s?" (Ro Khanna, 44:00)
  • "He’s winning on affordability." (Ro Khanna, 44:20)
• Internal disputes: Becky Quick and others voice skepticism of Gen Z/Millennial leftward tilt, invoke AOC comparisons.
  • "I’d rather have a corpse boomer. Give me a boomer." (Becky Quick, 44:07)
• Policy approach to affordability and housing:
  • Khanna defends Mamdani’s mix of immediate relief (rent freezes/caps) and structural supply expansion: "You have to have some immediate relief because people's rent is too high. But you need to couple that with doubling actually housing construction." (Ro Khanna, 46:46)

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Notable & Memorable Quotes (with timestamps)

• Sliwa’s defiance:
  • "I was born in New York City. They tried to kill me in New York City. I will die in New York City. I will be buried in New York City. I know what's in the best interest of New York City. I'm not dropping out because some billionaires." (Curtis Sliwa, 01:39, 25:49)
• On corporate taxes:
  • "Last night I was the only one saying we need to cut corporate taxes. We gotta cut the income tax. The one tax that I can cut as mayor without any interference is the property tax." (Curtis Sliwa, 17:26)
• Becky Quick on NYC politics:
  • "You don't get the leader you need. You get the leader you deserve." (Becky Quick, 31:40)
• Ro Khanna on political renewal:
  • "We need a new generation of leadership. I mean, does anyone think that we need recycled politicians from the 90s?" (Ro Khanna, 44:00)
• Joe Kernen on co-CEOs in media mergers:
  • "When there’s a co-CEO, there’s never a co-CEO. There’s always a real CEO." (Joe Kernen, 13:05)

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Segment Timestamps Outline

• NYC Mayoral Race Discussion Start: [01:04]
• Debate Analysis and Sliwa Interview: [17:11–32:09]
• Sanctions & Oil Market: [03:06–05:00]
• Paramount-WBD Merger News: [11:43–14:32]
• Meat, Meme Stocks, and Light Banter: [15:26–16:57]
• Government Shutdown and Ro Khanna: [32:09–47:18]
• Generational Leadership & Housing Policy: [43:59–47:18]

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Tone

• Punchy, direct, and often combative—true to Squawk Box’s reputation for candid and challenging conversations.
• Mix of seriousness and levity; sharp questioning, snark, and deep dives coexist.
• Hosts and guests do not shy away from pointed criticism or pointed humor.

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Conclusion

This episode delivers a fast-paced, inside-baseball look at New York’s unusual three-way mayor’s race and its national echoes—big money, generational divides, urban politics, and the battle for policy direction in a moment of economic and governance stress. Also on display are sharp debates about affordable housing and how to fix American health care, giving listeners both breadth and depth on 2025’s headline issues.

Transcript

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This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update wherever you get your podcasts.

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[Curtis Sliwa]

Bring in show music please.

[Katie Kramer]

Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod Off Year election Highlights the battle to run New York. America's largest city is home to some 8 million plus and the campaign for mayor is a three man race.

[Andrew Ross Sorkin]

I just can't understand. Do you think that there's any chance mathematically that you win?

[Curtis Sliwa]

Absolutely.

[Katie Kramer]

Republican Curtis Sliwa, with a decades long public profile in New York City, is under pressure from some wealthy donors to draw, drop out and boost former Governor Andrew Cuomo's chances against the Democratic nominee, 34 year old Assemblyman Zohran Mamdani.

[Curtis Sliwa]

I was born in New York City. They tried to kill me in New York City. I will die in New York City. I will be buried in New York City. I know what's in the best interest of New York City. I'm not dropping out because some billionaires.

[Katie Kramer]

Have vertical Democrats around the country are invested in this race like Congressman Ro Khanna from California joining US on day 23 of a government shutdown 1 we.

[Ro Khanna]

Need a new generation of leadership. I mean, does anyone think that we need recycled politicians from the 90s?

[Katie Kramer]

What's at stake for the country in this New York City election and our open invitation to all candidates.

[Andrew Ross Sorkin]

Can you get Zoron on the show? Do you talk to him seriously?

[Ro Khanna]

You guys are welcome to come. I'm doing an event with him November 1st.

[Joe Kernen]

It's a date.

[Katie Kramer]

Plus meat and meme stocks, new sanctions on Russian oil, and Paramount's first, second and third bid for Warner Bros. Discovery, what's on the table now?

[Joe Kernen]

When there's a co CEO, there's never a co CEO. There's always.

[Andrew Ross Sorkin]

That is also true.

[Becky Quick]

I looked that up last time in ancient Rome when they first tried co consoles. Didn't work then.

[Katie Kramer]

It's Thursday, October 23rd. Squawk Pod begins right now.

[Andrew Ross Sorkin]

Stand Becky.

[Becky Quick]

Bye.

[Ro Khanna]

In three, two, one.

[Andrew Ross Sorkin]

Cuba, please.

[Joe Kernen]

Good morning, everybody. Welcome to SquawkBox right here on CNBC. I'm Becky Quick along with Joe Kernan and Andrew Ross Sorkin. And let's take a look at what's been happening with the.

[Becky Quick]

Secretary Vestin, will.

[Curtis Sliwa]

You take a few questions from us?

[Ro Khanna]

So we are going to either announce after the close this afternoon or first thing. Come on. Or first thing tomorrow morning, a substantial pickup in Russia sanctions.

[Andrew Ross Sorkin]

Meantime. I'm in Washington, D.C. this morning and we are watching the price of oil prices jumping after the Trump administration hit Russia's two largest crude companies with sanctions. Now, the administration citing what it calls a lack of serious commitment to a peace process to end the war in Ukraine. Treasury Secretary Scott Bessant calling for a ceasefire as he announced the sanctions on Rosneft. And Luke oil, a senior White House official telling NBC News that sanctions are related to plans for a meeting between President Trump and Russian President Vladimir Putin falling through. So this is something new we're going to have to keep our eyes on. And you're looking at WTI crude right there at 6180.

[Joe Kernen]

It's really interesting. This is kind of a big deal. This was the one thing the Biden administration would never do. As much as they were trying to say that they were defending Ukraine, they kind of did it with a wink and a nod, knowing that that Russian oil was still going to wind up on the markets because they didn't want to see higher oil oil prices here, higher energy prices. Germany has kind of been of the same opinion on these things. As much as they say they want to help Ukraine, they don't want higher energy prices, particularly for their businesses to be going through with some of these issues. But this was probably the time to do it. When you're seeing energy prices that are so low, the Trump administration has done two pretty smart things this week. First of all, this move right now, if you're going to be serious about this and really try and put pressure on them, it's a good time to do it because oil prices were lower. The other thing they did was say we're going to try and fill the Strategic Petroleum Reserve up with oil prices below $60 now again up by 5.6% this morning. But if you really want to put pressure on Putin, we'll see what the enforcement looks like. But this would be the way to go at it.

[Becky Quick]

And and according to published reports that we have eased or Trump administration eased a curb on some of the missile use long term missile long range missiles. But yesterday I heard the president say we have nothing to do with what Ukraine does with missiles. The Tomahawk thing is looks like it's off the table.

[Joe Kernen]

I would think that because Tomahawks require rare earth minerals so you don't have a limited number of what you can.

[Becky Quick]

Take six to nine months to training to learn how to use the Tomahawk. So that missile supposedly is not forthcoming. I was looking through the paper. This one just struck me guys.

[Ro Khanna]

Oops.

[Becky Quick]

I've had a Nazi tattoo for 18 years. Just to see it in the Wall Street Journal is I've been reading governor.

[Joe Kernen]

Candidate the Democrat candidate for mayor remain.

[Becky Quick]

I've been for a governor this.

[Joe Kernen]

The way he was trying to wash it off his eyes how many buddies from the military we all got it done at the same time type of thing.

[Becky Quick]

But how'd that get there?

[Joe Kernen]

That along with some of the comments that he had been making online doesn't add up to a pretty picture.

[Becky Quick]

You know I think the is it a governor or Senate? It's a Senate candidate.

[Joe Kernen]

It is a Senate candidate.

[Becky Quick]

You're right because the governor is more probably a candidate that had a better chance anyway.

[Joe Kernen]

He was trying to brush off the comments that he had been saying where he was asking online if black people tip less. He was saying well it was just honest curiosity.

[Becky Quick]

That's why I was wondering I think you wrote that book just so you could go on this book tour just so you could wear a jacket.

[Joe Kernen]

Yeah, that's why he spent eight years.

[Becky Quick]

Writing the book which is and you know Curtis Lee was here. He's going to be on he I think I made pocket square on just forum today. You did And I think I made him unhappy when I said I'm sorry, I don't live in New York but if I did I'd vote for Andrew. And he goes, you would vote for Cuomo? I go no, no, no, no. I would write in I would write in Andrew Ross Sorkin.

[Joe Kernen]

Well that's a nice hello to you this morning when he's here this early in the morning.

[Becky Quick]

Actually I did talk. I like him and we're going to have him on Andrew and you're going to have to do the heavy lifting because I don't live here.

[Andrew Ross Sorkin]

I'm happy to.

[Becky Quick]

It's not his problem that Cuomo ran such a crappy campaign and has such a poor showing among Democrats. It's not sleep was. I don't know if he can't really.

[Andrew Ross Sorkin]

I get that. I get that. I think there's a whole bunch of things we're going to have to talk to him about. By the way, that I don't know if you saw the debate last night, which was really incredible. There was a couple of moments where it seemed like Cuomo actually really did finally score in one of these debates against Zoro Mandami. But then actually there was a moment with Mandami really attacked a Cuomo as it relates to some of his issues with women over the years, including having somebody in the audience that he referenced that, oh, he stacked somebody there, arguably harassed. And it was quite a remarkable moment as well.

[Moderator / Debate Host]

Mr. Cuomo, in 2021, 13 different women who worked in your administration credibly accused you of sexual harassment. Since then, you have spent more than $20 million in taxpayer funds to defend yourself, all while describing these allegations as entirely political. You have even gone so far as to legally go after these women. One of those women, Charlotte Bennett, is here in the audience this evening. You sought to access her private gynecological records. She cannot speak up for herself because you lodged a defamation case against her. I, however, can speak. What do you say to the 13 women that you sexually harassed?

[Andrew Ross Sorkin]

If want to be in government, then.

[Ro Khanna]

You have to be serious and mature. There were allegations of sexual harassment.

[Andrew Ross Sorkin]

They were then went to five district.

[Ro Khanna]

Attorneys, fully litigated for four years. The cases were dropped. Right.

[Andrew Ross Sorkin]

If you take to social media, you can see some of these clips, but I think we're going to be showing you some of them as well.

[Becky Quick]

All right, good. President Trump was not optimistic about Cuomo, whether Sliwa stays in or not.

[Andrew Ross Sorkin]

Want to bring you some new details right now about Paramount's offer to buy Warner Brothers Discovery. Paramount made three bids to buy the company over the past couple of weeks here. It first offered $19, then raised that to $22. The latest offer sent on October 13 was for $23.50 a share in cash and stock. Details of these offers revealed in a letter from Paramount CEO David Ellison that was sent to the board of Warner Brothers Discovery. Ellison writes the following. In that letter, we're confident that we are the best partner for WBD with a combination of our two companies creating a scaled Hollywood champion to the benefit of both of our company shareholders, consumers and the entertainment industry at large. Perhaps the other two most interesting pieces though of that letter, one was effectively an offer for David Zaslav, the current CEO and chairman of Warner Brothers Discovery, to be the co CEO and co chair of a combined company. So that is a new sort of a new fact if you will, as they try to attract and bring David Zaslav to their side. Of course Warner Brothers itself saying we're not doing it and we are effectively putting ourselves up for sale. So we're going to now see whether there are any other bidders. But the other interesting piece of the letter was just a number of references to the idea that we are not just the best opportunity, but a suggestion that we are the only opportunity insofar as the way regulators are going to consider potential deals and that, you know, the only other folks who may want to buy this company, which by the way could include an Amazon, could include the parent company at least currently of our network. But the, but the, the, the regulatory hurdles that those, those types of transactions might create and the attempt, not just the attention but the possibility that those deals would be blocked would make Paramount the, the best offer on the table.

[Becky Quick]

So the only. It was an interesting letter and you know, say, you know, say what it is personal animus the president has against Comcast and NBC and MSNBC and Brian Roberts and would, and you know that's not supposed to factor into things, but can you really say it wouldn't?

[Joe Kernen]

And by the way, the close personal relationship between the Ellisons and Larry Ellison, Trump administration especially. Right. Larry Ellison in particular. And the idea that if this company were to go ahead and do the split, the spinoff or the split between the two tax reasons could leave them then tied up to where you wouldn't be able to have another shot at this until after the Trump administration is over. So timing matters for Paramount.

[Becky Quick]

There are those that say that Zaz would like 30 bucks but he's not going to get it and if he doesn't take 25, it could go back to 12.

[Andrew Ross Sorkin]

Well, that's the interesting part. But I think I thought the interesting piece of this when I was reading these letters was this idea that effectively taking, taking the CEO job off the table insofar as to the extent that there were people who were speculating that David Zaslav loves his job and I think he does love his job and likes and enjoys and wants to be the CEO, the fact that David Ellison would be willing to be the co CEO and co chair with him.

[Joe Kernen]

Yeah, but when there's a bit, when there's a co CEO, there's never a co CEO. There's always a real CEO.

[Andrew Ross Sorkin]

Well, that is also true.

[Joe Kernen]

So you, this is like dangling a job that we'll see. Yeah, but you're going to, we'll give you an office, we'll let you hang out on the studio lots.

[Becky Quick]

But I looked that up last time in ancient Rome when they first tried co consoles. Didn't work then. And so it's like we got 2500 years or so. Not 25, but a lot bigly.

[Joe Kernen]

The other question is, is, is Comcast in this as somebody to push the price higher, maybe act as a sport boiler to some extent, be around if something were to split off? If you get some piece of it like they did with Fox and Disney when they were doing that deal and they wound up with Sky, I mean.

[Andrew Ross Sorkin]

The last piece of this is at 2350. Now that, this, now that the investor class knows what's on offer, how much pressure is brought to bear on the board of Warner Brothers to make a deal. And it goes to the piece I think that, that Joe was just referring to. You may want $30, but. And maybe you can get 25. But if you don't get 25, do you get only 12 and. Right. And that's, that's, that's a little bit of the math.

[Becky Quick]

Yeah.

[Andrew Ross Sorkin]

And then who else is really there? Is Amazon really there? I think they're kicking the tires in a big way. David Faber has referenced some potential interest maybe from Netflix. And Netflix, of course, has been publicly out there trying to say that they aren't interested. So I, and again, I don't know where the regulators would be on that.

[Joe Kernen]

Yeah, I don't know that Netflix shareholders necessarily want them to pay up a lot for content when they've kind of figured out the content wheel to this point. But it was lukewarm at best. The reception that they gave on their earnings call earlier this week. What was that two nights ago? All right. President Trump says that he will talk with ranchers about their beef price concerns. Speaking in the Oval Office yesterday, the President said prices are down throughout the United States States, but he singled out beef as becoming more expensive. He said his administration will work to lower prices. President Trump has been criticized by some ranchers for his proposal to import beef from Argentina as a potential fix for higher U.S. prices. In a truth social post earlier yesterday, the President claimed that cattle ranchers, in his words, don't understand that the only reason they are doing so well for the first time in decades is because, because I put tariffs on cattle coming.

[Andrew Ross Sorkin]

Into the United States and from real meat to fake meat. Shares of Beyond Meat ending yesterday about 1% lower. It had been moving all around. The stock was up more than 100% at one point in that session. Shares have been on a tear just in the last couple of days. Round Hill Investments adding the name to its meme stock etf. That appeared to help drive what was a short squeeze. Beyond Meat also announcing it's going to expand distribution at Walmart stores. So I don't know, I don't know where we all land on the meme stock phenomenon.

[Becky Quick]

I don't know where we are on the pea based meat either. You get a six, you get a six pack at Walmart.

[Joe Kernen]

Green peas.

[Andrew Ross Sorkin]

Oh, I thought you were talking about your six pack, Joe.

[Becky Quick]

I'm working on that. Sorkin. I looked up pushups every day. I looked up some stuff about push ups. You should look on AI for someone my age to do, to do that. It says not only unusual, you are extraordinary.

[Andrew Ross Sorkin]

I know.

[Becky Quick]

It says extraordinary 250, 155 in eight minutes. I mean it's not, I don't know. You don't. But you know, I figure maybe I won't die if I keep doing that, you know, ever. Like Jack, when Jack LaLanne, like he did die though, finally, but he was like 93, just doing, you know, headstand push ups and I mean it's better than not doing it, Andrew. Right. And it gets your, your blood going and your endorphins go up.

[Andrew Ross Sorkin]

It's good.

[Becky Quick]

It is, it is.

[Joe Kernen]

How did we get here?

[Becky Quick]

I don't know. Coming up, New York City. Because if Sliwa gives me any grief, he's in trouble.

[Andrew Ross Sorkin]

Where is your beret? Where's your beret?

[Becky Quick]

My beret walked away. Renee.

[Curtis Sliwa]

Tease will be next.

[Katie Kramer]

That's right. Coming up next, next on Squawkpot is New York City's Republican mayoral candidate, activist and founder of the Subway Safety Brigade, the Guardian Angels. Curtis Sliwa joins us fresh off the final campaign debate.

[Curtis Sliwa]

Last night I was the only one saying we need to cut corporate taxes. We gotta cut the income tax. The one tax that I can cut as mayor without any interference is the property tax, which is up to 20%.

[Katie Kramer]

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[Podcast Sponsor Announcer]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update where Wherever you get your podcasts, busy work weeks.

[Katie Kramer]

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[Andrew Ross Sorkin]

Good evening.

[Ro Khanna]

Welcome to the final general election debate in the race for mayor of New York City.

[Moderator / Debate Host]

The candidates joining us tonight have met.

[Joe Kernen]

A fundraising threshold established by the Campaign Finance Board.

[Moderator / Debate Host]

The seat is currently held by Eric.

[Joe Kernen]

Adams, who has decided not to run for re election in alphabetical order. Andrew Cuomo is a former governor of New York running on an independent line. Zahran Mamdani is the Democratic nominee representing parts of Queens in the State assembly since 2021.

[Moderator / Debate Host]

And Curtis Sliwa is the Republican nominee.

[Joe Kernen]

And the founder of the Guardian Angels.

[Andrew Ross Sorkin]

Stand by, Joe.

[Curtis Sliwa]

Here's Mike.

[Joe Kernen]

Q.

[Becky Quick]

New York City's mayoral candidates faced off last night in their final debate before the election on November 4th.

[Moderator / Debate Host]

I know that we desperately need to build more housing in this city, and I also know that the jobs we create in the building of that housing should be good jobs as well.

[Curtis Sliwa]

What a political answer. What is your opinion? Zoron, yes or no? Come on, yes or no? What is your opinion?

[Andrew Ross Sorkin]

Yes or no?

[Becky Quick]

Zoron True.

[Curtis Sliwa]

I can be a politician Here, I got it.

[Becky Quick]

They're pointing out what I was about.

[Ro Khanna]

To answer the question.

[Moderator / Debate Host]

I think on the stage you can see two people appealing for the Republican Party's votes.

[Ro Khanna]

Answer the question for once. My question to you was, do you support the three ballot amendment questions?

[Moderator / Debate Host]

I have not yet taken a position.

[Ro Khanna]

On those ballot amendments.

[Becky Quick]

What a shocker. What a shocker. Rope it O. Joining us, Curtis Lewa, Republican candidate, deaf for New York City Mayor you remember Ali Rope? Rope. He won that fight. I don't know if this guy has to do anything. And I'm not. People want you to drop out. I'm not blaming you if the other candidates are bad or if New York voters are. I'm not going to disparage New York voters. But if he's got the mondaw, he has them under a spell because of affordability. I don't know what.

[Curtis Sliwa]

Well, how did we get here? The Democrats allowed the socialists into their house. Bernie Sanders has never been a Democrat. Hillary said, but I need a challenger. You know, I don't want a coronation. Strike one, strike two, aoc. Nobody knew her. Joe Crowley would have been the potential speaker of the House now, having replaced Pelosi. He didn't even run a race. And Andrew Cuomo, 40 percentage points ahead of Zohan Mandami at the beginning of the Democratic primary, wiped out by 13 points. No, no, no. The Democrats have sacrificed their party to the Socialists. I'm the only Republican. Last night, I was the only one saying, we need to cut corporate taxes. We got to cut the income tax. The one tax that I can cut as mayor without any interference is the property tax, which is up to 20%. People used to say, oh, better to live in New York City because if you live in Nassau County, Suffolk or Westchester or New South Jersey, tremendous property tax which supports their school system. Here our property tax is the same and it doesn't go to our school system. So if you don't slash the taxes, corporations which are already fleeing en masse, just have another reason to leave. And then we have a bloated budget, $116 billion budget in the city, which is more than the total budget for the state of Florida in Tallahassee. And you say, well, where's the money going? Especially the Department of Education. $40 billion. Each student requires $41,000. And what do we get as a result? Fourth graders, two thirds can't read, write or do arithmetic at grade level. One third of the children don't even go to school. We have 100,000 less students. And it's the UFT, the union that runs the Department of Education, not the mayor. And it's again, Democrats who've let them run amok. We are on the way to a fiscal crisis that may require the re upping of the old Financial Control Board because these Democrats just spend, spend, spend, and they have no limit on their spending and there's not enough money there.

[Becky Quick]

I had a conversation with you earlier and I mentioned to you, you're unlike being a single vote. You could probably deliver with your voters hundreds of thousands of votes, probably to Cuomo. You might be able, even though Trump and others say it's a lost cause at this point. But it is possible that you getting out could, could help Cuomo and you love this city. That's what people keep asking you.

[Andrew Ross Sorkin]

Do you see that?

[Becky Quick]

But you told me at this point, why not? Why can't you be married? Do you really see. Do you see a path to. You do see a path to you, but nothing indicates.

[Curtis Sliwa]

Yeah, well, wait a second. Who supports me? Rudy Giuliani, George Pataki, or the chairman of the, of the Republican Party, the state leader, Ed Cox? Why would I drop out of a race? And you're assuming Republicans are going to vote for Cuomo, you're on the ballot.

[Becky Quick]

So they're going to go right down the ballot.

[Curtis Sliwa]

I can't even find Cuomo on this ballot. By the way, Cuomo is responsible for the crime crisis. No cash bag, jail raise, the age that had my son on the ground being almost kicked to death by gang members. And you know what? They got a slap on the wrist and released by family court. And he wants to close the jails. So we already have a crime crisis.

[Becky Quick]

I'm going to let Andrew, because this is not my problem. I have my own problems in New Jersey. I have candidates. You know, you can't believe these ads that they run flat out lies that one candidate is running for the other. Andrew, have Adam Curtis.

[Curtis Sliwa]

I'm a New Yorker.

[Andrew Ross Sorkin]

Curtis. I'm in D.C. today, but I'm a New Yorker. I love New York more than anything. And there's a lot of things that you and I agree on. The thing that I'm trying to figure out right now, though, is it appears the math is not ultimately on your side. And so I can't figure out beyond sort of the, not just the pride piece of it and the fact that you're a Republican. And I get all of that. But here we are in this sort of what you described as this critical moment for the city, the future of the city. And if you actually believe that Zora Mandami is the threat that you've described, I mean, perhaps you don't think that, and maybe you think that Cuomo is just a bigger threat, but if, in fact, this is this sort of, you know, inflection point in the city, I just can't understand. Do you think that there's any chance mathematically that. That. That you win?

[Curtis Sliwa]

Absolutely. Absolutely. And let me Tell you something. The billionaires have been wrong about this election from day one. They give me vertical. First they were with Cuomo, then they ran over to Eric Adams. Oh, how did that work out? He's one and done. He belongs in jail. He's the reason that there is a Zorhan Mandami, because if he had done a halfway decent job, he would have been the incumbent Democrats Democratic mayor. It would have been round two because I ran against him the last time in 2021 and I warned everybody he would be corrupt and it would be chaos and it would be Sliwa versus Adams. Adams failed. Cuomo failed. That's how you have Azor. Ah, Mandami. So please, I'm here in New York City. I was born in New York City. They tried to kill me in New York City. I will die in New York City. I will be buried in New York City. I know what's in the best interests of New York City. I'm not dropping out because some billionaires have vertical. And by the way, they may know Wall street, they may know hedge funds. They don't know anything about the streets of New York City. And by the way, they've been wrong about politics every time the bulls are wrong.

[Becky Quick]

Excuse me, do you think the polls.

[Curtis Sliwa]

Well, did the polls say that Andrew Cuomo would win by 40 points over Zoran Mount? Dummy. What about when Donald Trump was attempting to rerun for office all the New York Post headlines, every oh, drop out Donald, make way for Ron DeSantis. How did that work out?

[Andrew Ross Sorkin]

Curtis, let me ask you one other question. You mentioned the billionaires and we had one of them actually on our air earlier in the week, Bill Ackman. And I don't know if you saw he took to Twitter yesterday or to X and he made an allegation. I just wanted to you to speak to it about why he believes you're not dropping out. He says that the City has an 8 to 1 matching program for New York City donors. And SLIWA got 5 million of matching funds from the city through his campaign. He says, according to my source. You saw he put this out publicly yesterday. Sliwa's wife, friends and others are on the campaign payroll and he and they are enjoying living off the city's taxpayers who are funding his race lifestyle. He doesn't want to end his campaign and and have to return the funds. And then he says, if I'm wrong, please tell me so Curtis, as he says, please correct the record if I got anything wrong. So I wanted to ask you the question directly.

[Curtis Sliwa]

Bill Ackman has been wrong every step of the way about this race. And naturally he wants me out of the race, so he makes this. These charges against me. Yes, there are matching funds, and I've raised more money than Andrew Cuomo in matching funds from New York City donors. So Bill Ackman, keep wasting your millions. Give it to Andrew Cuomo. You gave it to Eric Adams. You haven't been right about anything here. This is a guy who's had a midlife crisis, who goes up to Newport, Rhode island, and thinks he's a tennis pro, and he gets booed off the court. Well, guess what, Ackman, you're getting booed out of the political court. Stay in your lane. Focus on Wall street, street, your hedge funds, and let the people decide who the next mayor is. That's what our democracy is. I know Curtis was taught in school that all of a sudden the billionaires get to choose the next mayor. It's not happening.

[Andrew Ross Sorkin]

That's a fair point, Curtis, but I just want to. Just to speak to the. To the allegation, or at least the contention itself, is your wife or other family members on the payroll of the campaign?

[Curtis Sliwa]

My sister does public relations, which has been her career. Is there something wrong with that?

[Andrew Ross Sorkin]

But. And that's. That's the extent of it.

[Curtis Sliwa]

That's it. So Bill Ackman can again make these charges, and Bill Ackman can again be wrong about who's going to be mayor of the city of New York. And Bill Ackman, if he wants to flee New York City because he lives in Chappaqua, I might add, one of the wealthiest suburbs in America. I live here in the city. I ride the subways every day. I work. I represent the working class people.

[Andrew Ross Sorkin]

I completely hear you. Just want one point of fact, because I heard you say that about Bill Ackman and Chappaqua. I do not believe that he lives in Chappaqua. I believe he's a resident of Manhattan and pays taxes to the city.

[Curtis Sliwa]

No, no, that's. His primary residence is Chappaqua. And by the way, all of these billionaires, they fled to the Hamptons. That's where Andrew Cuomo was. Instead of campaigning, he's been off the campaign trail for 10 days. So maybe Bill Ackman should give some advice to Cuomo. Like, hey, drink a few Red Bulls, get back in the campaign, try to get your voters out and let the people decide. That's what democracy is about. Not billionaires picking the next mayor, not insiders. Democracy is about the people. And that's the way I was brought up in a blue collar, working class household. I'm a proud Republican and I'm going to go out there and get repeated Republican, conservative, independent votes, moderate Democrats and a brand new party that was created by my wife. Protect animals, no kill shelters, animal abusers, go to jail and let the people decide by November 4th. Not the billionaires who've been wrong every step of the way and helped created this pathway for Zoran Mandami that nobody knew a year ago.

[Becky Quick]

We got to run. I would ask you, if it doesn't work out, what kind of city you see, I, you know, I got grief for saying it's going to be like Gotham in one of the Batman movies where all the, you know, the East River's frozen and the billionaires are being, you know, well, look, head out there. Either fall through the ice or you.

[Curtis Sliwa]

Take, you have congestion pricing here. Look at all the empty storefronts. Yeah, there are empty storefronts throughout New York City. It's going to look like Kurt Russell's sequel, Escape from New York City. But who is the author of congestion Pricing? Andrew Cuomo. Tax and spend. Democrats from the cradle to the grave. If you elect Democrats, you will continue the flight of capital.

[Becky Quick]

The other equity, the other quote from the, from the movie. Curtis, you don't get the, you don't get the leader you need. You get the leader you deserve.

[Curtis Sliwa]

Taxes, corporate taxes, income taxes, property taxes. That's how you get New York City back on track. Like Rudy Giuliani did in the city and George Pataki did in the state. And next year at least. Stefanic.

[Becky Quick]

Maybe this will do it, Curtis, Maybe being on Squawk Box will do it for you. You should have been on six months ago. Maybe. Thank you for being with us.

[Curtis Sliwa]

Anytime.

[Katie Kramer]

Next on Squawk Paw, the government shut down showdown with Democratic Representative Ro Khanna.

[Ro Khanna]

I'd vote in a bipartisan way for both Paying the troops, paying essential federal.

[Becky Quick]

You're only one guy. You think, you think.

[Ro Khanna]

No, I think we'd get, I think you'd get bipartisan support for paying folks.

[Katie Kramer]

How this shutdown could end and how we avoid more of them right after this.

[Podcast Sponsor Announcer]

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[Ro Khanna]

Squawk Pod up and Andrew Q.

[Andrew Ross Sorkin]

You're watching Squawk Box on CNBC. I'm Andrew Sorkin right here in Washington, D.C. along with Joe Kernan and Becky Quick. We got a lot going on this morning.

[Joe Kernen]

It's day 23 of the government shutdown. It's the second longest in U.S. history. And joining us right now for the latest is Congressman Ro of California, whose district is in the heart of Silicon Valley. Ro, thank you for coming in.

[Becky Quick]

Turn into the on camera Ro Khanna now, we just had a long conversation off camera. We agreed on what we probably should do, which is the way we always do it.

[Ro Khanna]

Well, what we should do, first of all, we may not agree on this point. But why? Why can't we get an exception to the filibuster to keep government.

[Becky Quick]

I told you why.

[Curtis Sliwa]

Why?

[Becky Quick]

Because if you do it now with Republicans and the Democrats have the chance, next time they're able to do it, they'll do it for the worst thing in the world. I would never said but I'm saying.

[Ro Khanna]

Just to keep government open. I mean we have just vote for.

[Becky Quick]

Why didn't you get a couple of normal senators just to vote for it?

[Joe Kernen]

Why don't we get to the point where nobody can shut down the government? Because I think shutting down the government has been a pretty terrible situation.

[Becky Quick]

I agree with that.

[Ro Khanna]

Who's used it over And Johnson had a proposal of funding which I think it makes sense. But just tell them to open up Congress. At least we can vote on paying the troops. At least we can vote to keep paying essential employees.

[Joe Kernen]

People vote for those.

[Ro Khanna]

I would. I'd vote in a bipartisan way for both paying the troops, paying essential federal Only one guy.

[Becky Quick]

You think, you think I think we'd get.

[Ro Khanna]

I think you'd get bipartisan support for paying folks and you'd look like a jerk.

[Joe Kernen]

Anybody who didn't vote for that would look like an absolute.

[Ro Khanna]

And look, the speaker is a person of faith. We came into Congress together. Just tell them to open it up for that we'd get at least we'd get that funding passed.

[Becky Quick]

I started.

[Joe Kernen]

Why do you think he hasn't done that?

[Ro Khanna]

Well, he's going to disagree with this, but my view is on the Epstein files. I mean he hasn't sworn in Adelaide to Grihalva. He doesn't want to vote on Nancy.

[Andrew Ross Sorkin]

And that would be the vote that.

[Becky Quick]

Would release the Epstein files. When you walked in, I said first, no one knows Gomer Paul. For shame. For shame. For shame, sergeant. For shutting down the government. But then we also agreed that these health care costs and these premiums are so out of control because of Obamacare. I'm not saying we should have Medicare for All. I'm not saying single payer.

[Ro Khanna]

We're getting there though.

[Becky Quick]

If you make 80 grand, you can make news. Where was that 80 grand?

[Joe Kernen]

I think it was in Oregon.

[Becky Quick]

20 grand. The premiums are going up. That's, that's not. But well, that's not because of the expiration, expiration of the pandemic era subsidies. That's just because this, this behemoth costs too much and it's the Unaffordable Care Act. I don't know what the answer is. Maybe health savings Accounts or something.

[Ro Khanna]

And it's.

[Becky Quick]

But you shouldn't be shutting the government but should not be, you know that.

[Ro Khanna]

We can, we can at least get people paid. If you can get a deal with about. But look, the productivity hasn't gone up in the health care sector.

[Becky Quick]

Sector.

[Ro Khanna]

Right. There are other places manufacturing technology where we're actually bringing down cost in industry. And one of the reasons is there's a deadweight cost on these private insurance companies. They made $171 billion of profits. If we had Medicare for All, if we extended that it would help private business, it would lower health.

[Becky Quick]

If you opened up, you know, states to have competition, there's a way to do it with the private sector and not go to what everyone else has gone to, which, which also doesn't really provide the care you want and look at better outcomes.

[Ro Khanna]

You still have private doctors, you still have private hospitals, private nurses. You're just saying that what people have on Medicare from 65, you extend it.

[Joe Kernen]

But, but what that gets to the point where you're basically rationing health care and saying we will only pay so much for certain things. And that's, that's what we've gotten to with Medicare?

[Ro Khanna]

Well, I don't, I mean I don't think Medicare is rationing more. More than the private industry. I mean you are on private insurance. That's where you get rationed. You have to get your pre authorization. You get things denied. Medicare actually doesn't do you break with.

[Becky Quick]

The party and say this is wrong, that you're, you know, really holding the government hostage to getting what they want. And it wasn't just the 340 million billion that they want for the subsidies. They got a bunch of other stuff that they want for the. That raises it to a trillion and a half dollars. Will you say that this shouldn't. Neither party should be shutting the government to blackmail and hold the other party hostage.

[Ro Khanna]

I agree. It's not that both parties don't.

[Becky Quick]

Both. Only one is shutting it down.

[Ro Khanna]

That's not true. You know that. Come on.

[Becky Quick]

Since when do you do you try to do an appropriations at the same time that you just have a CR to keep the government. You don't do appropriations at that.

[Ro Khanna]

But you have a situation where the climate clean. First of all, Republicans have the votes in the Senate and the House. They could do this on an exception. They confirmed Trump's appointees.

[Becky Quick]

You just confirmed.

[Ro Khanna]

Yeah, you want to.

[Becky Quick]

But secondly, that's a Trojan horse for.

[Ro Khanna]

Democrats and this is not a political point. They're giving 31 billion or 30 to 40 billion to the guy in Argentina. 30 to 40 billion dollars would fund the extension of the affordable tax credits for one year for all Americans.

[Becky Quick]

You saw, you saw that. To Hakeem Jeffries. To Leader Jeffries.

[Ro Khanna]

And you know who's not on Lawler's bill? Speaker Johnson. See if you could get Speaker Johnson to agree to.

[Becky Quick]

Neither one of them are on it.

[Ro Khanna]

He can't convince.

[Becky Quick]

What would it do if we. If, if we decided to do it for next. For an extra year or to kick the can down the road. But you think you could get.

[Joe Kernen]

I don't even know that it would matter if you're talking about these premiums that are going up by that you.

[Ro Khanna]

Told me I didn't even know that. $20,000 increase approval for a work.

[Becky Quick]

This is. I saw it. I mean haven't confirmed it, but it was on something I saw in. Where was it? Vermont. 130. Someone making 130,000. It's like $32,000.

[Ro Khanna]

It's crazy. You know who's making. But it's not the side of the aisle. Yeah, but it's not his market.

[Becky Quick]

Doesn't mean it's Right. That we just extend it. That's just putting. That's not putting a band aid on it. That's like opening up the wound.

[Joe Kernen]

The actual fixes that would lower health care costs short of going straight to Medicaid or Medicare for All.

[Ro Khanna]

I mean, one is going after Medicare Advantage, right? I mean, this is actual fraud where Medicare Advantage is having people sicker than they are and our taxpayer dollars are paying for it. Both parties finding.

[Becky Quick]

Finding things that, like, let's test for this. Oh, it turns out you didn't even know you had it. And then that's second.

[Ro Khanna]

One of the things I've supported with President Trump, I think we should have a vote on it, is his executive order going after Big Pharma. Why are Americans paying two to three times more than countries. People in other parts of the world.

[Joe Kernen]

In developed parts of the world, too.

[Ro Khanna]

In developed parts of the world, in Germany, in Japan. So let's put his executive order for a vote in Congress. You take on Medicare Advantage, you take on Big Pharma, and then the facility fees. Why is it that you go for an MRI at a doctor's office, then you go to the same MRI at a hospital and it's about 300%.

[Joe Kernen]

Yeah. It's the transparency issues. You should be able to shop around for health care the same way you can shop for anything else. And that. We still have not gotten to that. And by the way, those were things President Obama was talking about before the Affordable Care Act. I don't understand why we haven't gotten to better transparency issues.

[Ro Khanna]

On one of the people who's making sense, I think on your side, Joe, is Marjorie Taylor Greene. She's saying, look.

[Becky Quick]

Oh, my God.

[Ro Khanna]

She's saying, look, grocery price.

[Becky Quick]

Did you ever think you'd say those words in a sense, sentence?

[Ro Khanna]

I can't believe I've seen her on top.

[Becky Quick]

Are you ready to endorse Mom?

[Ro Khanna]

Donnie, I've endorsed Monday. We could get it.

[Becky Quick]

You already did. Oh, that's great.

[Ro Khanna]

I'm a capitalist.

[Becky Quick]

I like Silicon Pro Growth of a program.

[Ro Khanna]

Progressive.

[AT&T Business Announcer]

Pro Growth.

[Ro Khanna]

Progressive.

[Becky Quick]

That's an oxymoron, though. It is.

[Andrew Ross Sorkin]

Yes.

[Ro Khanna]

He said, look, food prices are too high. Grocery prices are high. Rent is high, insurance is high.

[Joe Kernen]

Everybody agrees with that. It's how you bring those prices down.

[Curtis Sliwa]

Here's what.

[Ro Khanna]

Here's what my push is. Look, I'm for Medicare for All. She. I'm not sure she is. But why can't we get bipartisan legislation to lower the costs of health?

[Joe Kernen]

Because nobody can agree on how you.

[Becky Quick]

Lower the can even open the government.

[Ro Khanna]

I don't even think it's, I think it's the pharmaceutical influence. The insurance and pharmaceuticals will tell you.

[Joe Kernen]

It's the pharmacy benefits managers, the pharmacy benefits managers will tell you. It's the hospitals that are now being taken over by for profit companies. I mean everybody points to somebody else and the finger pointing gets really complicated. It's such a complex system. You have some of the best brains who have tried to tackle this for decades at this point and have not been able to make this happen.

[Ro Khanna]

Fair enough.

[Joe Kernen]

How do we do this and get the government open and stop hurting people who are suffering as a result of the government being closed?

[Ro Khanna]

Well, two things. First, why don't we start with what Donald Trump has proposed. He has an executive order to lower pharma prices. I introduced his exact executive order. Just do the exact executive order in Congress. We can't get a vote on it and the pharma knows that. The executive order won't have you the.

[Joe Kernen]

Exact since the shutdown.

[Ro Khanna]

No, I introduced it before the shutdown. But let's get a vote on Trump's executive order. But you know why we don't? Because a big pharma is influence. A big pharma knows the executive order won't hold in court. The second point is yes, we need fundamental a reform on health care. But right now, to Joe's point, people's premium is going to go up 20, 30,000. Why not just get some relief so that premium doesn't go up starting November 1st.

[Joe Kernen]

But the government, the government is the, is the people. Taxpayer dollar is going to fund all of these things. You've got to find a way to get at the root cause.

[Ro Khanna]

Yeah, but, but we're giving money to the guy in Argentina row.

[Becky Quick]

If you hadn't shut down the government three weeks ago, you could have been inappropriate meeting, negotiating, talking about how to do exactly what you want to do.

[Ro Khanna]

Shut down the place. We haven't been to work for a while.

[Becky Quick]

I can't endorse Mom, Donnie. I don't even think I can.

[Ro Khanna]

Have you had him on?

[Becky Quick]

We're trying to get him invited him.

[Ro Khanna]

He should come on, he should come on. I mean, are you buddies?

[Joe Kernen]

Go ahead.

[Ro Khanna]

I know him. I mean, yeah, he should come on. He's going to be mayor. You know he's going to be mayor.

[Becky Quick]

I, I, no, I think Curtis Levi, he sold me this morning.

[Andrew Ross Sorkin]

You know I'm in Washington today. I'm working. I know you guys aren't, but I'm glad you're There. Can you help us get, can you get, can you get Zoron on the show? Do you talk to him seriously?

[Ro Khanna]

I do. I'm doing. You guys are welcome to come. I'm doing an event with him November 1st. Joe's going to, maybe Joe will come in to the rally. I'll talk to him on November 1st.

[Becky Quick]

Where?

[Joe Kernen]

Here in New York.

[Ro Khanna]

Here in New York.

[Andrew Ross Sorkin]

So I want to.

[Joe Kernen]

Actually, it's a date.

[Andrew Ross Sorkin]

Ro. I want to know from you, though, what, because we've been having this discussion about the mayor. Why are you, you're supporting him, it sounds like over Cuomo. Correct, Correct. And why is that? Just so I, just so we know.

[Ro Khanna]

I think one, we need a new generation of leadership. I mean, does anyone think that we need recycled politicians from the 90s? I think we need a new generation.

[Becky Quick]

Instead of AOC and yes, I do. Instead of Mandani and AOC. Yes, I think we. I'd rather have a corpse boomer. Give me a boomer.

[Moderator / Debate Host]

We need a.

[Ro Khanna]

You need a new generation.

[Becky Quick]

He's a dead boomer.

[Ro Khanna]

Secondly, he's talking to, you know, why he's winning is on affordability, saying the.

[Becky Quick]

Food prices, he's proposing the ratings that will make things worse, child care prices.

[Ro Khanna]

And the fundamental.

[Becky Quick]

Is a communist, basically.

[Curtis Sliwa]

Trump's right.

[Andrew Ross Sorkin]

He basically, no, he's not.

[Ro Khanna]

And this idea that there's going to be capital flight out of New York City or is going to happen. Come on, where are they going to go put their money in China, in France? Where's the growth rate there now in Miami?

[Andrew Ross Sorkin]

Fundamental, Congressman, where are they going to go? They're going to go to Miami. They're going to go to Austin, Texas. That's the question.

[Ro Khanna]

You know, Austin things they keep talking about Austin, Texas, my district, Silicon Valley, has 37 times the venture capital of Austin, Texas. New York has enormous amount of finance compared to Austin, Texas. The reality is.

[Andrew Ross Sorkin]

Let me ask you this, Congressman. Do you, do you genuinely. I, by the way, I agree with you that he's, he's clearly a fabulous politician and clearly has, you know, tapped into this idea of affordability. The question is, do you believe you personally? Because we know you now and we've talked about lots of sensible things you've talked about. Do you believe that the solutions that he's proposing, things like rent control, do you believe that that's actually going to lower the price of real estate and make it more affordable in New York? I think you would, you and I would probably both agree that rent control, rather than trying to increase the supply of housing by changing regulations and permitting and all of those things. That. That is ultimately the right answer. Correct.

[Ro Khanna]

He's for building more housing. So my understanding is he has a double approach. There are already apartments in New York that he as mayor can have a rent freeze. Blasio did that for three years. But he's also.

[Andrew Ross Sorkin]

Congressman, we saw what happened when de Blasio did that. We actually had less development in the city, by the way. We've run this experiment. We've seen what happens. And the reason I mention this because I think you're one of the most reasonable people I know. When people see that there's a mayor trying to control the rent prices in the city, what happens? The developers say to themselves, well, oh goodness, should we be investing here? Because if we do, the math is going to change. And the math changes because you say to yourself, well, they might try to control the rent of future rents. And therefore this, the bar that we need to clear is much higher.

[Curtis Sliwa]

You agree?

[Andrew Ross Sorkin]

Just that that's the math. That's the psychology of how people invest in real estate.

[Becky Quick]

Sure.

[Ro Khanna]

I think, look, I think President Biden actually thread the needle. What he said was stop Wall street private equity for buying single family homes, have rent caps which aren't going higher than inflation, but don't exempt new construction on it and then a double construction of housing in this country and do the abundance agenda. And to me, you have to have some immediate relief because people's rent is too high. But you need to couple that with doubling actually housing construction. I mean, that's that. That was a reasonable proposal. He said let's cap the rent, not higher than inflation.

[Joe Kernen]

Congressman, kind of. Thank you for joining us.

[Katie Kramer]

That is the POD for today. Thank you for listening. Squawk Box is hosted by Joe Kernan, Becky Quick and Andrew Ross Sorkin. Tune in weekday mornings on CNBC at 6 Eastern to get the smartest takes and analysis from our TV show right into your ears. Please follow Squawk Pod wherever you get your podcasts. Have a great day. We'll meet you right back here tomorrow.

[Andrew Ross Sorkin]

We are clear. Thanks, guys.

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