Bill Ackman: Mamdani’s Policies Are Going to Destroy the City

SORKIN What are the ░░░░░░░░ for you Is it ░░░░░░░░ capitalism Is it about ░░░░░░░░ in the city Is ░░░░░░░░ about anti Semitism I ░░░░░░░░ give me give me ░░░░░░░░ list but in the ░░░░░░░░ priority because I think ░░░░░░░░ s a lot of ░░░░░░░░ who think that maybe ░░░░░░░░ re in this because ░░░░░░░░ don t want your ░░░░░░░░ raised ACKMAN Okay So ░░░░░░░░ one I love New ░░░░░░░░ I love New York ░░░░░░░░ It s been very ░░░░░░░░ to me I care ░░░░░░░░ this place It s ░░░░░░░░ of the greatest cities ░░░░░░░░ the world But it ░░░░░░░░ issues Okay where is ░░░░░░░░ right He s right ░░░░░░░░ we have an affordability ░░░░░░░░ here Okay Why do ░░░░░░░░ have an affordability issue ░░░░░░░░ New York Rent is ░░░░░░░░ high right Utility costs ░░░░░░░░ too high Why is ░░░░░░░░ right The answer is ░░░░░░░░ of the policies that ░░░░░░░░ wants to make worse ░░░░░░░░ Real estate developers would ░░░░░░░░ to build more apartments ░░░░░░░░ New York There s ░░░░░░░░ demand right Economics if ░░░░░░░░ increase there are not ░░░░░░░░ supply to meet the ░░░░░░░░ so what happens is ░░░░░░░░ go up right Why ░░░░░░░░ that Because we make ░░░░░░░░ one extremely difficult to ░░░░░░░░ in New York all ░░░░░░░░ of regulatory other not ░░░░░░░░ my backyard protests things ░░░░░░░░ drive up costs that ░░░░░░░░ it uneconomic to build ░░░░░░░░ housing Then there s ░░░░░░░░ regulation right If you ░░░░░░░░ telling people we re ░░░░░░░░ to freeze rents well ░░░░░░░░ one you can only ░░░░░░░░ rents on a million ░░░░░░░░ apartments not the other ░░░░░░░░ of the housing stock ░░░░░░░░ the other 75 of ░░░░░░░░ housing stock We ve ░░░░░░░░ 50 000 apartments that ░░░░░░░░ vacant because the owner ░░░░░░░░ t economically afford to ░░░░░░░░ them because they can ░░░░░░░░ earn a return on ░░░░░░░░ incremental capital they put ░░░░░░░░ If you look at ░░░░░░░░ like Argentina which deregulated ░░░░░░░░ know rent control rent ░░░░░░░░ come down because supply ░░░░░░░░ back into the market ░░░░░░░░ supply comes in immediately ░░░░░░░░ that are being held ░░░░░░░░ and then developers start ░░░░░░░░ What you want in ░░░░░░░░ York is you want ░░░░░░░░ everywhere building apartments and ░░░░░░░░ s going to drive ░░░░░░░░ that s going to ░░░░░░░░ rents from growing at ░░░░░░░░ rate in excess of ░░░░░░░░ So affordability is a ░░░░░░░░ Why are electricity costs ░░░░░░░░ high Because of Green ░░░░░░░░ Deal because of people ░░░░░░░░ power line because of ░░░░░░░░ you know shutting down ░░░░░░░░ know natural gas nuclear ░░░░░░░░ plants and that has ░░░░░░░░ the cost we re ░░░░░░░░ to have all this ░░░░░░░░ have all this demand ░░░░░░░░ AI of course for ░░░░░░░░ That s made it ░░░░░░░░ expensive for people So ░░░░░░░░ s right on affordability ░░░░░░░░ his policies are wrong ░░░░░░░░ that s that s ░░░░░░░░ important issue Another important ░░░░░░░░ is public safety right ░░░░░░░░ mayor actually probably has ░░░░░░░░ impact on public safety ░░░░░░░░ s probably the most ░░░░░░░░ issue for many for ░░░░░░░░ New Yorkers And if ░░░░░░░░ has a hostile relationship ░░░░░░░░ the police department okay ░░░░░░░░ already are reading stories ░░░░░░░░ people retiring in advance ░░░░░░░░ Mamdani being mayor You ░░░░░░░░ he s you know ░░░░░░░░ you look at what ░░░░░░░░ said prior to the ░░░░░░░░ few months of running ░░░░░░░░ mayor he was a ░░░░░░░░ the police the police ░░░░░░░░ wicked the police are ░░░░░░░░ You know these are ░░░░░░░░ words his tweets you ░░░░░░░░ it s sort of ░░░░░░░░ the record That s ░░░░░░░░ a guy who s ░░░░░░░░ to be able to ░░░░░░░░ the police He s ░░░░░░░░ about you know shutting ░░░░░░░░ Rikers right You know ░░░░░░░░ s so I would ░░░░░░░░ affordability safety his policies ░░░░░░░░ wrong He s accurate ░░░░░░░░ identifying the problems with ░░░░░░░░ city but his policies ░░░░░░░░ going to destroy the ░░░░░░░░