Mayor Eric Adams on the Future of New York City

Incumbent NYC Mayor Eric Adams didn't run in the Democratic primary. But he'll be on the ballot in November, running as an independent against Zohran Mamdani and probably a couple of other candidates as well. So what is his vision for addressing affordability? What can the Mayor do about crime, trash, and other quality of life issues. On this episode, we're joined by Eric Adams to talk about the city's future and his plan for securing re-election. Read more:Ex-NYPD Commissioner Sues Adams Over ‘Systemic Corruption’Adams’ Fundraising Doubles Mamdani’s Since Shock NYC Primary Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Speaker 00

  Finance is increasingly being built on digital rails. But as the adoption of virtual assets, tokenization and stable coins grows, can regulation not only keep pace but help accelerate it? Find out more later in the podcast.

• 0:16Speaker 01

  This is the Bloomberg Tech Minute brought to you by ChatGPT. I'm Carol Muster. Getting hired at SpaceX requires exceptional ability and may include having Elon Musk review a candidate's resume. So writes Bloomberg Business Week's Lauren Grush. She reports that the company culture is defined by Musk and job candidates must understand that a commitment to SpaceX means adhering to this culture and exhibiting loyalty to Elon Musk. To get hired, candidates must demonstrate their achievements from past jobs and hands-on experience matters more to recruiters than advanced degrees, with the company looking for people with raw innate intelligence. A spokesperson for SpaceX didn't respond to a request for comment on its recruiting and hiring practices.

• 0:59Speaker 01

  But according to recruiters, advisors and those who've interviewed for jobs there, it's the space exploration dream that draws people to the company. And Musk invokes that dream regularly to remind workers why they're there. Prospective hires are told that the job will require stamina, including in job ads that candidates quote, "must be willing to work extended hours and weekends as needed." One major perk for all that hard work? Employees' access to equity, either the right to buy shares or payment in the form of restricted stock units that vest over time. That's the Bloomberg Tech Minute brought to you by ChatGPT. Get started at chatgpt.com.

• 1:39Speaker 02

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• 2:14Speaker 03

  Bloomberg Audio Studios, podcasts, radio, news.

• 2:30Joe Weisenthal?

  Hello and welcome to another episode of the Odd Lots Podcast. I'm Joe Weisenthal.

• 2:34Tracy Alloway?

  And I'm Tracy Alloway.

• 2:35Joe Weisenthal?

  Tracy, we have a special episode of the podcast today, which needs very little introduction, but we are speaking to the mayor.

• 2:42Tracy Alloway?

  I love our transition to local city reporters.

• 2:45Joe 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.

• 2:51Speaker 06

  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.

• 2:58Joe 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 much 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 4 a.m. liquor licenses, et cetera. You're a man who appreciates nightlife and partying. What happened? Why don't people party as much as they used to?

• 3:23Speaker 06

  Great question. And first of all, is why do I appreciate the nightlife?

• 3:27Joe Weisenthal?

  Yeah.

• 3:28Speaker 06

  It's a $30 billion industry. And we viewed the city often as mayors, we viewed it as nine to five, 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, 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? New York, the city that never sleeps.

• 4:10Joe Weisenthal?

  There's no party crisis?

• 4:11Speaker 06

  No, it's not.

• 4:12Joe Weisenthal?

  Okay.

• 4:12Tracy Alloway?

  But it still shuts down earlier than it used to.

• 4:15Speaker 06

  No, it does. And, and... Part of the problem, I believe you have far too many people on Community Boys 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. Listen, you come to New York, you're gonna find your mate here because of the diversity of this great city.

• 4:43Tracy 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?

• 5:07Speaker 06

  Well, first, let's look at the fact that when you look at shovels in the ground and what we're proposing in our rezoning, including the most comprehensive housing reform in the history of the city. Sixty 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 in 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

• 5:51Speaker 06

  government walk away from NYCHA. NYCHA has the $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 Reis Houses, where we're going to tear down all 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 fifty nine community boards, ten of those fifty nine were building more affordable housing than forty nine combined.

• 6:34Speaker 06

  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, we want to build faster, we want to build more. Drive by Willis Point right now, twenty four hundred 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 build is actually going up in the same term. So our focus is building more and building everywhere.

• 7:10Joe Weisenthal?

  The first time I ever heard about controversy at the Elizabeth Street Garden was in twenty eighteen, I think. And then now it's twenty twenty five 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?

• 7:33Speaker 06

  Great question. And if you if you do an analysis over all the things that we've done, we've land. 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 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're able to land the plane on these difficult tasks. So what did we do when we brought in Randy Mastrow as the first deputy mayor? He was he looked at it, he says, how can we leverage this space? How could we walk away with a win?

• 8:13Speaker 06

  We did. Elizabeth Street Garden was going to do about a hundred and twenty five units of housing, a hundred and twenty units. We're going to get six hundred and twenty five units of housing and we got.

• 8:25Joe Weisenthal?

  Elsewhere after years of fighting about it.

• 8:27Speaker 06

  Yes, this is New York. Let's be clear about the city. Wherever you whatever you try to do, we got eight point five million people, we have thirty five million opinions. You're always going to have New Yorkers, no matter what you attempt to do, but how do we leverage the best for the city? So we took the concerns of Elizabeth Street Garden. People were concerned about that. They wanted to hold on to the garden. And I said, you got to give me a plan that I could deal with the number one crises 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.

• 9:08Tracy 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 groups 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?

• 9:28Speaker 06

  Yes, and you know, what we witnessed in the city, particularly in our elected officials, our elected officials on Monday, they say housing is right, but on Tuesday, they say not in my district. We don't want to hear. And if I walked away with anything in the last three years to 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 of, 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 an unbelievable pushback. When I talk about investing in the police department, when others were talking, defund

• 10:13Speaker 06

  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.

• 10:54Joe 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.

• 11:10Speaker 06

  Yes.

• 11:11Joe Weisenthal?

  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, it's 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 as New York City. Do we just all have to accept that the city has to be incredibly expensive?

• 11:32Speaker 06

  No, no, 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're breaking records. Year one, year two, and year three, we build more affordable housing in individual 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.

• 12:15Speaker 06

  Foster care children, 600, 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 cultures 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, 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 and NYCHA and other locales in the process. Reduce the cost of using our subway system for low-income New Yorkers.

• 12:59Speaker 06

  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 thirty billion dollars. 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 three billion dollar price tag. And if you're stating that the foundation of your plan is based on increasing taxes on high one percent earners, when in fact, you don't have the authority to do that. You know who has the authority? Assemblymen. 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?

• 13:42Speaker 06

  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, putting money back in the 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 broken class people? I'm blown away that he has hijacked the narrative of being a broken class mayor and putting money back in affordability issue when I've done it. That's my record is clear on putting money back in the pockets of broken class people.

• 14:21Tracy Alloway?

  Since we're talking about your opponent's policies of Zorin Mumdani, 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?

• 14:33Speaker 06

  Well, first, I would say that seventy percent 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 what 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. And 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 gonna kill the independent supermarket industries.

• 15:18Speaker 06

  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, spreading the wealth, if you want to use that classification, 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.

• 15:50Tracy 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?

• 16:01Speaker 06

  When you say it's too much, explain it to me more.

• 16:03Tracy Alloway?

  Like, is there a point at which the redistributive effects?

• 16:07Speaker 06

  Flips into socialism.

• 16:08Tracy Alloway?

  Yeah, flips into socialism.

• 16:10Speaker 06

  Well, I, 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 the 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 where people are slipping through the cracks. They're the ones, and their tax dollars are paying for our teachers and our firefighters and those who are on the low economic end.

• 16:51Speaker 06

  That perfect financial ecosystem is what makes a city like this great. So if your position is that particularly in an atmosphere where you now could run your organizations and entities outside the city, you can easily go to Connecticut, New Jersey, 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 to 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.

• 17:43Speaker 00

  What's next for virtual assets? I'm Jacob Rees, host of Economy Scale, a series exploring growth in key global sectors. And in this episode, we're diving into the digital forces shaping finance. Sean McHugh from Dubai-based Virtual Assets Regulatory Authority has this to say.

• 17:58Speaker 07

  We're seeing a lot of institutional players come in, digital asset dedicated hedge funds, high-frequency traders and that sort of thing, and folks who service institutional clients.

• 18:07Speaker 00

  As more capital enters the market, adaptive regulation is likely to become increasingly key. Reese Merrick of Ripple says.

• 18:15Speaker 08

  A lot of regulators globally would like to keep the industry at arm's length. That's the opposite here. I think also what you'll find is that regulation and frameworks can come out, but some of them are maybe a slight iteration on some 80-year-old policy and not actually in line with what the technology can do and offer. And again, that's very different in Dubai.

• 18:34Speaker 00

  Listen to the full episode wherever you get your podcasts. This series is brought to you by Bloomberg Media Studios and the Dubai Department of Economy and Tourism.

• 18:44Speaker 01

  This is the Bloomberg Tech Minute, brought to you by ChatGPT. I'm Carol Muster. Getting hired at SpaceX requires exceptional ability and may include having Elon Musk review a candidate's resume. So writes Bloomberg Businessweek's Lauren Grush. She reports that the company culture is defined by Musk and job candidates must understand that a commitment to SpaceX means adhering to this culture and exhibiting loyalty to Elon Musk. To get hired, candidates must demonstrate their achievements from past jobs and hands-on experience matters more to recruiters than advanced degrees, with the company looking for people with raw, innate intelligence. A spokesperson for SpaceX didn't respond to a request for comment on its recruiting

• 19:26Speaker 01

  and hiring practices, but according to recruiters, advisors and those who've interviewed for jobs there, it's the space exploration dream that draws people to the company. And Musk invokes that dream regularly to remind workers why they're there. Prospective hires are told that the job will require stamina, including in job ads that candidates, quote, "must be willing to work extended hours and weekends as needed." One major perk for all that hard work? Employees' access to equity, either the right to buy shares or payment in the form of restricted stock units that vest over time. That's the Bloomberg Tech Minute, brought to you by ChatGPT. Get started at ChatGPT.com.

• 20:07Joe 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 an oppositional relationship with Trump? A lot of people want that. A lot of people 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?

• 20:47Speaker 06

  You know, the most dangerous thing that being the mayor during this time is people read headlines and not the full scope, you know? 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 knew that.

• 21:11Joe Weisenthal?

  I watched that video. I saw that clip. I've watched it like 10 times. I'll have to admit, yeah.

• 21:16Speaker 06

  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.

• 21:59Speaker 06

  I didn't know him till I met him at the Alfred E. Smith dinner. And he spoke with me. He was on the campaign trail prior to even meeting me, saying it's wrong what they're doing to this mayor in New York, in New York City. And he, he saw what was happening. And 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. You know, did I disagree with what I saw the Democratic Party was doing? Yes. But I still remained loyal to do what was, what I thought was right to do.

• 22:42Speaker 06

  So when you fast forward to today, we 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 or Wind Farm, billions of dollars investment, 500,000 homes were going to use the energy, 1,500 union jobs. I flew to Washington and sat down with the President and said, Mr. President, we can't have this, this, this project destroyed. He lifted the stop work order. That project is 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?

• 23:26Speaker 06

  People are upset of 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 have a, we had dangerous Venezuelan gangs in the city. They were forcing women who are migrants and undocumented into prostitution.

• 23:46Speaker 06

  I coordinated with federal authorities. We took down the 27 gang members. We were able to 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.

• 24:05Tracy 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 Cash Patel's book, all about the deep state. What do you think about the Trump administration's refusal to release the Epstein files?

• 24:23Speaker 06

  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 killed Kennedy.

• 24:35Tracy Alloway?

  Well, that was another thing that was promised.

• 24:36Joe Weisenthal?

  What's going on here? Because a lot of people are really confused because for years this was a

• 24:40Tracy Alloway?

  It was a campaign promise, basically.

• 24:42Joe Weisenthal?

  Yeah, and then suddenly it's like, oh, it's a hoax. What do you have? You have a guess for what's going on?

• 24:46Speaker 06

  Not at all. I don't know if his advisers, security personnel advise otherwise or timing. I don't, 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 on this possible. And I want to talk about Cash, Cash's book, which I thought was a good book. People laugh at the terminology of a deep 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.

• 25:28Speaker 06

  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'll write a letter on you in a minute, they'll get a story planted on you 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.

• 25:57Speaker 06

  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 respond to businesses that could not open.

• 26:40Speaker 06

  And they connected it to, well, you had a bunch of upgrades when you paid for your travel. And we're going to now turn that into bribery and we're going to put you in jail for 33 years. Come on.

• 26:53Joe Weisenthal?

  I want to 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, you know, there's ICE raids happening across the country, 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 to the rest of the Trump administration? What is the degree to which you're inclined to cooperate with the administration on nonviolent undocumented migrants?

• 27:34Speaker 06

  We don't. We're very clear. And as you mentioned, the 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 can go get medical assistance if you need it. Your child will be able to go to school. You can call 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.

• 28:16Speaker 06

  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.

• 28:59Speaker 06

  But I'm going to collaborate with law enforcement agencies, HSI, FBI, ICE, when it comes down to keeping the city 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.

• 29:22Tracy Alloway?

  But isn't ICE's 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.

• 29:37Speaker 06

  Great question, because it is a crime to enter and remain. That's a crime. We don't collaborate on that.

• 29:45Tracy Alloway?

  Okay.

• 29:45Speaker 06

  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 off, someone is always pointing a mic in my face and saying, hey Eric, what are you, what are you going to do about what ICE is doing? That's a federal agency. I think we're allowing our federal electors off the hook. I don't control the rules of the federal agencies. I don't have, I, I, I have the city council. That's my job to look at laws, to sign their laws. You know, we're not asking our federal partners enough.

• 30:30Speaker 06

  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, 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.

• 31:12Speaker 06

  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 this, into the city, which was just not sustainable.

• 31:39Joe 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.

• 31:47Tracy Alloway?

  Jerry says he's a single issue voter on the rat problem.

• 31:50Joe Weisenthal?

  I've been very impressed with the war on rats and I've looked at the stats on 311 calls for rats, et cetera. 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 able to, not even half, 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.

• 32:36Speaker 06

  And I I 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, won't. Remember when I came into office? Many people don't realize that. We had encampments in our subway system.

• 32:50Joe Weisenthal?

  It was the worst of the COVID pandemic, but yeah.

• 32:53Speaker 06

  All over. We had them along highways. I my January and February, I went out and there's still pictures that someone sent me the other day. I went out and visited 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 do, 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 the crimes, uh, removing 22,000 legal guns off our streets, 100,000 ghost vehicles, illegal vehicles that were running in our streets.

• 33:37Speaker 06

  Once we, once we dealt with that, now we move into the next layer. Uh, we immediately went after the, the, the rotis in our city, which was just really an indicator of just total, uh, uncleanliness in the city. Now we put in place a 1,200 person, a quality of life team, uh, our Q team, we call it, that's going after those nagging issues. I still run, ride around the streets, 1 a.m., 2 a.m. in the morning, calling my commissioners when I see an encampment or I see overflow trash. Uh, they all tell you about those horrific calls that they give 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.

• 34:21Speaker 06

  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, uh, uh, crises of dealing with the migrant asylum seekers. You know, people tell us all the time that, uh, okay, Eric, you have to keep the migrant asylum seekers behind you. Uh, everything is okay. It's not. We spent 7.7 billion dollars. 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 boost up our Department of Sanitation. What I'm trying to share, the long-term repercussions of what we experience,

• 35:06Speaker 06

  is going to have long-term impacts on our city.

• 35:09Tracy Alloway?

  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?

• 35:40Speaker 06

  You know, and I hate it. I hate it when I see someone, what we call, nodding on the street.

• 35:45Tracy Alloway?

  Yeah, exactly.

• 35:46Speaker 06

  I hate it when I see someone. We were up at the hub the other day. We were just in a state of total disrepair until we got in there and zoomed in. We put in place what we call our PAF 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 were living on our system. But I cannot tell you how much of a challenge it is dealing with people who, 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.

• 36:30Speaker 06

  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, you know, you have saw 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 them. 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, you know, addiction is a disease. So we're

• 37:13Speaker 06

  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 gotta really ignore that noise for the better overall public safety of the city.

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• 40:05Joe 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?

• 40:39Speaker 06

  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.

• 40:52Joe Weisenthal?

  How's New York City, how's this summer shaping up?

• 40:54Speaker 06

  This summer?

• 40:55Joe Weisenthal?

  From tourism perspective?

• 40:56Speaker 06

  Not as, not the levels we have. I think some of the conversation around tariffs, some of the conversations 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, our Asian market. Chinese were, they were a major part of our tourism, but we're gonna, we're gonna bounce back. We had, 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 to New York.

• 41:25Joe Weisenthal?

  I love it here.

• 41:26Speaker 06

  Yes, and we, we believe the tourists, the hotel industry is going to continue to grow, you know, some bumps in the road. We're looking at a conversation around what we could do with our hotel tax.

• 41:37Joe Weisenthal?

  Yeah, how do we get more rooms, though?

• 41:38Speaker 06

  That's the goal. We got to 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.

• 41:54Tracy Alloway?

  I have one more question.

• 41:55Speaker 06

  Yes.

• 41:56Tracy 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 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?

• 42:19Speaker 06

  That was, and actually, I'm gonna remake that video.

• 42:21Tracy Alloway?

  Oh, okay.

• 42:22Speaker 06

  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, 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 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

• 43:07Speaker 06

  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 pipe, pipe, back then, when I did it, it was just about everywhere. Like you see in certain communities, you see needles.

• 43:27Tracy Alloway?

  Did you just pick one up off the street or something?

• 43:29Speaker 06

  Off the street.

• 43:30Tracy Alloway?

  Oh, my gosh.

• 43:31Joe 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.

• 43:39Speaker 06

  Yes.

• 43:39Joe 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 primary?

• 43:52Speaker 06

  Well, it wasn't ineffective. We, in the last filing, we were raised 1.5.

• 43:57Joe 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 in this environment?

• 44:04Speaker 06

  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. They can only spend that dollar amount, and 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 is cost money, etc. He didn't lose because of the shortage of dollars. He lost because he did not want to be mayor. New York City is not a consolation prize. You know, you step down as governor,

• 44:47Speaker 06

  and then you wake up one day and say, okay, I want to do a consolation prize 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 to 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 Karl McCall. When Karl 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 five million dollars, was one of the leading candidates.

• 45:32Speaker 06

  He got in, pushed Charlie King out. He did it to David Patterson. David was going to 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 that have won on the independent line were seated mayors. We knew that Mondani was going to be on the general election ballot on the Rook's 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

• 46:13Speaker 06

  had him up for 40 points. Forty points. He sent out a poll through his staffers the day before the election that he was up 10 points. He lost by 13 points.

• 46:23Joe Weisenthal?

  Yeah.

• 46:24Speaker 06

  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 Madonna camp. Nine percent of the voters. 2.5 million Democrats haven't voted yet. A million independents haven't voted yet. Several hundred thousand republicans haven't voted yet. Never in my history of politics have I seen the energy around the Stop Madonna movement. Coming from my bodega owners, coming from my small property owners, coming from my Jewish community, coming from my former Soviet and socialist block 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

• 47:07Speaker 06

  be the most exciting mayor race in the history of the city. I knew it in seven, eight months ago.

• 47:13Joe Weisenthal?

  That's why we're covering politics.

• 47:15Tracy Alloway?

  That's right. Where were you actually the night of the Democratic primary? And what was your reaction when Madonna won? Were you like, oh, I expected this because of all the reasons you just laid out about Cuomo?

• 47:24Speaker 06

  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 Madonna was going to win. And all I had to do was wake up to, I had an early day, I 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 an analogy. You know, I have the crown. And just the 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. During my difficult moments, COVID, my list of asylum seeker, lawfare, I just stepped

• 48:08Speaker 06

  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.

• 48:28Joe Weisenthal?

  You and our producer, Kayla, the only two who knew six months earlier that Madonna was going to win. Eric Adams, thank you so much for coming on Odd Lots. Really appreciate the chance to chat.

• 48:37Speaker 06

  Thank you very much.

• 48:38Joe Weisenthal?

  Thanks.

• 48:39Tracy Alloway?

  Can Joe call you if he sees a rat?

• 48:41Joe Weisenthal?

  Yeah. I will. No, thank you so much. That was a lot of fun. Thank you.

• 48:45Speaker 06

  Enjoyed it.

• 48:58Joe Weisenthal?

  Tracy, I'm glad we finally got a chance to speak to the mayor. I've never talked to him before.

• 49:03Tracy 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.

• 49:22Joe Weisenthal?

  I like your question about when, is there some magic line from which progressive taxation becomes socialism?

• 49:30Tracy Alloway?

  Right.

• 49:31Joe Weisenthal?

  And I actually think like this is a question for a lot of people, including Mamdani, et cetera. Like, 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 money back into people's pockets to make the city more affordable.

• 50:02Tracy 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 know, potentially maybe mandatory at some higher level, maybe?

• 50:14Joe Weisenthal?

  Yeah, right. 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.

• 50:37Tracy Alloway?

  Yeah, just deal with it.

• 50:38Joe Weisenthal?

  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 discourse, 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.

• 51:22Tracy 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 tax rate and a lot of these quality of life issues. But anyway.

• 51:39Joe Weisenthal?

  There's plenty more to talk about if he wins reelection.

• 51:42Tracy Alloway?

  We'll have him back on.

• 51:43Joe Weisenthal?

  We'll definitely, we'll definitely have him back on to talk about how all of these things are going.

• 51:48Tracy Alloway?

  All right, shall we leave it there?

• 51:49Joe Weisenthal?

  Let's leave it there.

• 51:50Tracy Alloway?

  This has been another episode of the Odd Lots Podcast. I'm Tracy Alocke. You can follow me at Tracy Alocke.

• 51:55Joe Weisenthal?

  And I'm Joe Weisenthal. You can follow me at the stalwart. Follow Mayor Eric Adams. He's at NYC Mayor. Follow our producers, Carmen Rodriguez at Carmen Armin, Dashal Bennett at Dashbot, and Kail Brooks at Kail Brooks. 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.

• 52:19Tracy 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 Podcasts and follow the instructions there. Thanks for listening.

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