CNBC Television

Mamdani’s policy proposals are aggressive and will require help from Albany: Citi’s Ed Skyler

Name: Mamdani’s policy proposals are aggressive and will require help from Albany: Citi’s Ed Skyler
Uploaded: 2025-11-05T13:46:52Z
Description: Ed Skyler, Citi head of enterprise services and public affairs, joins 'Squawk Box' to discuss Zohran Mamdani's election victory to become the next mayor of New York City, impact on the business community, and more.

11/5/2025, 1:46:52 PM

View channel Watch on YouTube

Economic Summary

New York City has seen significant outflows and structural headwinds: roughly 900,000 people left in five years, crime is ~25% higher than pre-COVID, and office vacancy is about 5% higher, all of which weigh on labor markets, real estate demand, and the business climate.
City finances and operations present major management challenges: NYC is described as a $1 trillion economy with a $125 billion budget, a 300,000-person workforce, and a projected roughly $8 billion deficit next year—making effective fiscal and operational management critical.
Political and policy risk may affect the financial sector and corporate location decisions: aggressive mayoral policy proposals and rhetoric could require Albany support and might accelerate moves by financial professionals to states like Texas; Citi (C) and other firms will watch governance and public-safety developments closely.

Bullish

New York remains a global talent magnet, supporting economic resilience.
A mayor can govern more pragmatically than campaigned, offering a path to stability.
Retention of strong public-safety leadership (e.g., Jesse Tisch) could reassure businesses and residents.

Bearish

Rising crime (about 25% above pre-COVID) and 900,000 residents leaving weaken NYC's competitiveness.
Office vacancy rates roughly 5% higher than pre-COVID, pressuring commercial real estate demand.
A forecasted ~$8 billion budget deficit next year creates fiscal uncertainty for city services.
Aggressive proposed tax and redistribution policies could push companies and financial professionals to relocate.
Mayoral rhetoric and past statements risk alienating police and large community groups, undermining stability.

Bearish tickers

Bullish

As a major global bank with deep NYC ties, Citi may benefit if the city stabilizes and retains its talent and business base.

Bearish

Weakening NYC business environment, population loss, higher crime, and potential hostile tax rhetoric could pressure local operations and talent retention.

People mentioned

Zoran MamdaniAndrew CuomoCurtis LewaEd SchuylerRobert FrankJesse TischMichael BloombergRay KellyRudy GiulianiBill BrattonLaGuardia