Mamdani’s victory speech leaves viewers STUNNED

First, the hot topic of the hour, Democrats sweep major elections across the country last night, including in New York City's mayoral race and the governor's races in Virginia and New Jersey. Fox Businesses Darren Botelho is live this morning in Washington with what comes next. Darren.

Hey, good morning, Maria. So I think we can say right now the polling turned out to be pretty accurate for those high profile elections all down the East Coast. Democrats winning from New York down to Virginia, starting with Democratic Socialists, Soran Mamdani, besting Andrew Cuomo, running on his platform of tax the rich and free public transit over the river to New Jersey. Now, Democrat Mikey Sherrill, a former Navy helicopter pilot, securing her win

over Republican Jack Chitarelli Then finally, going down to Virginia, Abigail Spanberger reclaiming the governor's mansion for Democrats over winsome Earl Sears. Mamdani, of course, as you know, the most controversial of the races with the 34-year-old ending now, for now, the Cuomo political dynasty, defeating a former New York governor. So, his 20- minute victory speech last night directly attacking the old political establishment,

further pushing his far left agenda and all but declaring war on President Trump.

If anyone can show a nation betrayed by Donald Trump how to defeat him, it is the city that gave rise to him. So Donald Trump, since I know you're watching, I have four words for you. Turn the volume up.

And Bob Donahue, who's been facing questions over his anti-police stances and accusations of anti-Semitism, won the race pretty decisively, with that race being called, Maria, only 40 minutes after the polls closed at 9 p.m.

Maria?

Yeah, it was fast, Darren. Thanks very much, Darren Botelho, joining us this morning. Your reaction, Emily, Adam, what does that mean?

Turn the volume up. That was the strangest thing I think I've ever heard, because it makes no sense. I don't know what he was referring to. I tell you what does make sense. Here in New York, 1% of the population pays 48% of the income tax. Capital goes where it's treated best.

If he is going to pay for all these handouts by taxing the wealthy, people are going to leave. And it wouldn't take a lot to completely upset the balance of payments here in New York City, because again, 1%. You antagonize a quarter of that 1%, and it all implodes.

You know, before the election, we were talking about really how much power the mayor of New York really has to implement these things. Jeffries this morning on Wall Street, out with a report, telling their clients a couple of the things that he actually could do. Mamdani's proposals within mayoral authority include a broad latitude to advance policies affecting property owners and renewable energy and immigration, intensifying enforcement

of housing codes, accelerating city fleet electrification, enforcing sanctuary protections,

relies on the mayor's ability to issue executive orders. Emily. Well, Maumdani's policies ultimately will fail if if he's able to implement them that already might be a failure there but we know socialist policies fail no matter if he's able to implement them or not and I want to point out that today November 5th feels dramatically different from last November 5th when President Trump won the popular vote, won seven swing states. Now we have an anti-American, anti-capitalist,

anti-police candidate who just was elected to run the financial capital of the world, to run the largest police force in the country, the NYPD, of course. Donnie is going to be responsible for an $150 billion budget, 300,000 employees,

and over 30,000 police officers. So I had a pit in my stomach last night when I heard Times Square erupt in cheers and cars honking and I wish the best for New York.

Yeah, and you know, there are things that he has proposed that are actually outside of his authority. One of those things is freezing rent. He says he's going to freeze the rent for stabilized tenants. That depends on an independent rent guidelines.

Correct.

Where the mayor's influence is indirect. So we don't know if he's actually gonna be able to do that. Eliminating bus fares citywide requires the MTA to actually make that ruling and state approval. Now Kathy Hochul may go with him. That's fine but he can't do that unilaterally.

Raising corporate or millionaire taxes, revising property tax structures and implementing universal child care all require Albany's approval. Again, Kathy Hochul backed him. So she may very well back all of this, but he cannot do that unilaterally.

No, he cannot do it unilaterally. And think about some of these proposals. Let's just talk about rent. Everyone here in New York complains, gosh, it's so expensive, whether you buy or whether you rent. Let's say you freeze rents. Well if you freeze rents then apartment owners are not able to effectively raise the rent to cover the cost of maintenance. What if the roof

leaks? What if you have a problem with the plumbing? What if it needs what if what if there are rats coming in and you need to have the foundation sealed? So what you're gonna see is that there will be virtually no reinvestment, no cap-ex, no capital expenditures to maintain the quality of property. So on the one hand you say, oh isn't it wonderful, my rent's not going up, maybe even it's going down.

Well actually no, it's not because the quality of the building is going to erode over time. So there are all these consequences that I don't think people have thought through. They hear the headline, oh, rent's going down, great.

Who's paying for it?

Who's paying for it?

But again, freezing rent is outside of his mayor's authority. But again, if Kathy Hochul backs it, he can do it. The other thing is implementing city-owned grocery stores. That would need the city council legislation for the program creation and budget support. That's not in his realm of getting this done. If he gets the support, OK.

Raising New York City's wage floor to $30 an hour by 2030 is governed again by state law. He's made a lot of promises, all of which are outside of his authority.

And can you imagine if minimum wage were raised to $30?

Wow.

I mean, minimum wage is supposed to provide some sort of floor for gig workers or temporary jobs. You know, if you're going for a job that's got minimum wage attached to it, that's not intended to be a career. But he's trying to make it a career, $30. And guess what?

Those jobs will disappear.

Well, we're going to talk all about this this morning, what these new governor-elects, as well as mayor-elect, can actually get done. And we will also take a look at the state of these regions. And we will also take a look at the state of these regions. We're just getting started this morning.