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Rep. Mike Lawler, R-N.Y., joins “Varney & Co.” to discuss whether New York City Mayor-elect Zohran Mamdani will follow his agenda, the Trump administration’s rollout of rural health funds as Obamacare subsidies expire and the 2026 midterm elections.
Trump’s crypto czar David Sacks predicts that Miami will dethrone New York as the nation’s financial capital following the inauguration of socialist Zohran Mamdani as the city’s 111th mayor.
Sacks, a venture capitalist named as an influential advisor to Trump on artificial intelligence and cryptocurrency, said in an article on X that if progressive policies continue, it will push capital and talent from New York to migrate to the “Sunshine State.”
Miami Mayor Francis X. Suarez responded to Sacks on
Sacks also argued that San Francisco’s progressive policies would push talent and investment to Austin, Texas, making it the new tech capital. The California city has recently pushed some of the most aggressive progressive policies in the country. Earlier this month, the city’s Democratic Mayor Daniel Lurie signed an order establishing a “Reparations Fund” that could potentially award eligible Black residents up to $5 million for allegations of historic discrimination and displacement.
NYC SOCIALIST DEM ZOHRAN MAMDANI WINS PRIMARY ELECTIONS: WHAT IS HIS ECONOMIC AGENDA
The measure, passed by the Board of Supervisors and signed by Lurie, creates a legal framework for the fund but does not allocate money to the city or guarantee payments.
NYC MAYORAL CANDIDATE’S RENT FREEZE PLAN COULD SHARPEN HOUSING CRISIS, EXPERTS WARN
New York City mayoral candidate Zohran Mamdani speaks at the United Federation of Teachers mayoral forum in New York on May 17, 2025. (Michael Nagle/Bloomberg/Getty Images)
Sacks announced in a separate article on X this week that Craft Ventures had opened an office in Austin. This prompted a response from Tesla’s Elon Musk who responded: “Welcome to Texas! No one will fight harder for the independent, free spirit of Texas than the people who know it’s like when it’s taken away from them.”
On New Year’s Day, Mamdani, a self-described democratic socialist, was officially sworn in as mayor in a midnight ceremony by New York Attorney General Letitia James. During his inauguration ceremony, Mamdani promised to “lead millions of New Yorkers into a new era of opportunity,” echoing his campaign centered on the need to make New York City more affordable.
In November, Mamdani decisively defeated former New York Governor Andrew Cuomo and Republican Curtis Sliwa, capping a rapid rise in his political career. However, his progressive agenda faced significant resistance from business leaders who viewed his policies as a direct threat to capitalism.
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Mamdani’s agenda focused on a series of issues popular with socialists in the Democratic Party, including raising the minimum wage, raising taxes on businesses and wealthy Americans, strengthening regulations on delivery apps, investing in affordable housing and creating city-owned grocery stores.
Eric Revell of FOX Business contributed to this report.
