Jim Cramer from CNBC humorously suggested that his co-host David Faber’s idea for lowering rents in New York City was to “stop all businesses and kick everyone out.” This light-hearted banter happened as they discussed the recent win of Zoran Mamdani in the Democratic mayoral primary.
Faber and Cramer, who co-anchor “Squawk on the Street,” shared their bemusement at the implications of Mamdani potentially becoming mayor. “Maybe the new mayor will freeze rents, and everyone will eat for free,” Faber joked, implying a carefree lifestyle if they don’t have to worry about expenses.
Cramer then raised a provocative question: “How do you deal with the rich folks? Will they get shot?”
“They’ll be taken away,” Faber responded, playing along with the absurdity of the scenario.
Amid the back-and-forth, Cramer quipped, “Is this Lenin? Not John Lennon,” reflecting on the radical nature of some proposed policies.
Faber speculated that affluent residents might leave the city once Mamdani takes office, suggesting, “He wants to lower rents. A quick way to do that is to empty the city of businesses and people.”
Cramer seemed to agree, adding, “That’s a solid point. They’ll just move to Jersey where I am.”
Mamdani’s platform has faced criticism from various political corners. Detractors argue that his proposals, which include rent freezes for approximately 2.4 million apartments, free public transport, and city-run grocery stores, could lead to economic instability and deter business investment.
The NYC Partnership, representing around 300 CEOs, cautions that these ideas might create unintended repercussions for both the economy and the city’s vulnerable communities.
This request is pending a response from Mamdani.
