Barry Sternlicht on Mamdani win: People and businesses will leave New York City

The podcast segment discusses the recent mayoral victory of Mamdani and its potential impact on Wall Street, particularly the real estate sector. Diana Olick interviews Barry Sternlicht, Chairman and CEO of Starwood Capital Group, who expresses concerns that Mamdani's "democratic socialism" policies, especially regarding public safety and police funding, could lead to businesses and residents leaving New York City. Sternlicht also highlights the need for increased housing and union accommodation to make development economically viable, suggesting that his own company might consider relocating from New York.