Tag: Politics

Grocery Chain CEO and Real Estate Titan Warn Socialist Mayoral Frontrunner Could ‘Destroy’ New York

Former Douglas Elliman CEO Dottie Herman and Stew Leonard’s President and CEO Stew Leonard Jr. speak with Fox News Digital about their opposition to NYC mayoral candidate Zohran Mamdani’s policies. (Fox Business)
NEW YORK CITY — As Democratic Socialist Zohran Mamdani surges to the front of New York City’s mayoral race following his historic primary victory, prominent figures in business and real estate are sounding the alarm, warning that his radical proposals could cripple the city’s economy and chase away its wealth base.
From government-run grocery stores to punitive housing regulations and higher taxes on corporations and the wealthy, Mamdani’s progressive platform is drawing fierce criticism from two of New York’s most recognizable business leaders: Stew Leonard Jr., CEO of the regional grocery empire Stew Leonard’s, and Dottie Herman, Vice Chair of Douglas Elliman and one of Forbes’ wealthiest self-made women in real estate.
“You’re in a street fight if you get into the food business,” said Leonard in an interview with Fox News Digital. “You gotta be in there with sharp prices, fresher product, friendlier people… Can the government do that? I don’t know.”
Leonard, who operates eight food stores and eight wine and spirit outlets across the Tri-State area, questioned the feasibility of Mamdani’s city-run supermarket proposal, which aims to sell food at wholesale prices. The idea is part of a broader vision that includes a citywide rent freeze, construction of 200,000 affordable units over ten years, and tighter enforcement on “bad landlords.”
“It’s seven days a week. Weekends are the busiest. If you’re paying $200 to $300 per square foot along Second Avenue, you need serious volume to make it work,” Leonard added. “Margins in food are razor-thin. Everyone eats, yes, but it’s still one of the toughest industries in the country.”
For Dottie Herman, the implications go beyond groceries—she sees Mamdani’s economic approach as an existential threat to the city’s future.
“I never talk about politics, but I am talking now because I really don’t want to see New York destroyed,” Herman said. “I believe with every breath of me, that if he gets in, we will be in a socialized country.”
Citing rising fear among developers and property investors, Herman shared that some clients are already reconsidering multimillion-dollar deals out of concern for punitive taxes and hostile business conditions.
“I’ve had people call me asking if they should cancel contracts on development sites in New York City,” she said. “People are scared. You’re going to discourage anyone from investing in rental property, and values will fall. That’s what happens when you tell people, ‘We’ll just take it from the rich.’”
Mamdani, who currently represents Astoria and Long Island City in the State Assembly, gained national attention after winning more votes in the primary than any candidate in the city’s history. His campaign site outlines a platform that includes raising the corporate tax rate to 11.5% and implementing a 2% flat tax on the city’s wealthiest residents—moves that would require state legislative approval and signoff from Gov. Kathy Hochul, who has expressed concern about affordability and capital flight.
Mamdani’s platform also pushes for public control of grocery access, rent freezes, and an aggressive reworking of landlord-tenant laws—all in the name of housing and food equity.
While progressive circles and some younger millionaires have cheered his vision, established business figures worry his policies will bring economic instability, capital outflow, and unintended market disruption.
“The key to this business is freshness,” Leonard added. “Are you going to eliminate dyes, hormones, sugar, and antibiotics from your entire government inventory? That’s what I’ve done. But that drives up costs.”
With New York’s real estate market already facing tight inventory and slowing sales volumes, Herman warned that Mamdani’s proposed crackdown on landlords and tax hikes could lead to a broader investment freeze.
“If people can’t make money here, what business will come to New York?” she asked. “America is about the ability to grow and succeed, no matter where you start. That dream dies if the rules become punish-the-successful.”
Herman also revealed that a number of business owners are organizing political fundraisers to counter Mamdani’s momentum, signaling growing concern in the city’s economic elite.
The crowded mayoral race now pits Mamdani against rivals like former Governor Andrew Cuomo and incumbent Mayor Eric Adams, raising speculation about whether the two centrist contenders might team up to create a unified front against the socialist frontrunner.
“I think one of them has to step aside for the other,” Herman said. “Because if not, the vote splits, and we hand this city to someone who doesn’t understand how it actually runs.”
Leonard, for his part, said that Mamdani’s victory would make him rethink expanding in New York City.
“I’d struggle to open five new stores here right now,” he said. “It’s a real challenge—and this would only make it harder.”
Despite the controversy, Mamdani’s campaign did not respond to a request for comment.
July 18, 2025
Labor Secretary Says H-2A Visa Program Improvements Will Benefit Farmers Without Displacing American Workers
WASHINGTON, D.C. — U.S. Labor Secretary Lori Chavez-DeRemer says that long-awaited changes to the H-2A agricultural visa program will make the system faster, more affordable, and more efficient, offering crucial relief to American farmers and ranchers struggling to meet labor demands—without threatening American jobs.
In an exclusive interview with Fox News’ Edward Lawrence, Secretary Chavez-DeRemer emphasized that the reforms do not expand the existing program or provide amnesty to illegal migrants, but instead consolidate its management and streamline operations under the Department of Labor.
“The program is already in play, and it’s already in law,” Chavez-DeRemer said. “This isn’t a new initiative—it’s a modernization of a system that’s essential to America’s food supply chain.”
The H-2A visa program, which allows U.S. agricultural employers to temporarily hire foreign workers when domestic labor is unavailable, has historically been managed across three departments—Labor, Homeland Security, and State. That decentralized model created delays and confusion for farmers, many of whom operate under tight seasonal timelines.
To resolve that, the Biden-era model is being replaced by a new system where the Office of Immigration Policy will be housed within the Department of Labor, directly under the Secretary’s purview.
“This is going to be the one-stop shop,” Chavez-DeRemer said. “Farmers and ranchers will now get concierge service—clear guidance, streamlined processing, and transparent communication. No more wondering where your workers are or when they’ll arrive.”
The reforms aim to reduce bottlenecks in visa approvals, provide timelier worker deployment, and cut administrative costs—an upgrade many farmers have called for over the last decade.
The Labor Secretary pushed back on claims that the changes could open the door to illegal immigration or displace native-born workers.
“This is not an amnesty program. And it’s not an expansion of anything,” she clarified. “It’s simply an upgrade to the existing law that ensures American farmers have legal, timely access to labor—only when American workers aren’t available.”
While concerns over job displacement persist, Chavez-DeRemer was firm: “We’re never going to displace the American worker.” She noted that the number of native-born workers has risen by 2 million since former President Donald Trump’s return to office, while foreign-born workers have decreased by 543,000—a trend she attributes to America-first economic policies.
“This is exactly what the president promised—focusing on the American worker,” she said. “And our department is here to support that.”
The H-2A program plays a vital role in the $1.3 trillion U.S. agriculture sector, particularly in regions where labor shortages have disrupted crop production and increased costs. Farmers have long argued that delays in hiring seasonal workers lead to reduced yields, higher food prices, and supply chain disruptions—especially during harvest season.
The updated system is expected to improve market predictability, which could benefit commodity prices and stabilize operational costs. Analysts also note that consolidating the visa process could help reduce legal and compliance risksfor employers, while increasing accountability in how migrant labor is managed.
Though the Department of Labor will administer the program more efficiently, Secretary Chavez-DeRemer reminded stakeholders that visa caps and quotas remain in the hands of Congress.
“If Congress wants to change the numbers, that’s their decision. Our role is to provide them with accurate data and ensure that the system works as intended,” she said.
In a separate part of the interview, Chavez-DeRemer addressed her role in a forthcoming executive order expected to provide clarity around 401(k) investment rules, particularly in light of recent regulatory back-and-forth over what investment types fiduciaries can offer.
She criticized the Biden administration’s 2022 rule for “putting their thumb on the scale,” suggesting it inappropriately limited investor choice by curbing access to private assets like cryptocurrency.
“It’s not the federal government’s job to decide where people put their retirement savings,” she said. “We rolled that back. Fiduciaries can now decide what’s best for their clients—whether it’s real estate, crypto, or other private assets.”
July 18, 2025
Trump directs Bondi to pursue release of grand jury testimony related to Jeffrey Epstein
President Donald Trump on Thursday directed Attorney General Pam Bondi to try and unseal grand testimony records related to Jeffrey Epstein. (Yuri Gripas/UP)
Washington — President Trump late Thursday ordered Attorney General Pam Bondi to seek the release of grand jury testimony related to Jeffrey Epstein as his administration faces pressure to disclose more details on the late sex offender.
“Based on the ridiculous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi to produce any and all pertinent Grand Jury testimony, subject to Court approval,” Mr. Trump wrote in a post on Truth Social. “This SCAM, perpetuated by the Democrats, should end, right now!”
Bondi wrote in a post on X minutes later, “we are ready to move the court tomorrow to unseal the grand jury transcripts.”
A judge will need to make the final decision on whether material can be released, which could take some time and is unlikely to be immediate.
It’s unclear what material the Trump administration will ask to be released. It’s not clear how much of the Epstein-related material in the government’s possession is grand jury testimony.
Epstein was investigated by federal authorities in Florida in the 2000s, which ended in a non-prosecution agreement and a guilty plea on state prostitution charges, and he was later charged with child sex trafficking in Manhattan in 2019. The government also secured a conviction against Epstein’s co-conspirator, Ghislaine Maxwell. It investigated the circumstances of Epstein’s death in federal custody, which was deemed a suicide.
The order from Mr. Trump comes after the Justice Department and FBI released a memo stating that Epstein did not have an incriminating “client list,” did not try to blackmail any prominent figures, and died by suicide. The memo drew backlash from across the political spectrum, including from some fervent Trump backers, in part because Bondi and other administration figures had promised to release information on Epstein.
The government is generally required to keep grand jury materials secret, and it’s common for not all material that is shown to a grand jury — which meets before a person is criminally indicted — to emerge during a criminal case.
A request of this kind by the government is unusual, says Mitchell Epner, a partner at the New York law firm Kudman Trachten Aloe Posner, and a former federal prosecutor.
“I’ve been in and around federal criminal cases for over 30 years. I’ve never heard of this before,” he told CBS News.
While the scope of the government’s request is still unknown, Epner says it could encompass an “enormous quantity of data.” Mr. Trump said the government would seek the release of grand jury testimony, which Epner noted may include exhibits that witnesses testified about before a grand jury.
“I would not bet against there being anything, from the most interesting thing in the world to the least interesting thing in the world, in that material,” said Epner, who told CBS News he believes calls for more information to be disclosed in the Epstein case are warranted.
Epner joked: “If we were to find out the location of the corpse of Jimmy Hoffa, I would not be surprised.”
Material likely will not be released immediately, according to Epner, who said, “weeks would be moving very quickly, months is likely.” Under court rules, grand jury material is typically only released under certain circumstances, often when it’s needed for some other investigation. The government’s grounds for release in this case aren’t clear.
In this case, both associates and alleged victims of Epstein’s may oppose some disclosures.
“I would not be surprised if a number of people came forward under pseudonyms to object to the release of grand jury material related to them,” Epner said. “I also would not be surprised if some of the victims…came forward and said, ‘Yes, we do want things to be revealed.’”
Trump administration faces Epstein fallout
Last week’s memo on Epstein reignited years of questions — and conspiracy theories — on the disgraced financier, including speculation about the circumstances of Epstein’s death in custody, and about whether the federal government was concealing information to shield some of Epstein’s famous friends.
Bondi had pledged to release files related to Epstein, and suggested in a Fox News interview in February a “client list” was “sitting on my desk right now to review.” (She later said she meant generally that material on Epstein was sitting on her desk.)
In late February, the Justice Department distributed binders to over a dozen right-wing social media influencers labeled “The Epstein Files: Phase 1,” though the influencers later said many of the materials were already in the public domain.
Some Republicans and vocal Trump supporters were dissatisfied with last week’s memo, in some cases calling for more disclosures or the appointment of a special prosecutor to look into the Epstein case — which White House press secretary Karoline Leavitt said the president does not support.
Mr. Trump, for his part, has scolded some Republicans for buying into what he called the “the Jeffrey Epstein Hoax,” calling them “stupid people” and “weaklings” who are “do[ing] the Democrats work.”
Shortly before pushing for the release of grand jury testimony, the president on Thursday denied a Wall Street Journal report on what the newspaper described as a “bawdy” birthday letter to Epstein — featuring a drawing of a nude woman — that the paper claimed was signed by Mr. Trump in the early 2000s. Mr. Trump and Epstein had crossed paths for years, though Mr. Trump says they had a “falling out.”
Mr. Trump called the letter a “FAKE” and threatened to sue the Journal, as well as its parent company News Corp and leader Rupert Murdoch.
“These are not my words, not the way I talk. Also, I don’t draw pictures,” he said.
NY Budgets has not independently verified or seen the letter. Dow Jones — the News Corp division that includes the Journal — declined to comment on Mr. Trump’s threats.
July 18, 2025
Up to 7,000 Afghans are being relocated to the U.K. through a secret program following a Ministry of Defense data breach
In a dramatic revelation that underscores both a massive failure of data security and an extraordinary effort at damage control, the UK government has confirmed that up to 7,000 Afghan nationals are being secretly relocated to the United Kingdom following a catastrophic data breach at the Ministry of Defence (MoD). The breach, which exposed the personal details of nearly 20,000 individuals, occurred in early 2022 but was only acknowledged this week—more than three years after the incident.
The details came to light after a British high court judge lifted a super injunction that had, until now, prevented media coverage of the blunder. The injunction had been sought by the UK government in a bid to suppress details of what is being described as one of the most severe security lapses in modern British military history.
The Breach and Its Fallout
The data breach, traced back to the mishandling of an email in February 2022, exposed sensitive information—names, contact details, and other identifying data—of 18,714 Afghans who had applied for relocation under the UK’s Afghan Relocations and Assistance Policy (ARAP). These individuals had supported or worked with British forces during the UK’s two-decade-long presence in Afghanistan from 2001 until the Taliban’s return to power in 2021.
Afghan co-workers and their families board a plane during the Kabul airlift in August 2021. (South Korean Defense Ministry/ZUMA Press Wire/Shutterstock)
At least some individuals named on the compromised list are believed to have been killed in the years since the breach, although it remains unclear whether their deaths were directly linked to the exposure of their identities. The Taliban regime is known to target individuals associated with foreign forces, branding them traitors.
The MoD only discovered the breach in August 2023, under then-Prime Minister Rishi Sunak. A super injunction was imposed in September 2023, silencing public and media discussion of the crisis while the government scrambled to relocate thousands of affected individuals—at enormous expense and under complete secrecy.
People gathered desperately near evacuation control checkpoints during the crisis. (AP)
Legal, Financial, and Political Fallout
In a statement to Parliament on Tuesday, Defence Secretary John Healey offered a “sincere apology” for the breach and acknowledged concerns over the lack of transparency. He emphasized the difficulty of navigating national security and humanitarian obligations, stating:
“No government wishes to withhold information from the British public or Parliament in this manner. But the safety of innocent people was at stake.”
According to government figures, the initial cost of relocating the nearly 7,000 Afghans will be around £850 million. However, an internal MoD document from February suggested the total cost could climb to £7 billion once long-term support, housing, integration, and litigation costs are factored in. The MoD now dismisses that projection as outdated, but legal experts say the true cost may ultimately surpass current expectations—especially if victims succeed in pursuing compensation claims.
The evacuation at Kabul airport was chaotic. (AP)
Barings Law, a legal firm representing around 1,000 of the affected individuals, has accused the government of “deliberately concealing the truth.” Adnan Malik, head of data protection at the firm, called the incident “an incredibly serious data breach.”
“It involved the loss of personal and identifying information about Afghan nationals who have helped British forces defeat terrorism. Our clients live in fear of reprisal and expect substantial financial compensation,” Malik stated.
The firm is preparing legal action to seek damages for its clients, and said that financial settlements—while insufficient to undo the trauma—could help survivors rebuild their lives.
Government Review and Public Transparency
An internal review by Paul Rimmer, a retired civil servant, concluded earlier this year that the risk to individuals may be “minimal,” stating that the exposure was unlikely to substantially change any person’s threat level given the existing volume of leaked data in Afghanistan. It added that merely appearing on the breached dataset would not likely be grounds for Taliban targeting.
That assessment played a key role in the court’s decision to lift the super injunction earlier this week.
Still, critics argue that the government’s prolonged secrecy undermined public trust. Labour leader Sir Keir Starmer, whose government inherited the scandal after the 2024 general election, pledged full transparency going forward and said his administration would “do right by those put at risk.”
The scandal adds to a string of recent criticisms aimed at the MoD’s handling of sensitive data. In September 2021, another breach revealed the email addresses and identities of 265 Afghans to each other in a mass email sent to a distribution list, prompting the UK’s Information Commissioner to fine the MoD £350,000 in December 2023, calling the lapse “egregious” and “potentially life-threatening.”
Market and Economic Implications
From a public finance and market standpoint, the unfolding situation presents significant fiscal challenges for the UK government. While the initial £850 million for the emergency relocation will be covered through defence and foreign aid budgets, economists warn that:
- Litigation costs and compensation settlements could push spending well into the billions, adding pressure to the UK’s already-stretched post-COVID public spending framework.
- The need to house and support thousands of refugees will place further strain on the UK’s social and housing infrastructure, potentially stoking political tensions around immigration.
- Private security and legal firms, meanwhile, may benefit from increased government contracting and legal settlements, marking an unintended boom for sectors linked to risk management and litigation.
The situation may also impact the UK’s diplomatic credibility, particularly among NATO allies and within the broader scope of Western withdrawal from Afghanistan.
Human Dimension
While the numbers are staggering, the human cost remains at the center of the scandal. Many of the relocated Afghans—interpreters, aid workers, and former support staff—had risked their lives to assist British troops in their mission to combat terrorism. Now, many are arriving in the UK traumatized, displaced, and unsure of their future.
One source involved in the relocation effort said:
“They deserve better than being treated like a secret. These people stood by us. The least we can do is stand by them.”
Related Market Note:
Investors tracking UK public sector expenditures are closely watching developments tied to defence and humanitarian allocations. Legal and security contractors such as Serco, G4S, and law firms in the public interest sector may see modest short-term growth opportunities due to litigation and relocation logistics tied to this crisis.
July 15, 2025
Trump Threatens 35% Tariff on Some Canadian Goods
In a sharp escalation of trade tensions, President Donald Trump has announced a 35% tariff on select Canadian imports, effective August 1, tightening pressure on Canada over issues ranging from fentanyl trafficking to retaliatory trade measures. Crucially, goods compliant with the United States–Mexico–Canada Agreement (USMCA) are exempted—at least for now.
Trump’s move targets products he claims are part of Canada’s inadequate response to the fentanyl crisis flooding into the U.S. He also cites longstanding Canadian barriers, particularly in dairy and agricultural sectors—some carrying “400%” duties as he alleged, hurting U.S. producers.
In a letter to Canadian Prime Minister Mark Carney shared publicly on Truth Social, Trump warned that tariff rates could rise further or be adjusted downward depending on Ottawa’s actions. He also pledged to penalize any “transshipment” efforts intended to avoid the new levies.
U.S. officials clarified that the 35% tariff applies only to non-USMCA-compliant goods, preserving preferential treatment for those that adhere to the trilateral agreement. This means most automotive parts and other USMCA-certified items remain tariff-free—but non-compliant sectors such as certain foods, potash, and energy may face the full burden.
The distinction provides Canada’s businesses with a temporary buffer, but uncertainty looms—particularly around goods whose compliance status is under review.
Financial markets responded swiftly: U.S. stock futures and Treasury yields slipped on worries over trade escalation. The Canadian dollar also dropped to a two-week low, reflecting investor anxiety .
Canadian exporters in non-USMCA sectors are bracing for disruption. Ottawa is considering retaliatory measures and invoking rule-based solutions under WTO frameworks and NAFTA-era mechanisms. Prime Minister Carney has indicated ongoing efforts to mitigate both the fentanyl flow and tariff fallout before the July 21 economic and security pact deadline.
The tariff threats form part of a broader U.S. strategy: Trump has issued similar warnings to over 20 countries, with proposals ranging from 15%–20% tariffs, including a temporary 50% levy on Brazilian goods. Several countries are now scrambling to negotiate carve-outs or exemptions to avoid steep duties.
The prevailing argument in Washington: these trade measures are aimed at correcting “unsustainable trade imbalances” that pose economic and national security risks .
“Carving out USMCA-compliant goods softens the blow but leaves too much uncertainty,” notes Alicia Fernandez, trade economist at NorthStar Insights. “We’re likely headed toward tit-for-tat tariffs and escalating legal dispute.”
Trump’s 35% tariff threat on Canadian goods—while sparing USMCA-compliant items—signifies a targeted yet volatile escalation in the U.S.–Canada trade relationship. With critical deadlines approaching and retaliatory steps underway, this confrontation may reshape North American trade policy well beyond August.
July 11, 2025
Trump’s 200% Tariff Threat Leaves Pharma Firms Scrambling for Contingency Plans
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Sanofi SA SAN –.–%
Roche Holding AG ROG –.–%
Eli Lilly and Co LLY –.–%
Johnson & Johnson JNJ –.–%
U.S. pharmaceutical companies are racing to assess the fallout from President Donald Trump’s proposal of a 200% tariff on imported pharmaceutical products, a policy that has sent shockwaves through the global drug industry and sparked intense scenario planning among manufacturers and investors.
Speaking on Tuesday, Trump reiterated that long-delayed, industry-wide tariffs are imminent, following the launch of a Section 232 national security investigation into pharmaceutical supply chains in April. While he hinted that the tariffs wouldn’t take effect immediately — instead offering a grace period of 12 to 18 months — industry analysts and executives warn the impact could be both disruptive and long-lasting.
“This kind of tariff would inflate production costs, compress profit margins, and risk severe supply chain disruptions, leading to drug shortages and higher prices for U.S. consumers,” analysts at Barclays warned in a research note Wednesday.
Even with a grace period, the pressure is building. UBS called the delay “insufficient time” for pharmaceutical manufacturers to shift operations back to the U.S., noting that relocating commercial-scale production typically takes four to five years.
According to Pharmaceutical Research and Manufacturers of America (PhRMA), a mere 25% tariff would already drive up U.S. drug prices by $51 billion annually, translating to as much as a 12.9% increase in consumer prices. The group blasted the proposed 200% levy as “counterproductive” to public health, especially given rising inflation and mounting healthcare costs.
“A 100% or 200% tariff would be potentially disastrous for every person because we need those pharmaceuticals, and it takes those companies a long time to produce them here in the U.S.,” said Afsaneh Beschloss, founder and CEO of RockCreek Group, speaking on CNBC’s Closing Bell.
Many of the world’s leading drugmakers — including Roche, Novartis, Sanofi, Bayer, and AstraZeneca — manufacture much of their product outside the U.S., particularly in Europe, India, and Asia, where costs are lower and supply chains more mature.
In anticipation of potential fallout, global firms are exploring relocation strategies and cost restructuring. Roche, for instance, stated it is “monitoring the situation closely” and advocating for policies that reduce barriers to patient access while continuing to expand its U.S. manufacturing footprint.
Bayer said it is focused on “securing supply chains and minimizing any potential impact,” while Novartis confirmed no changes to its current U.S. investment strategy but emphasized ongoing collaboration with the U.S. administration and trade associations.
Other firms — such as Sanofi, AstraZeneca, and Novo Nordisk — have remained largely silent, either declining comment or citing pre-earnings quiet periods.
Trump’s administration argues that reshoring pharmaceutical production is a national security imperative, especially after the COVID-19 pandemic exposed vulnerabilities in the global medical supply chain. Historically, pharmaceuticals have been exempt from trade tariffs due to their essential nature. But Trump has long criticized the industry for “offshoring profits” while “overcharging American patients.”
The president’s remarks on Tuesday reinforced this stance, describing the move as a necessary step toward bringing “American-made medicine” back to domestic shelves. Critics, however, argue that such sweeping tariffs could drive up drug costs while placing undue stress on an industry already grappling with R&D inflation, regulatory pressures, and price transparency reforms.
The pharmaceutical industry had hoped for a carve-out from broad tariffs — a strategy that appears increasingly unlikely. Some optimism has shifted toward future trade negotiations that might soften the blow.
The recently signed U.S.-U.K. trade agreement, while thin on specifics, includes a provision to negotiate preferential treatment for British pharmaceutical products and ingredients, contingent on the outcome of the Section 232 probe.
Swiss and EU pharmaceutical exporters may be pursuing similar carve-outs, but progress has been slow. With the final Section 232 report due by the end of July, drugmakers are bracing for a pivotal policy moment — one that could redefine their long-term U.S. market strategy.
July 11, 2025
Real Estate Inquiries by Wealthy New Yorkers into Florida Properties Jump 50% After Mamdani Primary Win
The Sunshine State is once again capturing the attention—and investment—of New York’s wealthiest. In the wake of Zohran Mamdani’s surprise victory in New York City’s mayoral primary, real estate firms in Florida are reporting a 50% surge in inquiries from high-net-worth individuals and investors in the New York area.
Mamdani, a far-left assembly member from Queens and a prominent figure in New York’s progressive movement, ran a campaign centered on bold reforms such as a citywide rent freeze, taxpayer-funded childcare, and “fast and free” public buses. His populist agenda garnered 565,639 votes, signaling a significant political shift—but also sparking unease among the city’s wealthiest residents and business community.
“We’ve seen a clear uptick in demand across our portfolio since the primary,” said Daniel de la Vega, president of ONE Sotheby’s International Realty. “Website traffic from the New York area jumped 50% in just one week after the results came in. Our agents are fielding calls daily from buyers reassessing their long-term presence in the city.”
According to de la Vega, the increased activity is not limited to individuals—institutional investors, family offices, and entrepreneurs are among those exploring relocation options. Many are drawn by Florida’s well-known tax advantages, including no state income tax, coupled with perceptions of greater political and financial stability, public safety, and quality of life.
“These are not just second-home buyers. We’re seeing families and executives who want to move their operations and lives permanently,” de la Vega explained. “This is the beginning of what could become a second major wave of migration if Mamdani wins the general election.”
This shift mirrors a trend seen between 2018 and 2022, when over 125,000 New Yorkers moved to Florida, bringing with them nearly $14 billion in adjusted gross income. That migration reshaped the South Florida real estate market, creating what de la Vega described as a “major surge” in demand and price increases across luxury developments.
With high-end buyers showing renewed interest, Florida markets like Miami, Palm Beach, and Naples are already seeing more activity. Developers are preparing for an influx of capital should political uncertainty in New York continue.
While Florida real estate professionals brace for a potential boom, some New York agents are already seeing the first ripples of disruption.
Frances Katzen, a top agent at Douglas Elliman, said one of her long-time Manhattan clients recently chose to list a condo unit after a decade of ownership, citing rising operating costs, regulatory concerns, and the threat of increased taxation and rent control under a Mamdani-led administration.
“Some investors are concerned about what’s coming next,” Katzen acknowledged. “But many still believe in New York’s resilience.”
Indeed, Katzen remains bullish on the city’s long-term prospects. “New York is still one of the most dynamic, connected, and culturally vibrant cities in the world. No matter how the election plays out, this city has always adapted and bounced back.”
Mamdani’s win in the Democratic primary has not yet sealed his role as the city’s next mayor—but it has already introduced uncertainty into high-end real estate markets. Buyers with means are exploring options, and real estate professionals in both New York and Florida are preparing for potential market shifts.
De la Vega emphasized that while his firm is still watching how the general election unfolds, early indicators suggest that more New Yorkers are getting spooked by the direction of local policy. “We’re seeing the first wave of reaction—not panic, but preparation.”
If Mamdani secures the mayor’s office in November, it may trigger a fresh wave of ultra-wealthy migration—and with it, billions in investment capital leaving New York for the warmer, lower-tax haven of Florida.
July 11, 2025
U.S. Tariffs Dominate Headlines, but EU-China Trade Tensions Quietly Escalate
While the United States’ aggressive tariff strategies continue to dominate global trade headlines, a quieter but increasingly tense economic confrontation is unfolding between China and the European Union — one that could have lasting implications for global markets, supply chains, and industrial policy.
Behind the scenes, tit-for-tat measures between Brussels and Beijing have intensified in recent months, exposing a fractured relationship marred by accusations of unfair trade practices, overcapacity, and geopolitical divergence.
The European Union recently restricted Chinese companies from participating in public tenders for medical devices, citing concerns over procurement transparency and national security. China quickly retaliated by imposing import curbs on European medical products, marking a fresh escalation in the long-simmering standoff.
Simultaneously, China made good on its long-threatened tariffs on EU-made brandy, a move widely interpreted as a retaliatory response to the EU’s 2024 imposition of anti-subsidy duties on Chinese electric vehicles (EVs).
Both sides have since ramped up their criticism and countermeasures, with diplomatic language growing sharper and economic cooperation increasingly fraught.
“EU-China trade relations are now quite poor,” said Marc Julienne, director of the Center of Asian Studies at the French Institute of International Relations (Ifri), speaking to CNBC earlier this week. “What was once a domain of great opportunity and enthusiasm has now become more about managing risk.”
This sentiment is echoed across European policy circles. Grzegorz Stec, a senior analyst at the Mercator Institute for China Studies, noted that the two economies are increasingly on a collision course, especially on issues like industrial policy, trade diversion, and market access.
“Beijing’s increasingly urgent need to export contradicts the EU’s desire to protect its own industrial base,” Stec said, referencing China’s ongoing struggle with overcapacity and sluggish domestic demand. These structural issues have compelled Chinese exporters to look outward, often at prices and volumes that European officials say distort competition and threaten homegrown industries.
Beijing’s recent tariffs on European brandy are being described by analysts as “economic weaponization” — part of a broader strategy to pressure Brussels into scaling back scrutiny and protectionist measures. The Chinese investigation into European spirits began shortly after the EU initiated its own probe into Chinese EV subsidies.
This pattern of retaliatory trade policy is not new in global geopolitics, but the stakes are growing. Europe’s trade deficit with China continues to widen, and concerns are mounting over the environment for foreign firms in China, which many say has become increasingly restrictive and opaque.
Interestingly, some experts argue that U.S. tariffs under President Donald Trump could have served as a catalyst for closer EU-China cooperation. Instead, both parties have grown more entrenched in their respective trade positions.
“If anything, the EU and China should have used the U.S. pressure as a common ground for negotiation,” Julienne said. “But instead, geopolitical divergence and mutual distrust prevailed.”
Jean-Marc Fenet, senior fellow at the ESSEC Institute for Geopolitics & Business, believes part of the reason is that China feels it has already ‘won’ its tariff standoff with Washington, reducing the urgency to compromise with Brussels.
“Beijing no longer sees the need for a unified front with the EU,” Fenet said. “In fact, there’s growing concern in Beijing that the EU may fall in line with Washington’s harder stance on China.”
The China-U.S. trade framework agreement announced in June — covering contentious areas such as rare earth exports and technology regulations — only reinforced that perception. Earlier this year, Beijing had already moved to restrict exports of critical rare earth elements and magnets, leveraging its dominance in materials vital to the automotive, energy, and defense sectors.
With an upcoming EU-China Summit scheduled for July 24 in Beijing, hopes are low for a breakthrough. Sources confirm that European Commission President Ursula von der Leyen and Chinese President Xi Jinping are expected to meet, but even senior officials are bracing for a tense and possibly unproductive dialogue.
“The significant hardening of the European Commission’s trade stance, and the bolstering of protectionist tools in recent years, suggest more frictions ahead,” Fenet said.
Indeed, trade experts warn of a long and bumpy road for EU-China relations. As the EU pursues greater economic autonomy and retools industrial policy to protect key sectors, Beijing is unlikely to ease its assertive stance, particularly as it looks to export its way out of structural economic stagnation.
“The overcapacity issues, paired with China’s use of rare earths as leverage in EV tariff talks, suggest that this trade conflict has only just begun,” said Stec.
The brewing tension between two of the world’s largest economies — the EU (GDP $19 trillion) and China (GDP $17.5 trillion) — threatens to disrupt multiple industries, from luxury goods and automobiles to healthcare and green technology.
Companies operating across both markets may face regulatory uncertainty, new tariffs, and a rising compliance burden. Investor sentiment may also sour, particularly in sectors heavily reliant on EU-China trade flows.
As of July 11, European stock markets remain volatile, with the Euro Stoxx 50 down 0.8% over the past week. Chinese markets, meanwhile, have been weighed down by weak domestic data and trade anxiety, with the Shanghai Composite dipping 1.2% this week.
July 11, 2025
Trump is defending the interests of the oil giants concerning climate regulations in EU trade discussions
Former U.S. President Donald Trump is intervening in current transatlantic trade negotiations to bolster American oil giants by pressuring the European Union to relax its landmark climate regulations—moves that threaten to weaken global environmental commitments.
In recent trade discussions ahead of the July 9 deadline, Trump officials have floated proposals aimed at diluting the EU’s Corporate Sustainability Due Diligence Directive (CSDDD) and methane emissions mandates, both central to Brussels’ aggressive climate stance. These rules impose rigorous environmental and human rights oversight on companies and require verified methane caps for fossil fuel imports by 2030—a move the U.S. energy sector says could drive them out of the European market.
Executives from ExxonMobil, including CEO Darren Woods, explicitly lobbied Trump to use trade leverage against Brussels. Private sources confirm U.S. negotiators are now urging the EU to soften or delay these regulations in exchange for tariffs relief.
Trump has dangled a steep 50% tariff threat on EU exports if the EU doesn’t step back on its climate rules—a key tactic in forcing concessions. Meanwhile, Brussels, eager to avert a damaging tariff spike, is considering trade-off proposals such as increasing imports of U.S. LNG and adjusting methane oversight frameworks to qualify U.S. gas under equivalency schemes.
This duel underscores a broader conflict between climate ambition and trade power: Trump’s approach aims to fuse energy dominance with economic leverage, while the EU seeks to uphold its Green Deal principles.
Following reports of these contentious trade maneuvers, European carbon credit futures slipped approximately 1.2%, signaling investor anxiety over potential dilution of climate policy. Analysts caution that even talk of loosening methane or sustainability rules could erode confidence in the EU’s green market framework—while bolstering U.S. oil and gas margins temporarily.
Environmental groups have sounded the alarm, labeling the U.S. push “a direct attack on the Paris Agreement,” warning that any weakening of EU standards could unravel global climate governance.
EU Commission President Ursula von der Leyen has reaffirmed the EU’s “sovereign right” to set its own environmental rules and cautioned against ceding core Green Deal elements just to avert U.S. tariffs.
Yet internal EU divisions bite: some leaders argue for flexibility to secure broader trade benefits, while others—like France’s Stéphanie Yon-Courtin—warn that concessions risk setting a dangerous precedent on environmental sovereignty.
EU negotiators will decide whether to carve out limited flexibilities—such as pragmatic methane measurement standards or delayed rollout of the CSDDD—to soften U.S. trade pressure. If no deal is struck, Brussels is reportedly readying retaliatory tariffs worth up to €95 billion. This clash may redefine transatlantic relations—showing whether trade imperatives outweigh climate leadership at a critical geopolitical juncture.
Trump’s alignment with Big Oil in EU trade talks reveals more than one-off bargaining—it spotlights a strategic confrontation over whether commercial leverage can override environmental clarity. The outcome will signal how far Washington and Brussels are willing to bend in balancing market access against the planet’s future.
June 27, 2025
Six people have been detained by police outside Palantir’s office during a protest concerning deportations and military contracts
Six people were taken into custody by police on Thursday as a group blocked the entrance to the New York office of Palantir to protest the tech company’s work for the U.S. Immigration and Customs Enforcement agency, the Israeli military and other efforts.
More than 30 people participated in the protest, according to Planet Over Profit, the group that organized the demonstration in the Chelsea section of Manhattan.
The New York Police Department had no immediate comment when asked if the six detained protestors were charged.
Planet Over Profit said all six were released later in the morning.
Planet Over Profit, in a statement, said it objected to Palantir’s “turbocharging ICE deportations, complicity in the genocide of Palestinians and plans to massively expand surveillance of every U.S. resident.”
“Palantir’s tech programs are being used to deport our neighbors, kill civilians in Gaza, enhance oil extraction, and deny health insurance claims,” the group told CNBC.
“If your company kills for profit, we will disrupt you,” a spokesperson added.
Palantir did not immediately respond to CNBC’s request for comment.
HAPPENING NOW: 6 of us being walked to NYPD transport vehicles after blockading the entrance to Palantir's Manhattan office.

"Say it once, say it twice, Palantir works with ICE." pic.twitter.com/0D7Edg1OQo
— Planet Over Profit (@pop4climate) June 26, 2025
Palantir was co-founded by billionaire Peter Thiel and its current CEO Alex Karp, who donated $1 million to President Donald Trump’s inauguration fund. The firm has garnered attention for its defense and software contracts with the government.
In April, ICE paid the company $30 million to provide the agency with “visibility” on people self-deporting, according to federal documents.
Karp told CNBC news in March 2024 that some Palantir employees had left the company because of his public support for Israel, and that he expected more would leave for the same reason.
During an earnings call a month earlier, Karp said he was “exceedingly proud” that Palantir was “on the ground” in Israel on the heels of the Oct. 7, 2023, attacks by Hamas. He also said Palantir was “involved in operationally crucial operations in Israel.”
Shares of the company have rallied 500% over the past year and hit a new high for the year to date on Wednesday morning.
June 26, 2025
Andrew Cuomo has conceded the New York City Democratic Mayoral Primary to socialist Zohran Mamdani
Andrew Cuomo Concedes to Socialist Zohran Mamdani in NYC Democratic Mayoral Primary. (Michael M. Santiago, Alex Kent/Getty Images)
Cuomo told his supporters that tonight was “not” their night and added that “tonight was Assemblyman Mamdani’s night,” according to the Hill.
“He put together a great campaign, and he touched young people and inspired them and moved them and got them to come out and vote,” Cuomo added.
Per the outlet, Cuomo’s concession came after “Decision Desk HQ projected the race would head to a ranked-choice count.”
Earlier Tuesday, Decision Desk HQ projected the race would head to a ranked-choice count as Mamdani held a solid lead over the former governor. The vote counting will continue even though Cuomo has conceded in the primary.
With 91 percent of the votes counted, Mamdani leads with 43.5 percent, or 428,995 votes, while Cuomo received 36.4 percent, or 358,740 votes, according to the Associated Press.
New York City Comptroller Brad Lander came in third with 11.3 percent, or 111,44 votes.
While Mamdani leads in the election, it could take “days before the winner is determined,” as the city does ranked choice voting, CBS News reported.
According to the NYC Board of Elections website, “all first-choice votes are counted,” and if a candidate receives more than 50 percent of the first-choice votes, they win. Votes will continue to be counted “if no candidate earns more than” 50 percent of the first-choice votes:
All first-choice votes are counted. If a candidate receives more than 50% of first-choice votes, that candidate wins.
If not candidate earns more than 50% of first-choice votes, then counting will continue in rounds.
At the end of each round, the last-place candidate is eliminated and voters who chose that candidate now have their vote counted for their next choice.
Your vote is counted for your second choice only if your first choice is eliminated. If both your first and second choices are eliminated, your vote is counted for your next choice, and so on.
Mayoral candidate Zohran Mamdani outlined his platform on his website saying people in his city are struggling with the cost of groceries.
The site then declared Mamdani “will create a network of city-owned grocery stores focused on keeping prices low, not making a profit. Without having to pay rent or property taxes, they will reduce overhead and pass on savings to shoppers. They will buy and sell at wholesale prices, centralize warehousing and distribution, and partner with local neighborhoods on products and sourcing. With New York City already spending millions of dollars to subsidize private grocery store operators (which are not even required to take SNAP/WIC!), we should redirect public money to a real ‘public option.’”
Several Hollywood celebrities, such as Sex and City star Cynthia Nixon, Harold and Kumar star Kal Penn, and pop superstar Lourde have supported Mamdani in his race to be the next mayor of New York City.
June 24, 2025
Bitcoin’s price is going up because a ceasefire between Israel and Iran has started, and the Senate has revealed a major new cryptocurrency bill
Crypto prices, including bitcoin, rose on Tuesday after President Trump announced a ceasefire between Iran and Israel.
By midday Tuesday, bitcoin had passed the $105,000 level, ether jumped back above the $2,400 mark, and XRP climbed to $2.19.
The risk-on action in the markets, which also saw stocks rally on the Mideast de-escalation, wasn’t the only source of momentum, as Republican senators unveiled a major bill to set the rules of the road for crypto. Specifically, the legislation would define when crypto is a commodity or a security, allow crypto exchanges to register with the Commodity Futures Trading Commission, and reduce the Securities and Exchange Commission’s regulation of digital assets — a big reversal from the plans of President Biden’s SEC Chair Gary Gensler to closely regulate the crypto industry.
The new framework was introduced by Senate Banking Committee Chairman Tim Scott of South Carolina and Senator Cynthia Lummis of Wyoming, who heads the panel’s Digital Assets Committee. Robinhood CEO Vlad Tenev said on CNBC’s “Squawk Box” that the regulatory development was important for the U.S. to regain the lead in the crypto industry, where he said it has fallen behind other markets, including Europe.
Last week, the senate passed a stablecoin bill, marking the first major legislative win for the crypto industry, which now heads to the House for consideration of its version of the bill. Both bills prohibit yield-bearing consumer stablecoins — but differ on agency regulatory oversight. Visa CEO Ryan McInerney weighed in on the advancement of the Senate version, the Genius Act, telling CNBC’s “Squawk on the Street” that the credit card giant has been embracing stablecoins.
Meanwhile, investors increased their bets on crypto company Digital Asset, which raised $135 million in funding from several big names in banking and finance, including Goldman Sachs, BNP Paribas and hedge fund billionaire Ken Griffin’s Citadel Securities. The firm, which touts itself as a regulated crypto player, said it will use the funding to advance adoption of its Canton network, which is a blockchain for financial institutions, another sign of how major financial institutions are embedding themselves into the once obscure crypto world.
June 24, 2025