Trump Advisor David Sacks Predicts Miami Will Overtake NYC as Financial Capital
Rep. Mike Lawler, R-N.Y., joins ‘Varney & Co.’ to weigh in on whether NYC mayor-elect Zohran Mamdani will follow through on his agenda, the Trump administration’s rollout of rural health funds as Obamacare subsidies expire, and the 2026 midterms.
Trump’s Crypto Czar David Sacks predicts that Miami will soon surpass New York City as the nation’s financial capital, especially following the inauguration of socialist Zohran Mamdani as the city’s 111th mayor.
Sacks, a venture capitalist and former advisor to Trump on artificial intelligence and cryptocurrency, expressed his views on X, stating that if progressive policies persist, they will drive capital and talent away from New York and into the “Sunshine State.”
In response, Miami Mayor Francis X. Suarez noted on X that companies managing over $13 trillion in assets have already relocated offices or headquarters to Miami.
Sacks further contended that progressive policies in San Francisco would lead to a migration of talent and investment to Austin, Texas, positioning it as the new tech capital. San Francisco has recently implemented some of the most aggressive progressive policies in the nation. Earlier this month, Mayor Daniel Lurie signed an ordinance to establish a “Reparations Fund,” potentially granting eligible Black residents up to $5 million for historical discrimination and displacement.
NYC DEM SOCIALIST ZOHRAN MAMDANI WINS PRIMARY ELECTION: WHAT IS HIS ECONOMIC AGENDA
This measure, passed by the Board of Supervisors and signed by Lurie, creates a legal framework for the fund but does not allocate city money or guarantee payments.
NYC MAYORAL CANDIDATE’S RENT FREEZE PLAN COULD WORSEN HOUSING CRISIS, EXPERTS WARN
Zohran Mamdani, New York City mayoral candidate, speaks during the United Federation of Teachers mayoral forum in New York on May 17, 2025. (Michael Nagle/Bloomberg/Getty Images / Getty Images)
Sacks also announced that Craft Ventures has opened an office in Austin, prompting a response from Tesla’s Elon Musk, who welcomed the move, stating, “Welcome to Texas! No one will fight harder for the independent and free spirit of Texas than people who know it’s like when that’s taken away.”
On New Year’s Day, Mamdani, a self-proclaimed democratic socialist, was sworn in as mayor during a midnight ceremony led by New York Attorney General Letitia James. During his inauguration, Mamdani vowed to “lead millions of New Yorkers into a new era of opportunity,” reflecting his campaign’s focus on making New York City more affordable.
In November, Mamdani decisively defeated former New York Gov. Andrew Cuomo and Republican Curtis Sliwa, marking a rapid ascent in his political career. However, his progressive agenda has faced significant opposition from business leaders who view his policies as a direct threat to capitalism.
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Mamdani’s platform emphasizes key issues resonating with socialists in the Democratic Party, such as raising the minimum wage, increasing taxes on corporations and wealthy individuals, tightening regulations on delivery apps, investing in affordable housing, and establishing city-owned grocery stores.
FOX Business’ Eric Revell contributed to this report.
Rep. Mike Lawler, R-N.Y., joins ‘Varney & Co.’ to weigh in on whether NYC mayor-elect Zohran Mamdani will follow through on his agenda, the Trump administration’s rollout of rural health funds as Obamacare subsidies expire, and the 2026 midterms.
Trump’s Crypto Czar David Sacks predicts that Miami will soon surpass New York City as the nation’s financial capital, especially following the inauguration of socialist Zohran Mamdani as the city’s 111th mayor.
Sacks, a venture capitalist and former advisor to Trump on artificial intelligence and cryptocurrency, expressed his views on X, stating that if progressive policies persist, they will drive capital and talent away from New York and into the “Sunshine State.”
In response, Miami Mayor Francis X. Suarez noted on X that companies managing over $13 trillion in assets have already relocated offices or headquarters to Miami.
Sacks further contended that progressive policies in San Francisco would lead to a migration of talent and investment to Austin, Texas, positioning it as the new tech capital. San Francisco has recently implemented some of the most aggressive progressive policies in the nation. Earlier this month, Mayor Daniel Lurie signed an ordinance to establish a “Reparations Fund,” potentially granting eligible Black residents up to $5 million for historical discrimination and displacement.
NYC DEM SOCIALIST ZOHRAN MAMDANI WINS PRIMARY ELECTION: WHAT IS HIS ECONOMIC AGENDA
This measure, passed by the Board of Supervisors and signed by Lurie, creates a legal framework for the fund but does not allocate city money or guarantee payments.
NYC MAYORAL CANDIDATE’S RENT FREEZE PLAN COULD WORSEN HOUSING CRISIS, EXPERTS WARN
Zohran Mamdani, New York City mayoral candidate, speaks during the United Federation of Teachers mayoral forum in New York on May 17, 2025. (Michael Nagle/Bloomberg/Getty Images / Getty Images)
Sacks also announced that Craft Ventures has opened an office in Austin, prompting a response from Tesla’s Elon Musk, who welcomed the move, stating, “Welcome to Texas! No one will fight harder for the independent and free spirit of Texas than people who know it’s like when that’s taken away.”
On New Year’s Day, Mamdani, a self-proclaimed democratic socialist, was sworn in as mayor during a midnight ceremony led by New York Attorney General Letitia James. During his inauguration, Mamdani vowed to “lead millions of New Yorkers into a new era of opportunity,” reflecting his campaign’s focus on making New York City more affordable.
In November, Mamdani decisively defeated former New York Gov. Andrew Cuomo and Republican Curtis Sliwa, marking a rapid ascent in his political career. However, his progressive agenda has faced significant opposition from business leaders who view his policies as a direct threat to capitalism.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Mamdani’s platform emphasizes key issues resonating with socialists in the Democratic Party, such as raising the minimum wage, increasing taxes on corporations and wealthy individuals, tightening regulations on delivery apps, investing in affordable housing, and establishing city-owned grocery stores.
FOX Business’ Eric Revell contributed to this report.
