Brian Rich

Managing partner & co-founder of @CatalystInv; growth equity investor in tech, former Board and Executive Committee for @NVCA

[Hon. Vickie Paladino @VickieforNYC]

My official statement on the budget, as read in chambers this evening, before I was muted:

"I’ve been a member of this city council going on five years now. And I’ve voted yes on the budget every year so far. All of them had problems. All of them contained things I didn’t like or agree with. But I’m not here to demand perfection, I’m here to work with what we have — within reason.

Unfortunately, this year is very different. And I must vote no.

Even in the context of our dysfunctional city government, this year’s budget represents a complete departure from reality, spending more money than we’ve ever spent — precisely when we can least afford it.

We have never seen a larger single-year increase in spending in the history of this city. Requiring not only new taxes from Albany, but pension deferrals and an eight billion dollar bailout from the Governor. And even still, the revenue projections are optimistic at best.

This isn’t a ‘balanced budget’ — it’s budget by bailout. A ticking time bomb.

And it’s the beginning of a fiscal death spiral that our current leadership will not be able to pull us out of, because they lack both the experience and the seriousness to do so.

What will we do next year? And the year after?

The only responsible way for our city to spend more is to grow the economy. New businesses, new private economic development, major investment. That’s how you grow an economy, and get more money into the city budget.

But we’re doing the opposite. Deliberately chasing away everything our city needs to sustain our spending with childish political attacks on very people we need most.

Our tax base is isn’t growing. It’s leaving.

The middle class, the financial sector, and businesses of all sizes are choosing to go elsewhere. And they’re being replaced with low-income foreigners and transplants who require significant subsidies just to survive here.

We’re trading investment banks and small businesses for delivery app drivers on welfare, and nonprofit workers whose paychecks ultimately come from government spending. That isn’t growth.

And when ordinary New Yorkers complain, they’re told to shut up and leave if they don’t like it. And that’s exactly what many are doing.

This is obviously unsustainable. But nobody in this chamber really seems to care.

And what are we getting for our money? We already spend more in real dollars AND per capita on everything from schools to housing to healthcare than anyone else in the country.

We can’t even build a public bathroom for less than three million dollars.

Why would anyone believe that shoveling even MORE money into this broken system will improve anything?

It won’t. I guarantee that we’ll all be sitting here again a year from now, with the exact same problems, listening to the exact same lectures about how the city needs even MORE money, AGAIN.

At what point do we, as a City Council, start to demand results before we allow more spending? When do we demand accountability?

The answer seems to be never. Because this spending isn’t really meant to fix anything. It’s meant to keep the machine going, keep the money flowing into the special interests and nonprofits and the political allies of the Mayor, with no real consideration for anything else.

I realize a lot of people don’t want to hear this, but we are a municipal government, not a sociology experiment or a political slush fund or the United Nations.

We are here keep the lights on, keep the water running, pave the roads, and put criminals in jail. That’s it. And we would be very well advised to get back to basics. Because we’re failing on nearly every count, other than our peerless ability to hand out free money.

Shame on this Council for pretending this budget is anything other than a disaster. I know that my single vote ultimately doesn’t matter here, but nonetheless I won’t put my name on it. I respectfully vote no."

[Brian Rich @brch]

@DefiWimar @grok is this true?

[Brian Rich @brch]

@SenFettermanPA You’re a National treasure and a voice of reason. We need more of you, hoodie and all.

[Jacob N. Kornbluh @jacobkornbluh]

Addressing mayoral race, Rabbi Angela Buchdahl of Central Synagogue says Mamdani’s 2023 remark that NYPD’s boots are ‘laced by the IDF’ “crosses the line clearly into antisemitism”

“I fear living in a city…where anti-Zionist rhetoric is normalized and contagious.”

[Brian Rich @brch]

Good explanation of what’s going on

[Bill Ackman @BillAckman]

An articulate overview of the government shutdown. Worth two minutes.

[Brian Rich @brch]

@BillAckman I fear your message is falling on deaf ears. Mandami's constituency likely does not overlap with your followers. Recommend you "reach across the aisle" by going on podcasts and social media that you can actually influence. Think Joe Rogan, etc.

[Brian Rich @brch]

@CurtisSliwa Curtis - here's the logical thing for you to do: Get into the Cuomo administration in a meaningful way by negotiating a deal and DROPPING OUT. It is the ONLY way you will be able to influence your agenda for NYC. Otherwise, you will be DONE and OUT of the game. Be smart.

[Brian Rich @brch]

@NickReisman Let me know how this works out for you

[Brian Rich @brch]

@CurtisSliwa Please drop out

[Brian Rich @brch]

@BillAckman @CurtisSliwa Talk to him Bill. Make him an offer he can’t refuse.

[Brian Rich @brch]

@EricLDaugh @grok, why is Jeffries making these claims?

[Brian Rich @brch]

@CurtisSliwa You are a fine man and human being, well intended, but you have NO CHANCE to win. All you are doing is helping Mandami. PLEASE FOR THE SAKE OF NYC DROP OUT OF THE RACE!

[Bill Ackman @BillAckman]

A few thoughts on the NYC mayoral debate:

First, kudos to the moderators. One of the best moderated debates I have seen with excellent questions.

On @ZohranKMamdani:

It is now abundantly clear he is completely full of it. The whole thing is an act. Just look at the identical practiced smile with which he ends each answer. After watching him recreate his fake smile, your skin will start to crawl.

Mamdani exudes inauthenticity and smugness. He denies or disavows any of his previous public statements that he knows will now cost him votes. The only takeaway is that he is an extremely articulate inauthentic actor. You can’t trust one word out of his mouth.And that’s before you get to his policies which make no economic sense.

On Sliwa:

He comes across as a good man who cares and knows a lot about the City. But if he really cared as much about NYC as he seems to, he needs to drop out of the race tomorrow. A vote for Sliwa is a vote for Mamdani. Sliwa will hand NYC to Mamdani if he stays in. And I am concerned he will do so as he comes across as having a big ego, and he is out of touch with his place in the polls.

On @andrewcuomo:

Cuomo had a great debate. He was knowledgeable, practical and full of common sense about what NYC needs and what a mayor should do. He has his mojo back and did a great job attacking Mamdani for his lies and providing credible solutions for problems and issues. He came across as strong, confident and authentic. He should be our next mayor.

Please watch if you have time.

[Brian Rich @brch]

@realjessica Ultimately, us taxpayers are paying.

[Brian Rich @brch]

@JDVance That is really funny VP!

[Brian Rich @brch]

Nothing from @KamalaHarris today? Nothing?

[Brian Rich @brch]

@andrewcuomo Say something about Mamdani’s statement. It is ridiculous.

[Columbia Jewish & Israeli Students ✡️🇮🇱 @CUJewsIsraelis]

1200 chairs on @Columbia's lawn today in memory of the 1200 victims of October 7th. Thank you to @SSIcolumbia and @SSI_Movement @diploact @letsdsomething for organizing this!

[Brian Rich @brch]

@CUJewsIsraelis @Columbia @SSIcolumbia @SSI_Movement @diploact @letsdsomething I am exceptionally pleased to see this. This is a welcomed change to what was going on @Columbia . Let’s hope it sticks.

[Brian Rich @brch]

@LauraLoomer Laura, cool your jets. This is going to get sorted out as this is definitive with a deadline. Fingers crossed.