00:00The affordability crisis is top of mind for voters, for consumers, and of course government
00:05officials alike. One mayor is making it his mission to help solve that. Mayor Brandon Scott.
00:11He represents the city of Baltimore. I had a chance to catch up with him and ask about his
00:15efforts to actually help affordability. And I also asked him about what advice he would give
00:21for incoming New York Mayor Zoran Mondani. Take a listen.
00:24The 10-year financial plan is about making sure that the city is in the best fiscal position
00:31to do those things, to lower the property tax rate in the city, to create more affordable
00:35housing, to be able to invest more in our infrastructures like schools and erections and
00:41pools and parks, things that we've done to historic natures in my first term and into
00:45the second term. We want to see that work continue, but also that we continue to have a balanced
00:50checkbook so that the city is in the best fiscal position structurally as well.
00:55I'm curious about the balance of those improvements, as we've seen in a lot of other
00:59major cities over time, that as we start to see improvements, of course that brings a new
01:05population to the city. I'll use the word gentrification for lack of a better one. And
01:09it raises a lot of concerns about a city that improves, but those improvements don't necessarily
01:14accrue to the longtime residents, but rather to the newcomers. How do you address that?
01:19Yeah, I think that that's why our strategy is done the way it is. It's a block by block
01:23strategy, and we're taking a strategy that really we're lifting up and growing to scale
01:28that we've seen work in neighborhoods. When you look at parts of East Baltimore that when
01:32I first came to city government in 2007 were mostly vacant, we're now seeing neighborhoods
01:38like Johnson Square and Oliver be occupied by people that look like me, that are from Baltimore,
01:44that used to be renters, that are now homeowners in that neighborhood. When you think about the
01:48projects in my home neighborhood that I grew up in, in Park Heights, we want a little bit
01:53of what I call regentrification. All those people that I grew up with that were pushed out into
01:57Baltimore County, we want to bring them back in as we start to break ground on building
02:02new homes from home ownership. This is why we have programs like my Buy Back the Block program
02:06that take renters in Baltimore who sometimes are paying $1,400, $1,500 a month in rent and allow
02:13them to be homeowners for $900, $1,000. We have to do it the responsible way, block by block,
02:19neighborhood by neighborhood, so that we're protecting our legacy homeowners, also taking
02:25those who are folks who are renting, allowing them to be homeowners in that neighborhood,
02:29and then inviting new people in as well.
02:31What's the conversation you've been having with businesses, attracting more businesses who
02:35in theory are going to bring more jobs? That of course leads to the population growth.
02:39In fact, I think it was last year, you guys had your first increase in population in decades.
02:45But when I look at some of the big employers, obviously Johns Hopkins, which we mentioned,
02:48I think Under Armour, T. Rowe Price, a few others as well. Are there efforts to try to bring in
02:53other large companies into the city?
02:56Well, yes. And it's not just about the large companies either. It's also about the smaller and
03:01the medium-sized companies and keeping companies here. When you think about Hopkins, when you think
03:05about University of Maryland, when you think about Morgan, you think about all the tech businesses
03:10that are growing out of those institutions, and we want them to stay here. That is a big investment
03:15in the city and things that we're going to be focused on. Obviously, as we see in the area around
03:20Under Armour that's known as Baltimore Peninsula, where you see organizations like CFG Bank that were
03:25located in Baltimore County now being in Baltimore City, when you see all the housing that's being built
03:31around there and being. So we know that people want to be in Baltimore. Creating that environment
03:36for them to work, live, learn, earn, and play there is our responsibility. And obviously, as the
03:41mayor, spending time in New York, as I was yesterday and everywhere else, to let folks know that Baltimore
03:46is open for business. We are doing things in the safety realm that folks thought was impossible in
03:51our city. We have a great culture scene, authentic, and you will not find better food, especially seafood,
03:57anywhere else in the world. Where else would they want to be?
03:59All right. I might have to debate you on that, maybe on another show. Final question, though,
04:04for you, Mr. Mayor. And this really has to do with New York City. In about three weeks' time,
04:08we're going to have a new mayor in New York City. One, I think there are a lot of people who are very
04:12hopeful, but of course, a lot of people who are very concerned about some of the policies that he has
04:18proposed to address things like affordability and gentrification, all the things that you've had
04:22five years now to address. What advice would you give Zoran Mamdami about how to navigate the
04:28complexities of running a major city? Well, listen, I won't tell you anything that I didn't tell
04:34the mayor-elect directly. First and foremost, do what's always right and not what's popular.
04:39Even if what's right is not what's best for you politically. And then also make sure that
04:44you're leading with people, building the best team. Obviously, he's going to be responsible,
04:49but I told him he has to build the best team and people that he can trust. But doing the right
04:54thing over the popular one will ultimately allow him to lay his head at night and know he did what's
04:59best with New York, but also that he will be able to live with himself, which is ultimately the most
05:04important thing.
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