Jeanny Pak, Chief Financial Officer, New York City Economic Development Corporation: Please welcome the 112th mayor of New York City, Mayor Zohran Kwame Mamdani.
Mayor Zohran Kwame Mamdani: Thank you all so much for being here. It's such a pleasure. Hamdi, thank you for joining us. I think before we begin, I do want to say I'm sorry about Turkey.
Hamdi Ulukaya, CEO, Chobani: I know, I know, it was — I was at the game. The whole stadium was filled with people from Turkey and, of course, Paraguay people too. Yeah. It's devastating. But that's [what] the game is about.
Mayor Mamdani: I know, I know. You know, I think it speaks to the fact — and you heard it from Jeanny — that so much of our city right now is enthralled by not only the Knicks championship run, but now also by the World Cup. And I think I'm going to now try very unartfully to make a segue into economic development and opportunity. But I think at the heart of it is the real sense of possibility that exists in this city and in this moment, and the sense also that this is the place where people want to be. And I really wanted to begin this conversation by just hearing from you, you know, as someone who leads a company that is truly not only a New York success story, but an immigrant success story and really a success story for the entire country. If you can tell us a little bit more about what made you decide to put your global headquarters here, and also your belief in taking things that are shuttered — like an upstate factory — and making it the home of what is now a company that so many of us associate with the yogurt that we buy at the grocery store.
Ulukaya: Mayor, you’re so kind. I still — I want to go back to that event that we did on the street the other day before the World Cup. I had no idea what to expect — just idea came from one from another one — and I found myself with the mayor on the street, kicking the balls after 30 years — [something] I've never done before. And when those pictures spread around, especially in Turkey, and I had my Fenerbahçe jersey on, and you had your Arsenal, and a month of response I had from that picture was enormous. So, you're a rock star not only here in New York, but [around] the world, especially the country that I call home in Turkey. But I think the best part of that was we can come together and make life better for neighborhoods, for children and have fun at the same time. So, I come back to this notion — that was my second gathering with you, and this is the third — there's something in the air. Seriously, that like, I don't know, sometimes you can't even identify what it is, but maybe it's you, maybe it's your leadership, [there is] something going on. Knicks is winning; World Cup is going well.
There is something in the air. I feel it. And I think my first message on this gathering, when it's about the economic future of New York City: investment, innovations and entrepreneurship. I would say it's never been this exciting to be in New York; it's never been this exciting to invest in New York and start your business in New York. Despite the fact that there was enormous amount of conversation, noise that during the pandemic, after the pandemic, after the election, after all the conversation that we were having — that how we could make the life better for neighborhoods and workers and children and schools, that people would flee their businesses from New York — but it happens to be completely [the] opposite. And more people are coming.
So, that comes to my presence in New York. I had a space in Lafayette Street right after the pandemic. This happened once before, mayor, every time that I saw the New York kind of get to the bottom, like there was some desperation — maybe there was some question marks if New York ever going to come back — I doubled down. Because you never question — you never doubt New York City, ever. Because if you know something that New York always comes back and comes back stronger and comes back in a different color, different way, different — better than ever before, because I saw it happen in my business. So, immediately after I said to my team, let's look at one of the best neighborhoods so I can invest.
So, we came to where Bowery Street is and we saw this building — it was on the screen — and immediately went in and I brought my two boys and said, “What do you guys think about this?” And they said, “Yeah, we love it.” They were seven and ten. So, they had — and I didn't even question it. Today it already doubled its value, already doubled its value. But my point is, where else in the world you're going to tap into 100 — 360 degrees everything. No where else.
Mayor Mamdani: Well, and I think what I have to say also is thank you to you and to every business leader here, because I agree with you that you should never bet against New York and never bet against a New Yorker. And yet I also, I have to say that as the mayor of our city, part of the reason we say “don't bet against the city” is because of the bets that people are taking in this city, on this city. We don't just get here by ourselves. We get here because someone like you and other business leaders, at the height of the pandemic — when all of the incentives would say, “make a different decision, go elsewhere” — you decide to believe in this city, as so many have believed in it before. And I think what's so exciting is, as you said right now, it truly feels like while that decision may have been difficult, now it's a much easier decision. And yet it speaks to the fact that what makes this city so special is that so many have kept believing in it to this point.
And I think, you know, you look at where we are now. Since 2021, more than 500,000 college graduates have made this city their home. More than a million young people call this city their home. We're seeing the leasing of office space is 43 percent above a five-year average. You know, we're looking at the venture capital of Q1, $11 billion. The indicators are all there. And yet we want to make this a city that every day we're doing what we can to make it as easy as possible for someone to make the same decision as you did. And if you're a business leader and you're thinking about this, I would have to ask you, Hamdi, if we can also bring your kids to them, you know, for any of their site visits.
Ulukaya: And that brings the question that it would be in every businessperson's mind, that you have very strong opinions coming into election, coming to leadership in New York City, and if I may—
Mayor Mamdani: Please.
Ulukaya: And that was, “Hey, the city needs to work for everybody.” You know, the wages, housing, early childhood education. And then there is certain blame that goes along with the businesses. And now we are here gathering around the business, opening — New York City open for business, and understanding the value of the business and entrepreneurship innovation. My question to you is when you are walking that fine line, which I truly believe, that if the economy is not working for everybody, that economy is not going to be sustainable for the future. The cracks [need] to be closed. And those issues, especially most important one, where is the wages are not good enough, where every child has a safe neighborhood to go to school — to which you champion — where hunger shamefully needs to be wiped out. You know, everybody should have access to good food. But in that environment, I believe is not against the business.
If those environments accomplished and businesses and the government come together to create that environment, healthy way, the business flourish even further and better.
Mayor Mamdani: Absolutely.
Ulukaya: And that's what you believe?
Mayor Mamdani: Absolutely. And I think to your point, what we want to do in this city is to make it a place where everyone can flourish. Because I think, as you've said, we know our city has a history of incredible generation of wealth. It's the wealthiest city in the wealthiest country in the history of the world. We also know that that is true while one in four are living in poverty. And that's not a sustainable set of facts. And what we've also seen is that a lot of the inability of City government to provide for the needs of working people has then outsourced a pressure onto companies. I speak to business leaders who themselves are having to give supplements for childcare payments to their workers, who are having to find ways to deal with a skyrocketing housing market in their own kind of incentives and bonuses.
And so, one of the focuses that we also have is: How do we drive down the cost of doing business by creating more service for that which companies are having to pick up the dollar for? And with housing, it looks at how can we make it as easy and quick as possible to build housing in this city. We're looking to drive down the time it takes to build housing, whether on the private market or the public market. And on childcare, which is the second largest cost for working families in the city, [we are] delivering universal childcare, of which [the] 26 is the deadline to apply if anyone here has a two-year-old. It is a way that we can save families money because, look, a lot of the business leaders here and those who are watching may have businesses where their employees are making six figures. And yet we also know that when you're having to pay $20,000 a year, you will blink at that, even if you're making $100,000; $200,000; $300,000; even $400,000; or $500,000.
And so, how can we make it easier for that family to put its roots down here? And I think, to the last point, [we] also want to make this a city where it has the best quality of life, the best quality of service and the best quality of safety. And when it comes to quality of life, that means investing in city services so that you can go out, as Jeanny said, and celebrate the Knicks winning their first championship in 53 years, and the next morning you can go to the same street and see that New York City Sanitation has cleaned it all, and it's as if it as if it never happened. And I love that it feels like there's a real civic pride, because in the Knicks parade, the loudest cheers were for the players and then it was for Sanitation, you know, when they came through the streets.
And then on quality of service, it's also that we want people to demand — You know, when I go to the grocery store and I pick out my zero percent Chobani Greek Yogurt, I'm picking it out before I knew Hamdi. I'm picking it out because of what it represents to me, the memories I have of the yogurt, the quality, the taste of the yogurt. But I'm picking it because it earned that trust. I want people to feel the same way about government. We can't make the same level of Greek yogurt, but we should earn that trust. And that comes from also demanding excellence from ourselves.
And then the last point is about safety. You know, we want this to be, as it has continued to be, one of the safest big cities in the world. That means that any indication of crime is an opportunity to deliver more, to keep driving that down. We're proud that in these first six months, we have the lowest recorded levels of murders in our city, of shootings in our city. And we're also not going to pat ourselves on the back and say, job done. It means there's more to be done.
And I think just a question to you, Hamdi — you were saying this a little bit earlier, but you know what your company embodies, it is also an indication of what we were talking about, about investing in workers. Now, when I think about Chobani, beyond what it is that you sell, it's also the higher wages, the parental leave [and] the childcare. Can you share a little bit about why you made the decision to have that as part of your company culture?
Ulukaya: I came from a similar background. The business that I saw didn't work, the communities [where] I grew up in in Turkey. And I immediately blamed the business. When I arrived in America and southern upstate New York — [in the] early days, I was here in New York City, and I was going to tell you, [the] memory of New York City for me is riding from Brooklyn to Manhattan on a train, on a subway train, having my bagel and watching everyone. And basically, the spirit that stays with you, that you can never put value to — all those interactions that you [have] from the day that you come here until you start your business and how much those interactions impact the business that you start with — nowhere else can you see this. And Jason shared some numbers [about] diversity and all the other things. The stuff that is the most valuable is the one that you cannot put price on when you—
Mayor Mamdani: The intangibles.
Ulukaya: The intangibles. And same thing that goes into the workforce and the safety and all those things — how much those are [more] important than how much tax you avoid. And it's not even a comparison. I truly believe in it. I grew up and said, in the factory, when things are good, the people who live in high towers get the path, get the rewards. But if things are bad, the factory workers pay the price, like the factory [being] closed. And that's [how] I started my business. The factory closed because somebody in Chicago decided that it wasn't profitable enough after 75 years. When the same people built Chobani with me, the same people, same factory—
Mayor Mamdani: Who had been closed down—
Ulukaya: It had been closed, [the] same community and basically the same products. It was making yogurt before me. It was bad, but it was yogurt. So, when I saw the same people, it's like I was one of them. We built this together. So, one of the proudest moments for me was — when I knew that I survived in 2016 — to make every single person [a] partner in the company. Because our future depends on everyone to succeed, not just, you know, shareholders, but every stakeholder.
But in reality, if every stakeholder — the workers, environment, families, communities, consumers, everyone — if everyone succeeds, the company becomes even more successful. The shareholder gets even more successful. To me, this is the timeless model that is going to be relevant in the future. The companies [that] are really paying attention to these things are going to be the [ones] who [are] going to be relevant.
The world is changing dramatically. So, New York City is creating this platform for the companies to succeed. And what Jeanny is saying, what you're basically saying is, “Hey, I want to help you to bear those costs. And we [will] do this together.” And this way the business becomes the engine with the NGO, with the city governments, with, you know, all the stakeholders together that make this work for everyone, which is because post-pandemic, the world has to change and the city needs to reinvent itself [with] a new economic model that works. Basically, we're saying if we are — and I think that's a question back to you, sir — is New York City open for business?
Mayor Mamdani: Yes. And I think I think to your point, not only are we open for business, but we are looking to be the best possible partner to business. And that's not to say that — you know, you will hear that from many a city, that they will want business to come to them. I think what separates us is both the intangibles of this city, but also the ways in which we want to invest. And what that really speaks to is — you look at the EDC, and you look at the Brooklyn Army Terminal. This is an example where we've put in about $100 million, and that $100 million will create more than $2.6 billion in economic activity. Because what we're seeing is that when we can invest to make it easier for businesses to start up, we can give them that first access to capital. And what I've heard a lot from small business owners is [that] their issue is not access to consumers, it's access to capital. How can we unlock that for them? So, whether it's on the side of New York City putting in $20 million into Ponce Bank, this storied Puerto Rican institution uptown and in the Bronx that is helping small businesses start up their hopes and dreams, or it's an EDC putting in $100 million, we're seeing the different ways. And I know that when Chobani was looking and made the decision to have your global headquarters here, some of the things that EDC put forward [were] ways that it could work together, whether it's assistance in site selection or workforce development. And I know one place that they worked closely with Chobani on was how we can also get connected with New York City Service Corps and really bringing together police officers, firefighters, other members of our city workforce to help in what Chobani does on an annual basis of distributing food across the city.
And I think to that point, we are both so excited at what we can achieve in this city, and we also want to welcome everyone from across the world to be a part of it. Because when we think about the accomplishments that public-private partnerships have created, it's not just, you know, the examples I've shared between EDC and Chobani. I even think about public housing in New York City. It's one of the last places that a working-class person can afford housing. And it's also the reason that we have the mini fridge in the United States of America, because a few decades ago, NYCHA, the New York City Housing Authority, put out an RFP for a specific-sized refrigerator for a public housing unit. And that's how that size refrigerator was developed. And now it's a mainstay of college dorms across the country. For different reasons. And to me, now, that public private partnership when it comes to public housing is about clean energy and about how we can bring heat pumps into public housing and deliver on not just quality of life but also tackling the climate crisis.
Mayor Mamdani: But I think in this room — in Chobani — in so many other perspective businesses, we have the possibility to ensure that New York City keeps being the place that everyone looks to as where they want to be. And I think that's the — what we want in City government is to finally embody what we see in business, what we see in sports [and] what we see in arts in the city, which is a relentless drive for greatness.
And I think for too long in our politics, we've brought the bar much lower and we've just said, “This is how it is. We'll always be fine; we'll always be great.” And it's not the truth. The reason that every other industry is succeeding in this city is because they push themselves, and I think we have to do the same.
And, you know, I just want to go back [to] one of the things that you shared earlier; one of the best days that I've had as the mayor of the city is when we celebrated Soccer Streets. For those who don't know, just to expand a little bit more on what Hamdi was saying, Chobani made the decision to invest in an initiative that we put together for the World Cup to transform 50 New York City Public Schools and the streets outside them to make them car-free and to make them places where kids can play soccer, can learn about soccer [and] can draw murals about it.
And I just want to say thank you to you, because so many of us are watching the World Cup in this moment. And, you know, I went to sleep last night to Algeria [vs.] Jordan playing as I closed my eyes. And what you are doing, and what so many other businesses are doing, is investing in it to make sure it's a moment that children can also remember as when their potential was being unlocked.
And that's what we want: is that in 20 years, when the U.S. Men's National Team is right there at the World Cup final, and they're looking back and we're asking ourselves, “Where did that striker's journey begin? Where did that goalkeeper start playing”? And we look at the things that businesses worked with City government on to create these kinds of initiatives. It's really what I think also unlocks the potential of the city. So, thank you very much.
Ulukaya: Thank you. Do you know how my soccer journey started here?
Mayor Mamdani: Please.
Ulukaya: So, my son played at DUSC.
Mayor Mamdani: I played at Manhattan Soccer Club.
Ulukaya: So, I go to every practice and every game, and I saw there's a mattress brand on it. Nothing wrong with mattresses. I said the kids should not play with the mattress brand on their jersey on. So, I decided to reach out to the leadership says, “Wow, we really need a sponsorship, not only for the jersey, but [also for] the coaches and all the other stuff.” I said, “Well, let's do it.” So, this was my first sponsorship, [which] was with DUSC. And if you go to the DUSC website, it has Chobani [on] them. Then I said, “What about Team USA?” So, we reached out to Team USA, and this is why I came in with this hat. Chobani is [the] Official Nutrition Partners of Team USA. We are one of the biggest sponsors of Team USA.
Mayor Mamdani: Incredible.
Ulukaya: And the reason I did that—
Mayor Mamdani: From Downtown United Soccer Club — from DUSC to [Team] USA.
Ulukaya: [Inaudible] But the point is, I said, we're not just going to sponsor it; we're going to put our hearts and souls into Team USA. Every single package — and I personally spent six months changing every single packaging that has Team USA's logos on them [and] the players on them, and we also support the Women’s World Cup next year.
So basically, if you go to Official Chobani, you'll [see] Team USA. And I said Team USA is going to go far. And now the people are starting, and I actually put an ad out there that we're going to get this this year. The point I'm making is New York City gives you ideas [in] unexpected places. The only reason I'm wearing this hat and sponsoring Team USA and talking about soccer is because I watch my son playing in downtown. And I said, “We can do something about this.”
I am an entrepreneur who was an immigrant, like millions before me that lived in a one-bedroom apartment with so many others try to learn languages [and] ride on the subway. Before I [became] this — we are doing an investment [of] $2 billion this year on infrastructures, plants, manufacturing sites around the country.
But still, I'm riding that subway [from] 30 years ago. And today — when Jeanny said, “There's so many students that are coming here; so many people are coming here to starting their business.” — those people who are invest in the future, $2 billion, or sponsoring new soccer fans are in the subways today. They're trying to figure out what they're going to do with their life.
But the point I'm making is when you get the juice, the energy, the ideas, the grit, the fighting. You know that unstoppable spirit everywhere is beautiful, but you're never going to get anywhere else than this. But like you said, if you make it here, you make it anywhere. Because the competition here is unlike anything else.
Mayor Mamdani: Yes.
Ulukaya: You have to be the best. You know, one of the best chefs comes from France, nose up in the air, and they come and they open restaurants here. And then six months later they close. It's like, well, I guess the name doesn't mean anything. No, the name could mean something. But you have to work super hard in here. And that is [one of] the things that is unbelievable.
This energy is nothing like this anywhere else. But then what are the, you know, the headwinds? How can we remove the headwinds? And I think as an entrepreneur and [a] businessperson, one of the biggest recommendations I can make [to] this room is when you say New York City open for business. I know that people look for incentives and breaks and all that kind of stuff.
What people look for is [a] true partner.
Mayor Mamdani: Yeah.
Ulukaya: Can I knock [on the] door and say, “Hey, I need to get this permit or this initiative?” I'm not asking you not to look at it, but can we make it faster? Can we remove the bureaucracy? Can we have one place we can get all the answers? I don't know if you have any questions?
Any thoughts on these things? But I think — how do we remove bureaucracy? How do we make this easier for businesses?
Mayor Mamdani: And I think, you know, soon after the general election, I was sitting — I met a few community leaders in the Bronx, and one of them looked at me, and he had been supportive. And he looked at me and he said, “Well, now I know my permit will get approved.” I looked at him. I said, “No, no, no, brother, that's not how this works.” That's not me.
But I think the point is that for too long in politics, you have to bet on the right politician to be able to get the response that you need. What we want to do to your point, though, is be that partner so that whether or not you've ever met me [or] whether or not you ever met Jeanny, you know the city is investing in your success.
And I think that what your story also indicates is somebody who made a decision despite the headwinds; we want to make it easier for people to make that decision. And what that means is setting up a business climate that people understand. The regulations are not changing every single year. I had a conversation with a business leader who said, “Look, I can come to terms with the fact that we'll have disagreements on policy, but I just want to know what the policy is so I can build a company that can relate to that.”
And I think that that kind of stability and also a different orientation, because for a long time I've heard from small businesses especially that it feels like City government is more interested in punitive action than in ensuring compliance. You find a violation. What's the point? Is the point to bring you back into compliance or to fine you for the violation?
And so, one of the first executive orders I did was we need to catalog all of our fines and fees and figure out how we can actually reduce the cost of this and get people into compliance. And I think that that's the point is: How do we make this a quicker City government? How do we make it a more responsive City government?
How do we make it such that everyone can look at this city and say, “This is where I want to start, and this is where I want to stay”? Because what I love about your story is it doesn't just begin in New York City, it's still in New York City. Thirty years ago, you were on the train, and 30 years later, you're here.
And that's what we want. We want this to be a city where you can start, and you can continue. And I just have to say thank you so much, Hamdi.
Ulukaya: May I add one thing?
Mayor Mamdani: Please. Please. Please.
Ulukaya: For the spirit of the day, I had this program [and] I said, one of the biggest gifts I can give to my fellow entrepreneurs, especially on the food space, is the learning that I had so I could share those. So, I started [the] Chobani Incubate program. It became one of the best programs in the country is to pick food startups, and especially in New York and across the country, [so] I thought [it is] a good idea and started with the founders that, you know — like minded — that I could bring them into the Chobani environment to show everything that I have gone through so it could help their business. And during the pandemic, it got disrupted and ended. And today I'm announcing in this event that I'm bringing Chobani Incubator back to New York City.
Mayor Mamdani: That's incredible. And I am proud to somehow take credit for that. Thank you all so much. It's been such a pleasure.
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