This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

De Blasio Takes Oath of Office to Become 109th Mayor of New York

NEW YORK (TheStreet) -- Saying he was going to ask more of the wealthy, Mayor Bill de Blasio was sworn in as New York's 109th mayor.

De Blasio succeeds Mike Bloomberg, who served three four-year terms, covering the period of New York's recovery from the 9/11 attacks on the World Trade Center.

The new mayor is the first Democrat to lead the city in 20 years. David Dinkins, the last Democrat to be mayor, was on the platform for the ceremonial swearing-in at City Hall at midday. De Blasio was officially sworn-in by State Attorney General Eric Schneiderman just after midnight in front of his Brooklyn home.

In the City Hall ceremony, President Bill Clinton administered the oath of office as de Blasio's family, Bloomberg, Gov. Andrew Cuomo and former Secretary of State Hillary Clinton looked on. Then the new mayor laid out his plans for the city, including his desire to bridge the gap between the wealthy and the poor, in his inaugural address.

"When I said we would take dead aim at the Tale of Two Cities, I meant it," de Blasio said. "And we will do it. I will honor the faith and trust you have placed in me. And we will give life to the hope of so many in our city. We will succeed as One City."

De Blasio said the wealthy need to be prepared to pay more in taxes. "We will ask the very wealthy to pay a little more in taxes so that we can offer full-day universal pre-K, and after-school programs for every middle school student," he said. "We do not ask more of the wealthy to punish success. We do it to create more success stories."

The mayor emphasized that the tax increase for the wealthy would be "little," coming to about $3 a day for someone earning between $500,000 and $1 million a year.

He said he would push to require large developers to build affordable housing. "We'll fight to stem the tide of hospital closures," the mayor said. "And we'll expand community health centers into neighborhoods in need, so that New Yorkers see our city not as the exclusive domain of the One Percent, but a place where everyday people can afford to live, work, and raise a family. We won't wait. We'll do it now."

De Blasio noted that the city has confronted many challenges. "New York has faced fiscal collapse, a crime epidemic, terrorist attacks and natural disasters," he said. "But now, in our time, we face a different crisis -- an inequality crisis. It's not often the stuff of banner headlines in our daily newspapers. It's a quiet crisis, but one no less pernicious than those that have come before.

"Its urgency is read on the faces of our neighbors and their children, as families struggle to make it against increasingly long odds. To tackle a challenge this daunting, we need a dramatic new approach -- rebuilding our communities from the bottom-up, from the neighborhoods up. And just like before, the world will watch as we succeed. All along the way, we will remember what makes New York, New York.

"A city that fights injustice and inequality -- not just because it honors our values, but because it strengthens our people. A city of five boroughs -- all created equal. Black, white, Latino, Asian, gay, straight, old, young, rich, middle class, and poor. A city that remembers our responsibility to each other -- our common cause -- is to leave no New Yorker behind."

He concluded by saying: "Working together, we will make this One City. And that mission - our march toward a fairer, more just, more progressive place, our march to keep the promise of New York alive for the next generation. It begins today."

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $126.39 -1.70%
FB $81.17 0.34%
GOOG $574.64 0.22%
TSLA $200.72 -0.85%
YHOO $44.16 0.39%

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs