BONUS: NY Comptroller Candidate Drew Warshaw on Changing the NY State Pension Funds - Masters in Business Recap

Podcast: Masters in Business

Published: 2026-02-11

Duration: 59 min

Summary

Drew Warshaw, candidate for New York State Comptroller, discusses his extensive background in public service and business, emphasizing the urgent need for change in the New York State pension system and addressing the housing crisis.

What Happened

In this special bonus episode, Barry Ritholtz sits down with Drew Warshaw, a candidate for New York State Comptroller, ahead of the Democratic primary in June. Warshaw brings a wealth of experience, including his role in rebuilding the World Trade Center and working in renewable energy and affordable housing. He emphasizes the significance of the New York State pension funds, which amount to nearly $300 billion, and how the role of the Comptroller is crucial in managing these funds effectively to foster growth and sustainability.

Warshaw reflects on his career path that began with public service, detailing his time at the Port Authority during a challenging period of government dysfunction. He played a pivotal role in transforming the World Trade Center site from a “sixteen acre hole in the ground” into a thriving area, demonstrating his capability to manage complex projects. He also discusses his transition to the private sector, where he helped build a renewable energy platform, underscoring the importance of addressing both climate change and affordable housing. Warshaw points out that the housing crisis is not just a New York issue, but a widespread problem affecting many parts of the country. He believes that having a stable home is fundamental to a good life, and the current affordability crisis is one of the most pressing domestic policy issues facing America today.

Key Insights

• The New York State pension fund is one of the largest in the country, and effective management is critical for its sustainability.
• Warshaw's experience in rebuilding the World Trade Center highlights his ability to navigate complex government projects.
• The housing crisis is a nationwide issue, with significant implications for individuals' quality of life.
• Affordable housing should be a central focus of policy, as it directly affects safety, security, and overall well-being.

Key Questions Answered

What is Drew Warshaw's background in public service?

Drew Warshaw started his career in government after earning his bachelor's degree in history and government from Cornell, followed by an MBA from Columbia Business School. He worked for multiple governors, including Elliott Spitzer, and became chief of staff at the Port Authority during the World Trade Center reconstruction. His experience navigating complex governmental challenges provided him with invaluable insights into effective public service.

How did Warshaw contribute to the rebuilding of the World Trade Center?

Warshaw's role as chief of staff at the Port Authority involved managing the intricate process of rebuilding the World Trade Center site. He tackled the dysfunction and conflicts among various stakeholders, including developers, insurance companies, and families of victims. His leadership helped secure tenants and phase the commercial development, culminating in the completion of the memorial by the ten-year anniversary of the attacks.

What are the key issues surrounding the New York State pension funds?

With nearly three hundred billion dollars, the New York State pension fund is one of the largest in the country. Warshaw emphasizes the importance of responsible management of these funds to ensure they meet the needs of the state's workforce. As a candidate for State Controller, he aims to bring innovative strategies to improve the fund's performance and to advocate for its role in economic stability.

What is the housing situation like in New York City?

Warshaw describes the housing crisis as one of the most pressing issues facing both New York City and the nation. He points out that homelessness and the lack of affordable housing are not just local problems but widespread challenges. His experiences have motivated him to seek solutions that ensure safety and security for families, emphasizing that home is central to a good life.

How does Warshaw view the connection between housing and renewable energy?

Warshaw believes that while addressing climate change is critical, the immediate needs of people—such as housing—should not be overlooked. He argues that the home must provide safety and value to open up opportunities for individuals. His work in renewable energy has informed his understanding of how to create transformative change, and he seeks to integrate these lessons into his approach to housing policy.