If he's overcome his statist nature enough to really mean that, i.e. no prosecutions of people who defend themselves and taxes reduced by the amount of the police budget, then sure, let's go for that. Municipal police forces are a relatively recent (a century or so) occurrence, and one not entirely compatible with individual freedom. That's why I think he's bluffing. If it's good for freedom, Bloomberg can't possibly be for it, or even allow it for long.
Our House was Burglarized three years ago. My Wife came home from work and discovered the French Door to the backyard pried open.
She called the Sheriff and it took them ten minutes to get there. To this day we have no idea if the Perp was going out the Front Door when she came into the House through the Garage.
And no, they never found the Perp or any of our stuff.
When seconds count, the Police will be there in minutes.