NYC Power Broker to Help Guide Mamdani Transition

Summary

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Bloomberg Businessweek — NYC Power Broker to Help Guide Mamdani Transition

Date: December 18, 2025
Hosts: Carol Massar, Tim Stenovec
Featured Guests:

• Kathy Wylde, Outgoing President & CEO of Partnership for New York City, Member of Mayor-Elect Zoran Mamdani’s Transition Team
• Ken Griffin, Citadel Founder (recorded interview)
• Miles Miller, Bloomberg News Senior Reporter

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Episode Overview

This episode focuses on the transition of New York City’s mayoral power to Zoran Mamdani and the business community’s concerns and expectations surrounding his administration. The hosts, joined by Kathy Wylde and Bloomberg’s Miles Miller, examine Mamdani’s election, policy stances, and the challenges facing NYC — particularly regarding economic development, fiscal responsibility, and housing. Ken Griffin weighs in with an outsider’s perspective from the corporate and wealthy elite. The conversation offers rare insight into how power brokers and city leadership navigate large-scale transitions in a complex urban economy.

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Key Discussion Points & Insights

1. Business Community Anxiety and Skepticism

Segment: 02:14–03:06

• Ken Griffin, founder of Citadel, expresses doubts about Mayor-elect Zoran Mamdani’s ability to deliver on campaign promises, noting the charisma and populism that drove his election:

  "New York City is a red flag because people put aside good sense ... to elect somebody who ... doesn't have the ability to deliver on the promises." (Ken Griffin, 02:31)

• Griffin hopes Mamdani will adopt more thoughtful, pragmatic policies to keep NYC globally competitive, referencing setbacks during the De Blasio administration.

2. Kathy Wylde’s Role and Motivation for Joining Transition

Segment: 03:47–06:01

• Wylde attributes her decision to join Mamdani’s transition team to a sense of duty and a need for seasoned voices as the city changes course:

  “He brought out 170,000 new voters, mostly young people ... Does he have the seasoning to be able to do this? ... It’s up to all of us who have a little more seasoning to be helpful.” (Kathy Wylde, 03:52)

• She stresses the need for “federal, state, city cooperation” to address NYC’s affordability and workforce challenges, especially post-pandemic.

  “Our affordability problems will not get solved by the city alone. This is going to take federal, state, city cooperation.” (Kathy Wylde, 06:01)

• Clarifies she is not seeking a full-time role but will advise as appropriate.

3. Mamdani’s Evolving Stance & Interactions with Business Leaders

Segment: 06:40–09:13

• Wylde shares that Mamdani has evolved from soundbite-driven campaigning to substantive engagement with NYC’s business community:

  “When you get into conversation with CEOs, they want to hear data, they want to hear facts. And I have watched him evolve and grow ... he was there with a pen and a notebook.” (Kathy Wylde, 07:13)

• Recognizes Mamdani’s realization that lofty promises have complicated fiscal realities:

  “He’s very quickly figuring out none of this is free. Raising taxes creates real issues ... We’ve seen a real threat to jobs in New York ... 40% of our state income tax revenues.” (Kathy Wylde, 08:12)

• Financial sector job losses are highlighted as alarming and new for NYC.

4. Wealthy Residents’ Views on Taxes and Contributions

Segment: 09:13–12:37

• Discussion on the upper-income and ultra-wealthy’s attitudes toward taxation:

  “For somebody whose upper income earned income in New York ... we’re paying 55% of our income to the federal, state and city government ... it’s not like we’re getting away with something.” (Kathy Wylde, 09:55)

• Mobility of wealthy individuals is flagged: if they change their residency, the city loses a significant tax base.

• Kathy Wylde highlights business leaders’ willingness to support tax increases provided government demonstrates fiscal responsibility:

  “When business leaders ... see that government is doing what they can ... then you begin to narrow ... what do we need to raise revenues for?” (Kathy Wylde, 10:57)

• Historical context: Business community supported the payroll mobility tax for public transit, congestion pricing, and post-9/11 real estate tax hikes when justified.

5. Housing Policy: Rent Freeze vs. Supply Side

Segment: 12:37–13:40

• Wylde assures that Mamdani understands the complexity—rent freezes alone cannot solve affordability; economic incentives are necessary for new housing.

  “He’s figured that out ... if there’s no economic return, nobody’s going to build housing.” (Kathy Wylde, 13:00)

• Notes Mamdani’s “more nuanced” approach, e.g., considering property tax reductions for rent-stabilized buildings as part of any rent freeze plan.

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Notable Quotes & Memorable Moments

• Ken Griffin on NYC’s Direction:

  "New York City is ... a red flag because people put aside good sense ... to elect somebody who is incredibly charismatic ... but who ultimately doesn't have the ability to deliver." (02:31)

• Kathy Wylde on Need for Experience:

  “…It’s up to all of us who have a little more seasoning to be helpful.” (03:52)

• On Fiscal Realism:

  “He’s very quickly figuring out none of this is free. Raising taxes creates real issues.” (08:12)

• On Wealthy Residents & Taxation:

  “It’s not like we’re getting away with something. For the very wealthy who are capital gains ... if they move their legal residence out of New York City, we don’t get ... taxes.” (09:55)

• On Housing Strategy:

  “If there’s no economic return, nobody’s going to build housing. He’s figured that out.” (13:00)

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Timestamps for Important Segments

• Ken Griffin's Cautionary Take: 02:31–03:06
• Why Wylde Joined Mamdani’s Team: 03:52–05:58
• Cooperation Needed at All Levels: 06:01–06:40
• Evolution of Mamdani’s Policy Thinking: 07:13–09:13
• Taxation & Business Community Support: 09:55–12:37
• Mamdani’s Updated Housing Policy: 13:00–13:40

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Summary Flow

In a complex, pivotal moment for NYC’s future, the episode explores the uncertainties and opportunities surrounding Zoran Mamdani’s mayoral transition. Ken Griffin’s skepticism is balanced by Kathy Wylde’s cautious optimism and willingness to serve as a bridge, emphasizing seasoned dialogue and pragmatic partnership between business, government, and the new mayor’s team. Key takeaways include Mamdani’s evolution toward fiscal realism, business leaders’ collaborative impulses (provided policies are responsible), and the imperative of multi-level government cooperation to tackle existential challenges—especially in housing and job retention.

The tone is frank but constructive, with Wylde and the hosts probing both anxieties and solutions as NYC stands at another crossroads.

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Transcript

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[Danny Berger]

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Bloomberg Audio Studios Podcasts Radio news.

[Interviewer 1]

You're listening to Bloomberg Business Week with.

[Kathy Wild]

Carol Massar and Tim Stanvik on Bloomberg Radio.

[Danny Berger]

Now. Many, including those that are wealthy, are concerned about some of the priorities of incoming New York City Mayor Zoran Mamdani. Now weighing on this was one billionaire who does not call New York City home. We're talking about Citadel founder Ken Griffin. He talked about the city yesterday at a conference in Paris.

[Ken Griffin]

I think that New York City is is is a red flag because people put aside good sense and common sense to elect somebody who is incredibly charismatic, who ran a really powerful campaign on social media, but who ultimately doesn't have the ability to deliver on the promises that he set forth. New York took a big step back during the de Blasio days, and I hope that Mondami starts to think about how to pivot to a more thoughtful set of policies that will allow New York City to maintain its position not only as one of the greatest cities in America, but one of the greatest cities in the world.

[Danny Berger]

And that, of course, was Citadel founder Ken Griffin there with Danny Berger of Bloomberg News. We want to get into our guest, Cathy Wild. She is president and CEO, outgoing president and CEO of the Partnership for New York City, which represents much of the city's corporate leadership. So we're talking about real estate developers, private equity firms, banks, many, many companies. Bloomberg lp, by the way, is a member of the Partnership for New York City. She's also the part of New York City Mayor elect Zoran Mamdani's transition team. And we have a lot of questions to ask her. Also with us is, of course, Bloomberg News senior reporter Miles Miller. All of us here in studio, I told you as you sat down that we have about an hour of questions. So we're going to start in.

[Kathy Wild]

We'll talk fast.

[Danny Berger]

We will talk fast. Why did you want to be a part of the transition team for the mayor elect of New York City?

[Kathy Wild]

Well, I think to the point that Ken Griffin of Citadel just made and he's one of our members as well and is a great corporate citizen of New York and, and Miami, he has, he made the point about the concerns about the high expectations that Mayor elect Mamdani gave to his voters. And he, to his credit, brought out 170,000 new voters, mostly young people in the primary, the cutoff age for his, his voter, his voter support was 45. So many of us are beyond that point and looking around and saying, oh dear, does he have the seasoning to be able to do this? And I think that he's got the energy and the intelligence and it's up to all of us who have a little more seasoning and to be helpful. And so that's why I joined the transition team and was happy to do that. And I'm working on the economic development workforce activities there. But in general, I think working with him to capture the enthusiasm and the energy, we came out of the pandemic very negative and we lost a million jobs. And then concerns about the cuts from the federal government on entitlement programs, whether it's Medicaid and health insurance, that is the fight going on now. This casts a real pall over New York City, which is very dependent on those funds. So I think that what he's brought is a positive energy and we ought to capitalize on that. And hopefully he'll be the best marketer this city has ever had.

[Interviewer 1]

Your role on the transition team, does it turn into a full time job in the Mamdani administration.

[Kathy Wild]

I am definitely not, at my age, looking for a full time job. I'm trying to get away from a full time job.

[Ken Griffin]

Right now you have more than a.

[Interviewer 1]

Full time job because you're outgoing president of the partnership.

[Kathy Wild]

I am outgoing and I do not plan to take another job, but I do plan to help the new mayor if he wants it.

[Interviewer 1]

So beyond the transition period, you would stay on as an advisor?

[Kathy Wild]

Well, I don't know. I don't know in what capacity. As I say, I'm there. I'm certainly going to help Governor Hochul deal with her challenges. I've worked closely with her. She's done a great job. And I think we're counting on her to continue to manage New York's relationship with Washington and the relationship between the state and the city, which is very important. Our affordability problems will not get solved by the city alone. This is going to take federal, state, city cooperation. And so I think all of us who are committed to New York City in the future, we have to be thinking of all three levels of government and how we work with the leadership at all levels.

[Interviewer 2]

You brought Mamdani to meet with business leaders on several occasions. I wonder if you can talk about what his demeanor is in these meetings. Right. I've talked to Bill de Blasio about, you know, how he works a room, how Mamdani works a room, and really gets the business community to be comfortable around him. But also talk about some of these policy proposals that business leaders wanted answers to. What are the things that business leaders said to him? Well, that sounds like a lofty thing that won't get done or, hey, that sounds like something that is much more than we're willing to back.

[Kathy Wild]

Well, there's been quite an evolution since he won the primary. So in terms of his having a more nuanced position on a lot of the policies, you know, during the primary campaign, there were a whole slew of candidates and everything was one liners and the social media stuff was one liners or, you know, show and tell. When you get into conversation with CEOs, they want to hear data, they want to hear facts. And I have watched him evolve and grow over the last eight months where we had conversations last week, one on housing, one on childcare, where he was there with a pen and a notebook, taking notes, asking questions, and coming back with very substantive responses. So he has absorbed a lot and is now digging deep on these issues that, you know, Ken Griffin expressed concern about the fact that he made a lot, you know, raised a lot of expectations, create a lot of idealistic notions about housing and childcare and how we can do all this for free. I think he's very quickly figuring out none of this is free. Raising taxes creates real issues. You may raise the rates of taxes, but that may not result in more revenues if you scare people away or if you scare companies away or as we've seen lately, we've seen a real threat to jobs in New York. We, for the first time, first time in my experience over 50 years, are seeing a decline in the number of jobs in our financial services industry. Scary thing, that's 40% of our state income tax revenues. We don't, I mean, these are, you know, we've got to pay attention. And I think he gets that. But we've got to be at the table discussing these issues and helping figure out how do employers help solve the child care problem.

[Danny Berger]

Kathy, you know, one of the things I think about, and I remember, you know, being at Milken years ago and talking with very wealthy investors who said, yeah, it's about time we pay more taxes. So what is the balance? And I am curious among those folks that you talk to who are very wealthy and a lot of times their wealth is not an income. It's assets and it's investment gains. What do they think, though, should be maybe more of their contribution. And I know they often contribute in philanthropy and so on. I know that. But I'm just curious, what is the balance of willing to pay more when again, I've had side conversations with folks are, are surprised that they aren't paying more in taxes.

[Kathy Wild]

So what I found, and for somebody whose upper income earned income in New York, which is the, you know, our biggest taxpayers, we're paying 55% of our income to the federal, state and city government with you all in. So we're paying more. More than half my paycheck goes to the federal government. So it's not like we're getting away with something. For the very wealthy who are capital gains, et cetera, the big problem there is if they move their legal residence out of New York City, we don't get, we don't share or get taxes. They aren't taxed here on the basis of their global income. And so we may get a piece of their paycheck, but not their wealth. And that's a big question. It is. But what I found is over many years when business leaders and the big taxpayers are at the table and they see that, number one, government is doing what they can to figure out how do we offer the most efficient, the most effective services at the lowest cost possible? How do we make government more efficient on the one hand, then you begin to narrow. So what's the delta in terms of what do we need to raise revenues for? So for example, when Dick Ravitch in 2007 for Governor Patterson led the effort to figure out how are we going to pay to upgrade our subways which were falling apart, we supported, and the business community supported creating a payroll mobility tax where a portion of payrolls of corporations, employers who were in the metropolitan region would go to that 82% of the employees who work for our companies based in Manhattan take the public transit to get here. That was something everybody signed off on. We supported, we supported an increase in that tax twice. Same thing with congestion pricing. We supported congestion pricing. Obviously a user fee where you get something reduced congestion, more time in your day is, is easier to sell. So it is not. And actually when Mike Bloomberg was elected mayor Right after 9 11, the city had to raise real estate taxes in order to rebuild and recover from the 911 shock. We supported that 18% tax increase in real estate taxes. So it's not that we're anti all taxes, it's is government doing what they can to keep costs down, to be responsible in what they're spending and then what is the contribution and how do we make it that makes the most sense, gets the most bang for the buck.

[Interviewer 1]

Just very briefly, because you spent such a big part of your career working on affordable housing, I'm wondering if the mayor is sticking to freezing rent as his solution for affordability. Because not one person that we have spoken to over the last few months thinks that not increasing supply and rather freezing rent is the right way to approach the affordability crisis with housing.

[Kathy Wild]

Well, the new mayor is very well aware that those are not mutually exclusive options and that if there's no economic return, nobody's going to build housing. He's figured that out. So he has. He has said really since pre primary that he understood the private sector had an important role in the supply side and he was going to work on that. So I think that again, his view is much more nuanced when he says now when he talks about freezing the rent, he says, and one thing that will enable us to do that is if we do reduce property taxes on rent stabilized regulated buildings. So he gets it. He can add and subtract.

[Danny Berger]

So can you come back?

[Interviewer 1]

You said we had an hour, we had an hour. Hour's worth of questions barely scratched the surface.

[Danny Berger]

But we so appreciate it. Kathy.

[Kathy Wild]

Thank you.

[Danny Berger]

Good luck.

[Kathy Wild]

Thanks for having me.

[Danny Berger]

Kathy Wild, President and CEO Outgoing President and CEO of the Partnership for New York State City, part of the Transition team of the New York City Mayor Elect and of course, our Bloomberg News Senior Reporter Miles Miller.

[Podcast Host]

When patients have a disease and the cause is known, it usually ends up needing a specific solution. On the podcast targeting the toughest diseases, we explore the innovative tools, methods and unique philosophy Vertex Pharmaceuticals is using to search for treatments for some of humanity's most challenging diseases. Subscribe today wherever you listen to podcasts.

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