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

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.

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.

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)

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

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.