Kathy Wilde (2:33)

Well, I think what we want is political stability and I don't think that the voters going to the polls are voting for Mamdani because he's a socialist or because they think he's going to transform our capitalist system that is not within the power of any mayor. And so we're not, we're not looking for a major economic change in the city. I think what Mamdani's message has been about, which the business community agrees with, is that we are. New York is the highest cost city in America. Government spending at the state and city level has gone up more than 50% over the past decade, and we can't afford to keep that going.

Bloomberg Host (3:18)

So.

Kathy Wilde (3:18)

So everybody is looking for a more affordable city. Now we've got opposite ideas in many cases about how to get there. The business community's position is raising taxes makes New York more expensive. Mom. Donnie's position started out being, I'm going to raise taxes to pay for cheaper housing and health and childcare and cheaper groceries. I think that we've made some progress in the last six months in getting him to take a slightly more nuanced position where he has said, I have my goals of a more affordable city, but I welcome the business community's advice on how to get there. So I don't think that this is a crisis situation, regardless of the outcome of the mayoral election. And I do think it's great that, that more people are engaging in local politics.

Bloomberg Interviewer (4:15)

I do hear the concern that he'll raise taxes voiced from the traders and fund managers and analysts with whom I speak every day on the Bloomberg Terminal. They're not the super rich billionaire class. They're mostly just scraping by it as a very expensive city to raise children in. Do you think even if he wanted to raise taxes substantially, he has the power to do so as mayor?

Kathy Wilde (4:43)

The. Under our constitution, the mayor has no power to raise income or corporate taxes. That belongs to the governor and the state legislature. So, no, I do not think that there is a reason to be that concerned, because that's going to be a conversation. The governor has said she does not support tax increases at this time. And so what we're looking at is a situation where even if the mayor and the city council were to try to raise expenditures beyond what is prudent, that at that point we have a fiscal control board that comes into play that was set up after the financial crisis, the fiscal crisis the city faced in the 1970s. We have a financial control board that the governor, the state controller run that gets put in place automatically if the city's budget goes out of whack. So we are. We have many protections to make sure that New York remains fiscally sound. There is a debt limit. A mayor cannot borrow more than a prudent amount without hitting that debt ceiling. So there are lots of checks and balances in city government. The mayor does have a great deal of power over real Estate decisions, land use, zoning decisions, and was very glad to see that. This morning, Mamdani joined with Andrew Cuomo, another candidate, the former governor. He joined with him in supporting three propositions on the ballot that would change the city charter to help us develop more affordable housing more quickly and more cheaply. So I think that his housing agenda is very consistent with what the private sector wants to see. So in that area where he has real power, real estate and land use, I think we're in sync.

Bloomberg Interviewer (6:39)

And yet you still see these headlines about, you know, New York's wealthy wanting to, to leave home prices in Connecticut going up because they want to leave New York. Do you think those fears are overblown then?

Kathy Wilde (6:52)

I think that people, there is a danger of people leaving New York because they can't afford the quality of life they want in the city. Very expensive to buy a home. To buy a home in Manhattan is now over a million dollars. In Brooklyn and queens, it's over $700,000. Most of the population, like 95% cannot afford that. So we have an affordability crisis. Child care is costing 26,000 to 40,000 per year per child. What you have to earn, a household has to earn several hundred thousand dollars to be able to afford the high rents, over 3,500 bucks a month. Now in terms of asking rents, you have to earn a lot of money right now to live in New York. That's what this campaign has been about. And people are really voting for a more affordable city. Now. You don't get a more affordable city by raising taxes. So I think that's something that our next mayor is going to find out pretty quickly.

Bloomberg Interviewer (7:56)

We are talking just as a reminder to Kathy Wilde from the Partnership for New York City for decades, one of the city's most influential civic voices. And Kathy, I'm getting a message right now from a listener who's voicing kind of the same kind of surprise that I was talking about with you during the commercial break. It is wild that New York or that the Democratic Party couldn't come up with anyone to challenge Zoran Mamdani, other than a governor who was chased out of Albany by his own party and a mayor who's basically been chased out of office by his own party. Why couldn't the Democrats come up with anyone, you know, qualified to challenge this 34 year old newcomer?

Kathy Wilde (8:38)

Well, when he started out last September in his campaigns, Armadani had less than 1% of the vote and was considered a totally unlikely candidate to rise to the occasion. He, he only became a viable candidate. When Governor Cuomo got into the race, and basically the seven other Democrats in the race, starting with the current mayor, Eric Adams, were not seen by the, the voting public in the primary. The other candidates were not. And the mayor dropped out of the primary. He had probably the best chance of reelection in many cases, but he dropped out. And that left us with a good range of Democratic candidates. The city comptroller, the speaker of the city Council, a state senator, the former comptroller. We had a good field of candidates. But the clear alternative during the course of the election, the clear alternative to Mayor Adams and former Governor Cuomo became Zoran Mandani. And he kind of emerged out of the anti vote for the other candidates.

Bloomberg Interviewer (9:53)

You've arranged conversations between Mamdani and the business community. You know, we talked a lot at the beginning of this interview about the affordability crisis resonating with a lot of New Yorkers. You don't have to name names, but I'm wondering if in those conversations anyone was successfully convinced that maybe they were a skeptic of Mamdani. And they came out of the conversations changing their mind.

Kathy Wilde (10:19)

I think they came out of the conversations and the meetings that we had and I, we had a number of them. And to his credit, right after the primary, Zorin called me up and said, I would like to, you know, give me the names and numbers of the business leaders that I should speak to who are concerned about my candidacy.

Bloomberg Host (10:43)

So.

Kathy Wilde (10:43)

I can reassure them. My agenda is not to socialize business. My agenda is to make this a more affordable city of opportunity, which, honestly is a goal that we all share. So my experience in seeing this is that people recognize he's a very smart, very young man. The worry is, would you hire this person to run a 300,000 person corporation? The answer to that is probably no. But if you're looking for a mayor who is willing to bring in strong professionals. And I think everybody felt better when he said he would retain our current police commissioner, who has a terrific track record and is very well regarded. Jessica Tisch is our current commissioner. He said that three weeks ago he, he would ask her to stay. That made a big impact because the question is, will he bring in strong professionals to run the city agencies? What people care about is we have a safe city, that the agencies are all run well, that the sanitation department picks up the garbage, that the education system produces smart kids, all those. That's what city government does. And that all depends on who are the commissioners, who are the mayor's deputies. And honestly, I think Mamdani could be a very good marketer of the city. He's a compelling communicator. And honestly, that's a lot of what Mike Bloomberg did for our city. He marketed New York and brought us really out of the crisis of 911 and made new York a technology capital of the world. He made enormous contribution on restoring people's confidence, the people here and the people around the world restoring their confidence in New York. And Mamdani has some of those salesman qualities that I think might be very effective.

Bloomberg Interviewer (12:45)

Kathy, can I ask about your confidence in New York as you prepare to pass the baton in terms of the leadership of partnership for New York City? What's your view on public private collaboration as you've spent years in this job, and what's your hope for this city?

Kathy Wilde (13:02)

Historically, as government has less money, which is what we anticipate with cutbacks in federal funds and the demands for the needs in the city for more government spending, as government has less money, there's much more motivation to bring in the private sector and build public private partnerships. That's what happened after the fiscal crisis in the 70s. That's when our organization and many others in the city were created, where the private sector really took over, leading investment in a lot of areas. And I think that we may go through the same cycle as we look forward in terms of the fiscal situation of the city and state being tough as the federal government cuts back. And I think that will be that is the basis for building new public private partnerships. When government has all the money in the world, they certainly want to spend it, but when they're broke, they're going to look to the private sector. And the smart thing to do is look for investment and ways to cut costs and to make it more efficient to operate here. And that's an alternative to raising taxes. And I'm hoping we're going to be able to make that case to the next mayor.

Bloomberg Host (14:15)

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