1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:07,760 --> 00:00:10,479 Speaker 2: We explore all the economic implications of today's New York 3 00:00:10,520 --> 00:00:13,680 Speaker 2: City mayoral election. Was one of the most influential women 4 00:00:13,960 --> 00:00:16,720 Speaker 2: in the history of Big Apple politics, and. 5 00:00:16,680 --> 00:00:19,439 Speaker 1: That's Kathy Wilde. She joins to discuss her view on 6 00:00:19,480 --> 00:00:21,919 Speaker 1: the New York City mayoral election and how the city's 7 00:00:21,960 --> 00:00:25,560 Speaker 1: next mayor will impact the local and regional economy and 8 00:00:25,640 --> 00:00:29,160 Speaker 1: its related businesses. She's also set to step down at 9 00:00:29,160 --> 00:00:32,000 Speaker 1: the end of the year from her role as president 10 00:00:32,040 --> 00:00:35,239 Speaker 1: and CEO of the Partnership for New York City, a 11 00:00:35,280 --> 00:00:38,760 Speaker 1: business lobbying group with three hundred and fifty CEOs in 12 00:00:39,040 --> 00:00:39,960 Speaker 1: its ranks. 13 00:00:40,440 --> 00:00:46,240 Speaker 2: And I should say that our owner and founder, Michael R. Bloomberg, 14 00:00:47,080 --> 00:00:49,919 Speaker 2: and former New York City mayor, of course, gave one 15 00:00:49,920 --> 00:00:52,080 Speaker 2: of the a half million dollars to a super pac 16 00:00:52,360 --> 00:00:56,040 Speaker 2: supporting andrewam Cuomo's bid for mayor and reiterated his support 17 00:00:56,080 --> 00:00:59,360 Speaker 2: for the former New York governor a week before this election, 18 00:00:59,440 --> 00:01:01,440 Speaker 2: So we do want to make that disclaimer. 19 00:01:01,640 --> 00:01:01,840 Speaker 1: Now. 20 00:01:02,160 --> 00:01:04,840 Speaker 2: Having said all of that, Kathy, welcome the program. Thank 21 00:01:04,880 --> 00:01:06,040 Speaker 2: you so much for joining us. 22 00:01:06,680 --> 00:01:07,039 Speaker 3: Thank you. 23 00:01:07,120 --> 00:01:10,080 Speaker 2: What's your overview of this of this race because it 24 00:01:10,120 --> 00:01:13,640 Speaker 2: has been incredibly energetic and incredibly well followed. 25 00:01:14,200 --> 00:01:17,800 Speaker 4: Well, I think number one, it's exciting that we have 26 00:01:18,000 --> 00:01:21,679 Speaker 4: record turnouts at the polls for a local election, and 27 00:01:21,720 --> 00:01:26,200 Speaker 4: we have literally hundreds of thousands of newly registered voters 28 00:01:26,240 --> 00:01:28,440 Speaker 4: coming to the polls, a lot of them young people, 29 00:01:29,000 --> 00:01:34,040 Speaker 4: And as our country has become increasingly cynical about politicians 30 00:01:34,120 --> 00:01:37,000 Speaker 4: and their motives, it's great to see the level of 31 00:01:37,040 --> 00:01:41,320 Speaker 4: excitement that this election has generated, and particularly the candidacy 32 00:01:41,840 --> 00:01:45,120 Speaker 4: of a very young New Yorker thirty four year olds 33 00:01:45,120 --> 00:01:50,320 Speaker 4: on Mindanani, who is the is the Democratic nominee for 34 00:01:50,360 --> 00:01:51,120 Speaker 4: mayor of the city. 35 00:01:51,720 --> 00:01:53,800 Speaker 1: The headline on the top of the Bloomberg terminal today 36 00:01:53,920 --> 00:01:57,200 Speaker 1: New York City to decide if a socialist will run 37 00:01:57,680 --> 00:02:04,279 Speaker 1: the capital of capitalism. In your view, what does Wall Street, 38 00:02:04,320 --> 00:02:07,240 Speaker 1: what does the business community, the capitalist community of New 39 00:02:07,320 --> 00:02:09,600 Speaker 1: York City want out of this election? 40 00:02:10,400 --> 00:02:14,560 Speaker 4: Well, I think what we want is political stability, And 41 00:02:14,800 --> 00:02:18,040 Speaker 4: I don't think that the voters going to the polls 42 00:02:18,160 --> 00:02:22,640 Speaker 4: are voting for Mamdani because he's a socialist or because 43 00:02:22,639 --> 00:02:26,480 Speaker 4: they think he's going to transform our capitalist system. That 44 00:02:26,600 --> 00:02:29,560 Speaker 4: is not within the power of any mayor, and so 45 00:02:29,720 --> 00:02:34,960 Speaker 4: we're not looking for a major economic change in the city. 46 00:02:35,280 --> 00:02:39,640 Speaker 4: I think what Mamdani's message has been about, which the 47 00:02:39,680 --> 00:02:44,080 Speaker 4: business community agrees with, is that we are New York 48 00:02:44,200 --> 00:02:48,359 Speaker 4: is the highest cost city in America. Government spending at 49 00:02:48,360 --> 00:02:50,720 Speaker 4: the state and city level has gone up more than 50 00:02:50,760 --> 00:02:54,400 Speaker 4: fifty percent over the past decade, and we can't afford 51 00:02:54,520 --> 00:02:57,960 Speaker 4: to keep that going. So everybody is looking for a 52 00:02:58,000 --> 00:03:02,919 Speaker 4: more affordable city now. Opposite ideas in many cases about 53 00:03:02,960 --> 00:03:06,800 Speaker 4: how to get there, The business communities position is raising 54 00:03:06,880 --> 00:03:12,160 Speaker 4: taxes makes New York more expensive. Mom Donnie's position started 55 00:03:12,200 --> 00:03:14,720 Speaker 4: out being I'm going to raise taxes to pay for 56 00:03:14,840 --> 00:03:22,480 Speaker 4: cheaper housing and health and childcare and cheaper groceries. I 57 00:03:22,680 --> 00:03:25,560 Speaker 4: think that we've made some progress in the last six 58 00:03:25,639 --> 00:03:30,119 Speaker 4: months in getting him to take a slightly more nuanced 59 00:03:30,200 --> 00:03:33,200 Speaker 4: position where he has said I have my goals of 60 00:03:33,240 --> 00:03:36,480 Speaker 4: a more affordable city, but I welcome the business community's 61 00:03:36,520 --> 00:03:37,720 Speaker 4: advice on how to get there. 62 00:03:38,280 --> 00:03:39,600 Speaker 3: So I don't think that this. 63 00:03:41,600 --> 00:03:46,240 Speaker 4: Is a crisis situation regardless of the outcome of the 64 00:03:46,280 --> 00:03:50,040 Speaker 4: mayor election, and I do think it's great that more 65 00:03:50,120 --> 00:03:52,680 Speaker 4: people are engaging in local politics. 66 00:03:52,920 --> 00:03:56,840 Speaker 2: I do hear the concern that he'll raise taxes voiced 67 00:03:56,920 --> 00:04:02,040 Speaker 2: from the traders and fund managers and analysts with whom 68 00:04:02,040 --> 00:04:04,800 Speaker 2: I speak every day on the Bloomberg terminal. They're not 69 00:04:05,080 --> 00:04:08,400 Speaker 2: the super rich, you know, billionaire class. They're mostly just 70 00:04:08,720 --> 00:04:11,520 Speaker 2: scraping by it as a very expensive city, you know, 71 00:04:11,640 --> 00:04:12,880 Speaker 2: to raise children in. 72 00:04:13,520 --> 00:04:15,640 Speaker 3: Do you think even if he wanted to. 73 00:04:15,680 --> 00:04:18,720 Speaker 2: Raise taxes substantially, he has the power to do so 74 00:04:19,120 --> 00:04:20,839 Speaker 2: as mayor the. 75 00:04:21,160 --> 00:04:25,679 Speaker 4: Under our constitution, the mayor has no power to raise 76 00:04:25,720 --> 00:04:29,400 Speaker 4: income or corporate taxes. That belongs to the governor and 77 00:04:29,440 --> 00:04:33,160 Speaker 4: the state legislature. So no, I do not think that 78 00:04:33,240 --> 00:04:37,039 Speaker 4: there is a reason to be that concerned, because that's 79 00:04:37,080 --> 00:04:39,520 Speaker 4: going to be a conversation. The governor has said she 80 00:04:39,600 --> 00:04:44,039 Speaker 4: does not support tax increases at this time, and so 81 00:04:44,760 --> 00:04:47,880 Speaker 4: what we're looking at as a situation where even if 82 00:04:47,880 --> 00:04:52,400 Speaker 4: the mayor and the city council were to try to 83 00:04:52,520 --> 00:04:57,880 Speaker 4: raise expenditures beyond what is prudent that at that point, 84 00:04:58,000 --> 00:05:01,080 Speaker 4: we have a fiscal control board that comes into play 85 00:05:01,080 --> 00:05:03,880 Speaker 4: that was set up after the financial crisis the physical 86 00:05:03,880 --> 00:05:06,960 Speaker 4: crisis the city faced in the nineteen seventies. We have 87 00:05:07,000 --> 00:05:09,920 Speaker 4: a financial control board that the governor the state controller 88 00:05:10,040 --> 00:05:13,280 Speaker 4: run that gets put in place automatically. 89 00:05:12,560 --> 00:05:14,400 Speaker 3: If the city's budget goes out of. 90 00:05:14,360 --> 00:05:19,960 Speaker 4: Whack, so we are we have many protections to make 91 00:05:20,000 --> 00:05:23,200 Speaker 4: sure that New York remains fiscally sound. There is a 92 00:05:23,320 --> 00:05:27,320 Speaker 4: debt limit. A mayor cannot borrow more than a prudent 93 00:05:27,480 --> 00:05:31,839 Speaker 4: amount without hitting that debt ceiling, so there are lots 94 00:05:31,839 --> 00:05:35,320 Speaker 4: of checks and balances in city government. The mayor does 95 00:05:35,560 --> 00:05:39,680 Speaker 4: have a great deal of power over real estate decisions, 96 00:05:39,800 --> 00:05:44,479 Speaker 4: land use, zoning decisions, and was very glad to see that. 97 00:05:45,160 --> 00:05:52,320 Speaker 4: This morning, Mamdani joined with Andrew Cuomo, another candidate, the 98 00:05:52,360 --> 00:05:56,520 Speaker 4: former governor. He joined with him in supporting three propositions 99 00:05:56,680 --> 00:05:59,560 Speaker 4: on the ballot that would change the city charter to 100 00:05:59,640 --> 00:06:04,039 Speaker 4: help us develop more affordable housing, more quickly and more cheaply. 101 00:06:04,240 --> 00:06:09,279 Speaker 4: So I think that his housing agenda is very consistent 102 00:06:09,320 --> 00:06:11,600 Speaker 4: with what the private sector wants to see. So in 103 00:06:11,640 --> 00:06:14,680 Speaker 4: that area where he has real power, real estate and 104 00:06:14,760 --> 00:06:16,559 Speaker 4: land use, I think we're in sync. 105 00:06:17,120 --> 00:06:19,640 Speaker 1: And yet you still see these headlines about, you know, 106 00:06:19,920 --> 00:06:23,520 Speaker 1: New York's wealthy wanting to leave. Home prices in Connecticut 107 00:06:23,600 --> 00:06:26,000 Speaker 1: going up because they want to leave New York. Do 108 00:06:26,040 --> 00:06:28,480 Speaker 1: you think those fears are overblown? 109 00:06:28,839 --> 00:06:29,159 Speaker 3: Then? 110 00:06:29,440 --> 00:06:33,200 Speaker 4: I think that people there is a danger of people 111 00:06:33,320 --> 00:06:37,640 Speaker 4: leaving New York because they can't afford the quality of 112 00:06:37,680 --> 00:06:39,640 Speaker 4: life they want in the city. 113 00:06:40,400 --> 00:06:41,960 Speaker 3: Very expensive to buy a home. 114 00:06:42,040 --> 00:06:44,240 Speaker 4: To buy a home in Manhattan is now over a 115 00:06:44,279 --> 00:06:47,719 Speaker 4: million dollars. In Brooklyn and Queens it's over seven hundred 116 00:06:47,760 --> 00:06:52,440 Speaker 4: thousand dollars. Most of the population, like ninety five percent, 117 00:06:52,560 --> 00:06:56,960 Speaker 4: cannot afford that, So we have an affordability crisis. Childcare 118 00:06:57,080 --> 00:07:01,240 Speaker 4: is costing twenty six thousand to forty thousand year per child. 119 00:07:01,880 --> 00:07:03,480 Speaker 3: What you have to earn, a. 120 00:07:03,440 --> 00:07:06,719 Speaker 4: Household has to earn several hundred thousand dollars to be 121 00:07:06,839 --> 00:07:10,400 Speaker 4: able to afford the high rents over thirty five hundred 122 00:07:10,440 --> 00:07:14,440 Speaker 4: bucks a month now in terms of asking rents, you 123 00:07:14,520 --> 00:07:17,000 Speaker 4: have to earn a lot of money right now to 124 00:07:17,080 --> 00:07:20,720 Speaker 4: live in New York. That's what this campaign has been about, 125 00:07:21,160 --> 00:07:25,000 Speaker 4: and people are really voting for a more affordable city. 126 00:07:25,240 --> 00:07:25,440 Speaker 3: Now. 127 00:07:25,440 --> 00:07:28,360 Speaker 4: You don't get a more affordable city by raising taxes. 128 00:07:29,000 --> 00:07:31,680 Speaker 4: So I think that's something that our next mayor is 129 00:07:31,720 --> 00:07:33,040 Speaker 4: going to find out pretty quickly. 130 00:07:34,040 --> 00:07:36,840 Speaker 2: We are talking just as a reminder to Kathy Wild 131 00:07:36,920 --> 00:07:39,080 Speaker 2: from the Partnership for New York City for decades, one 132 00:07:39,120 --> 00:07:43,160 Speaker 2: of the city's most influential civic voices, and Kathy, I'm 133 00:07:43,720 --> 00:07:48,560 Speaker 2: getting a message right now from a listener who's voice 134 00:07:48,560 --> 00:07:50,000 Speaker 2: in kind of the same kind of surprise that I 135 00:07:50,120 --> 00:07:53,000 Speaker 2: was talking about with you during the commercial break. It 136 00:07:53,080 --> 00:07:57,000 Speaker 2: is wild that New York or that the Democratic Party 137 00:07:57,240 --> 00:08:01,120 Speaker 2: couldn't come up with anyone to challenge or online Mamdani 138 00:08:01,240 --> 00:08:04,720 Speaker 2: other than a governor who was chased out of Albany 139 00:08:04,760 --> 00:08:07,640 Speaker 2: by his own party and a mayor who's basically been 140 00:08:07,720 --> 00:08:10,120 Speaker 2: chased out of office by his own party. Why couldn't 141 00:08:10,160 --> 00:08:14,240 Speaker 2: the Democrats come up with anyone qualified to challenge this 142 00:08:14,320 --> 00:08:15,720 Speaker 2: thirty four year old newcomer. 143 00:08:15,960 --> 00:08:16,320 Speaker 3: Well. 144 00:08:16,800 --> 00:08:20,200 Speaker 4: When he started out last September and his campaigns armed, 145 00:08:20,240 --> 00:08:22,960 Speaker 4: Mandani had less than one percent of the vote and 146 00:08:23,120 --> 00:08:28,080 Speaker 4: was considered a totally unlikely candidate to rise to the occasion. 147 00:08:28,360 --> 00:08:31,960 Speaker 4: He only became a viable candidate when Governor Cuomo got 148 00:08:32,000 --> 00:08:34,679 Speaker 4: into the race, and basically the seven other Democrats in 149 00:08:34,720 --> 00:08:38,920 Speaker 4: the race, starting with the current mayor, Eric Adams, were 150 00:08:38,960 --> 00:08:44,720 Speaker 4: not seen by the voting public in the primary, the 151 00:08:44,800 --> 00:08:47,840 Speaker 4: other candidates were not, and the mayor dropped out of 152 00:08:47,840 --> 00:08:53,080 Speaker 4: the primary. He had probably the best chance of reelection 153 00:08:53,600 --> 00:08:57,200 Speaker 4: in many cases, but he dropped out, and that left 154 00:08:57,280 --> 00:09:03,200 Speaker 4: us with a good range of Democratic candidates, the city Controller, 155 00:09:03,360 --> 00:09:07,520 Speaker 4: the Speaker of the City Council, a state senator, the 156 00:09:07,520 --> 00:09:11,960 Speaker 4: former controller. We had, We had a good field of candidates, 157 00:09:12,960 --> 00:09:16,840 Speaker 4: but the clear alternative during the course of the election, 158 00:09:17,040 --> 00:09:22,320 Speaker 4: the clear alternative to Mayor Adams and former Governor Cuomo 159 00:09:23,360 --> 00:09:27,240 Speaker 4: became Zorn Mandani, and he kind of emerged out of 160 00:09:27,280 --> 00:09:30,719 Speaker 4: the anti vote for the other candidates. 161 00:09:31,480 --> 00:09:36,680 Speaker 1: You've arranged conversations between Mamdanni and the business community. You know, 162 00:09:36,720 --> 00:09:38,880 Speaker 1: we talked a lot at the beginning of this interview 163 00:09:38,880 --> 00:09:43,200 Speaker 1: about the affordability crisis resonating with a lot of New Yorkers. 164 00:09:43,760 --> 00:09:45,880 Speaker 1: You don't have to name names, but I'm wondering if 165 00:09:46,400 --> 00:09:51,600 Speaker 1: in those conversations anyone was successfully convinced that maybe they 166 00:09:51,600 --> 00:09:53,880 Speaker 1: were a skeptic of Mamdani and they came out of 167 00:09:53,920 --> 00:09:56,240 Speaker 1: the conversations changing their mind. 168 00:09:57,240 --> 00:10:00,280 Speaker 4: I think they came out of the conversations and the 169 00:10:00,280 --> 00:10:03,880 Speaker 4: meetings that we had, and we had a number of them, 170 00:10:03,920 --> 00:10:10,000 Speaker 4: and to his credit, right after the primary, Zorn called 171 00:10:10,000 --> 00:10:12,920 Speaker 4: me up and said, I would like to give me 172 00:10:12,960 --> 00:10:15,320 Speaker 4: the names and numbers of the business leaders that I 173 00:10:15,320 --> 00:10:20,800 Speaker 4: should speak to who are concerned about my candidacy. So 174 00:10:20,880 --> 00:10:24,280 Speaker 4: I can reassure them my agenda is not to socialized business. 175 00:10:24,520 --> 00:10:27,679 Speaker 4: My agenda is to make this a more affordable city 176 00:10:27,760 --> 00:10:32,280 Speaker 4: of city of opportunity, which honestly is a goal that 177 00:10:32,320 --> 00:10:37,240 Speaker 4: we all share. So my experience in seeing this is 178 00:10:37,280 --> 00:10:42,560 Speaker 4: that people recognize he's a very smart, very young man. 179 00:10:43,080 --> 00:10:47,360 Speaker 4: The worry is would you hire this person to run 180 00:10:47,400 --> 00:10:50,800 Speaker 4: a three hundred thousand person corporation. The answer to that 181 00:10:50,920 --> 00:10:55,320 Speaker 4: is probably no. But if you're looking for a mayor 182 00:10:55,480 --> 00:10:58,880 Speaker 4: who is willing to bring in strong professionals, and I 183 00:10:58,880 --> 00:11:01,920 Speaker 4: think everybody felt better when he said he would retain 184 00:11:02,120 --> 00:11:05,559 Speaker 4: our current police commissioner, who has a terrific track record 185 00:11:06,080 --> 00:11:10,600 Speaker 4: and is very well regarded, Jessica Tish as our current commissioner. 186 00:11:11,600 --> 00:11:15,120 Speaker 4: He said that three weeks ago he would ask her 187 00:11:15,120 --> 00:11:18,400 Speaker 4: to stay. That made a big impact because the question 188 00:11:18,640 --> 00:11:21,560 Speaker 4: is will he bring in strong professionals to run the 189 00:11:21,559 --> 00:11:25,000 Speaker 4: city agencies. What people care about is that we have 190 00:11:25,040 --> 00:11:28,360 Speaker 4: a safe city, that the agencies are all run well, 191 00:11:28,440 --> 00:11:32,400 Speaker 4: that the sanitation department picks up the garbage, that the 192 00:11:32,559 --> 00:11:39,280 Speaker 4: education system produces smart kids. All those that's what city 193 00:11:39,320 --> 00:11:43,280 Speaker 4: government does, and that all depends on who are the 194 00:11:43,320 --> 00:11:48,560 Speaker 4: commissioners who are the mayor's deputies, and honestly, I think 195 00:11:49,240 --> 00:11:51,880 Speaker 4: Mom Donnie could be a very good marketer of the city. 196 00:11:51,960 --> 00:11:56,600 Speaker 4: He's a compelling communicator, and honestly, that's a lot of what. 197 00:11:56,520 --> 00:11:58,160 Speaker 3: Mike Bloomberg did for our city. 198 00:11:58,200 --> 00:12:01,920 Speaker 4: He marketed New York and brought us really out of 199 00:12:01,960 --> 00:12:05,560 Speaker 4: the crisis of nine to eleven and made New York 200 00:12:05,640 --> 00:12:08,960 Speaker 4: a technology capital of the world. He made an enormous 201 00:12:09,000 --> 00:12:14,839 Speaker 4: contribution as on restoring people's confidence, the people here and 202 00:12:14,880 --> 00:12:17,560 Speaker 4: the people around the world, restoring their confidence in New York. 203 00:12:18,000 --> 00:12:21,360 Speaker 4: And Mamdani has some of those salesman qualities that I 204 00:12:21,400 --> 00:12:22,760 Speaker 4: think might be very effective. 205 00:12:22,880 --> 00:12:25,079 Speaker 2: Kathy, can I ask about your confidence in New York 206 00:12:25,120 --> 00:12:27,880 Speaker 2: as you prepare to pass the baton in terms of 207 00:12:27,880 --> 00:12:30,640 Speaker 2: the leadership of partnership for New York City. What's your 208 00:12:30,760 --> 00:12:35,480 Speaker 2: view on public private collaboration as you've spent years in 209 00:12:35,600 --> 00:12:38,760 Speaker 2: this job, and what's your hope for the city. 210 00:12:39,000 --> 00:12:42,760 Speaker 4: Well, ironically, as government has less money, which is what 211 00:12:42,880 --> 00:12:47,360 Speaker 4: we anticipate with cutbacks in federal funds and the demands 212 00:12:47,480 --> 00:12:52,880 Speaker 4: for the needs that in the city for more government spending. 213 00:12:53,559 --> 00:12:56,280 Speaker 4: As government has less money, there's much more motivation to 214 00:12:56,320 --> 00:12:59,200 Speaker 4: bring in the private sector and build public private partnerships. 215 00:12:59,280 --> 00:13:02,000 Speaker 4: That's what happened after the fiscal crisis in the seventies. 216 00:13:02,040 --> 00:13:04,680 Speaker 4: That's when our organization and many others in the city 217 00:13:05,000 --> 00:13:08,960 Speaker 4: were created, where the private sector really took over leading 218 00:13:09,040 --> 00:13:11,920 Speaker 4: investment in a lot of areas. And I think that 219 00:13:12,000 --> 00:13:14,760 Speaker 4: we may go through the same cycle as we look 220 00:13:14,880 --> 00:13:19,000 Speaker 4: forward in terms of the fiscal situation of the city 221 00:13:19,040 --> 00:13:22,839 Speaker 4: and state being tough as the federal government cuts back, 222 00:13:23,320 --> 00:13:26,600 Speaker 4: and I think that will be that is the basis 223 00:13:26,679 --> 00:13:27,560 Speaker 4: for building new. 224 00:13:27,480 --> 00:13:28,880 Speaker 3: Public private partnerships. 225 00:13:28,920 --> 00:13:31,840 Speaker 4: When government has all the money in the world, they 226 00:13:32,000 --> 00:13:34,400 Speaker 4: certainly want to spend it, but when they're broke, they're 227 00:13:34,400 --> 00:13:36,920 Speaker 4: going to look to the private sector. And the smart 228 00:13:36,960 --> 00:13:40,360 Speaker 4: thing to do is look for investment and ways to 229 00:13:40,400 --> 00:13:45,120 Speaker 4: cut costs and to make it more efficient to operate here. 230 00:13:45,840 --> 00:13:49,880 Speaker 4: And that's an alternative to raising taxes. And I'm hoping 231 00:13:49,880 --> 00:13:51,560 Speaker 4: we're going to be able to make that case to 232 00:13:51,600 --> 00:13:52,240 Speaker 4: the next mayor.