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New York Post
22-05-2025
- Business
- New York Post
Kathryn Wylde, NYC power broker, announces retirement
New York City power-broker Kathryn Wylde, who in 2017 urged local Dems to stop bashing and work with President Donald Trump, announced Thursday that she will retire after more than four decades with the Partnership for New York. Wylde — who joined the pro-business lobby group in 1982 and became CEO of the non-profit in 2011 — has been a vocal advocate for cutting red tape to encourage investment in the Big Apple during both Democratic and Republican administrations. But before riding off into retirement, Wylde warned about curtailing workarounds to the SALT cap such as pass-through entity taxes, known as PTET, that will force companies and big earners to hand over billions more in deductions to state coffers. Advertisement 4 Wylde, 79, said she would retire in June of next year once a recruitment process is complete. Partnership for New York City Amending the PTET loophole was buried in the Trump-backed legislative bill — as The Post reported this week — that was passed by the House earlier in the day. 'New York is a very high tax state right now, and depending on what happens with the federal tax bill, things could get worse. In the congressional bill, it talks about the elimination of the state and local tax deductibility on partnerships and LLCs, which would be terrible for New York,' Wylde told The Post. Advertisement 'The professional services sector is our second-largest employer after healthcare. It's certainly our largest private sector employer, and this is a direct hit at professional services, law firms, accounting firms, consulting firms, technology companies.' The Partnership of New York represents some 350 corporate titans that include banks, law firms and major corporations. The Wisconsin native said that she will leave her post next June once a 12-month recruitment process has been completed by top New York headhunting firm Heidrick & Struggles. 'I'm 79 going on 80. So it's time to pass the baton to the next generation,' Wylde said. 'They want somebody who loves New York City and who understands both the public and private size of the city's power structure.' Advertisement Wylde, whose husband lives in Puerto Rico, said she would not be 'going out to pasture' and planned to remain engaged in the challenges faced by the city. 'I will be writing op-eds that drive everybody crazy,' the sometime Post contributor said. 'I will be able to say anything I want!' Looking back on her long years of service, Wylde singled out the building of 40,000 units of home ownership housing across the five boroughs between 1983 and 1985 as her 'biggest personal accomplishment.' 4 Wylde, seen here with Mayor Eric Adams in 2023, said she would not be 'going out to pasture' and would continue writing about the city she loves. Getty Images for Empire State Realty Trust Advertisement More recently, as the city emerged from the coronavirus pandemic, she issued a rallying cry in the pages of The Post to launch the 'We Love NYC' campaign, urging businesses and locals in the city to step up and 'take it back from the brink.' 4 Wylde's Partnership ripped former Governor Andrew Cuomo, who is running for mayor of New York, over his 2021 plans to raise taxes on the rich. Robert Miller She ripped then-Gov. Andrew Cuomo over plans to hike taxes on New York's wealthy in her March 2021 op-ed. 'Ultimately, these new taxes may trigger a major loss of economic activity and revenues as companies are pressured to relocate operations,' the missive to the now-prospective Democratic candidate for mayor said. Wylde's prediction came to pass. An estimated 125,000 uber-rich New York fled for Florida, leading to the loss of some $14 billion in income, according to a Citizen Budget Commission report this month. 'There's been a significant out-migration of high earners and we've lost their tax revenues, but the biggest danger is the migration of jobs,' she told The Post on Thursday.. 4 The George W. Bush administration called her post-9/11 blueprint for Lower Manhattan 'the Bible' for regenerating the area after the 2001 terror attacks. John Angelillo/UPI/Shutterstock Despite rubbing shoulders with the powerful movers and shakers of New York's business and political world, Wylde still lives in her one-bedroom condo in Bay Ridge, Brooklyn. Advertisement Respected by Republicans and Democrats alike, the George W Bush administration labeled her post-9/11 blueprint for Lower Manhattan 'the Bible' of its early response to the 2001 terror attacks. She has also helped behind the scenes to bring in congestion pricing to New York City and reportedly quietly lobbied the Trump administration to walk back its vow to entirely scrap the controversial tolls.
Yahoo
11-03-2025
- Business
- Yahoo
NYC Toll Projected to Boost Economy by as Much as $1.3 Billion
(Bloomberg) -- New York City's regional economy may gain as much as $1.3 billion annually as a new toll to drive along Manhattan's busiest streets eases traffic gridlock and benefits business activity, according to a civic group focused on economic health. NJ College to Merge With State School After Financial Stress NYC Congestion Pricing Toll Gains Support Among City Residents Buffalo's Billion-Dollar Freeway Fix Is on Ice, But Not Because of Trump Where New York City's Zoning Reform Will Add Housing Inside the 'Not Architecture' of High Line Designers Diller Scofidio + Renfro The first-of-its-kind congestion pricing program began on Jan. 5, with most motorists paying $9 during peak periods to drive south of 60th street in Manhattan. The aim is to ease congestion in one of the most traffic-clogged urban areas in the world and raise $15 billion over time to modernize the city's aging transit network. Workers heading into Manhattan's tolled zone are saving an average three to eight minutes of travel time, according to a report released Tuesday by the Regional Plan Association, which promotes ways to improve the area's economy and quality of life. New Jerseyans driving or commuting by bus to work are gaining the most time, saving as much as 21 minutes on a daily round trip. Commuters from Queens and Long Island are saving as much as 13 minutes. 'There's an economic benefit for reducing those trip times,' Kate Slevin, the RPA's executive vice president, said in an interview. 'For every minute you're sitting in traffic, it's a drag not only on your time but the broader economy as a whole.' Shaving the amount of time it takes to get to and from work gives commuters more minutes during the day to run errands, spend time with family, exercise or other activities, Slevin said. While a 2018 Partnership for New York report pegged the cost of the city's traffic congestion at $20 billion per year, the RPA analyzed the flip side of that: what is the region's economic boost with the new toll? The RPA calculates the annual value of time saved to be $500 million to $1.3 billion as more people spend less time in traffic, according to the report. New Jersey stands to gain the most from the estimated economic lift, as much as $756 million a year. Queens may see a $257 million annual benefit while Long Island could gain $108 million. The new toll has cut down on traffic. There are about 60,000 fewer cars per day in the tolled zone since the fee began, a 10% drop, according to the Metropolitan Transportation Authority, which runs the city's transit system and is implementing the toll. Morning travel times on bridges and tunnels going into Manhattan have declined. While there are benefits to congestion pricing, the program is at risk under the Trump administration. The Federal Highway Administration last month said it plans to withdraw its agreement with the MTA that allows the transit agency to charge drivers going into the zone. The MTA immediately sued, seeking a court order to declare the FHWA's actions as 'null and void.' How Natural Gas Became America's Most Important Export Germany Is Suffering an Identity Crisis 80 Years in the Making Disney's Parks Chief Sees Fortnite as Key to Its Future The Mysterious Billionaire Behind the World's Most Popular Vapes Greenland Voters Weigh Their Election's Most Important Issue: Trump ©2025 Bloomberg L.P. Sign in to access your portfolio
