Latest news with #PartnershipforNewYorkCity
Yahoo
6 days ago
- Business
- Yahoo
Socialist NYC mayoral hopeful Zohran Mamdani will trigger mass exodus with tax hike plot to pay for $10B policies, experts warn
Democratic Socialist mayoral candidate Zohran Mamdani's pie in the sky plan to pay for $10 billion in proposed freebies by hiking corporate taxes will trigger a mass exodus of New Yorkers to other states, experts warned. Business leaders cautioned that the Queens state assemblyman's drastic tax hike for businesses and Big Apple millionaires to fund his progressive paradise blatantly ignores the hefty fees they are already shelling out – and will sink the city deeper into debt. 'This is being proposed at a time when people and their income are leaving New York State and New York City in particular,' a spokesperson for the Business Council of New York State told The Post Thursday. 'This would only add to that exodus and further erode our tax base.' Mamdani – who has surged in the crowded Democratic field behind former Gov. Andrew Cuomo by promising to subsidize free buses and childcare, a rent freeze and five city-run food stores – aims to rake in $5.4 billion a year by jacking up corporate taxes from 7.25% to a steep 11.5%. He is also eyeing another $4 billion by slapping a 2% flat tax on the wealthy. 'Mamdani is following a well worn political mantra that argues for more government spending as the solution to every problem and expecting that taxes on business and the wealthy can be infinitely expanded,' said Kathryn Wylde, CEO of the Partnership for New York City. 'This may get someone elected, but once in office they bump into reality,' Wylde added. 'His tax proposals all require the approval of the governor and state legislature, which is unlikely even if they were modest increases. I am not sure how seriously he takes his own rhetoric.' Mamdani, 33, would not only need to convince Gov. Kathy Hochul – who has consistently promised not to raise income taxes – to buy into his proposal, but also persuade Albany lawmakers to expand the city's debt limit in order to fund his eye-catching initiatives. New York City's debt is currently projected to crater to $99.4 billion by July – and it's expected to climb sharply over the next two years, according to the city comptroller's office. And the self-proclaimed socialist's plan to shower New Yorkers with freebies would gobble up more than the annual revenue he expects to make from his radical tax-the-rich blueprint. Mamdani's campaign estimates that providing universal childcare for the city's pre-K base would cost between $5 billion and $7 billion, with free buses running the MTA roughly $900 million a year in annual revenue, Politico reported this week. His new 'Department of Community Safety' – which would oversee mental-health crisis intervention, homelessness outreach and traffic ticketing – would rack up $450 million in new spending, with piloting the city-run food stores costing another $60 million, according to his campaign. The mayoral hopeful is also proposing to more than triple the $30 billion allocated for housing in the capital budget, with the hopes of tripling the city's production of affordable homes in return, the outlet reported. 'He articulates his points very well, and they make sense. You understand exactly what he's saying,' former Gov. David Paterson told Politico. 'The problem is: Nobody told him there's no such thing as Santa Claus.' Responding to the criticism of his costly plans, Mamdani campaign spokesman Andrew Epstein said, 'I know the wealthy have a lot of big feelings about paying a bit more in taxes but here are the facts: working and middle class families are already fleeing because they can't afford the cost of living. 'The rich leave less than any other income group and when they do, it's often to other high tax states. The 4.25% corporate tax increase Zohran proposes is still far less than Donald Trump's 14% cut. So too is the additional 2% tax on millionaires.' The Mamdani rep added, 'The investments Zohran is proposing won't just improve quality of life for everyone but also will generate major economic benefits, and stop the billions of dollars in lost economic activity from parents leaving the workforce or decamping to other states.'
New York Post
29-05-2025
- Business
- New York Post
Socialist NYC mayoral hopeful Zohran Mamdani will trigger mass exodus with tax hike plot to pay for $10B policies, experts warn
Democratic Socialist mayoral candidate Zohran Mamdani's pie in the sky plan to pay for $10 billion in proposed freebies by hiking corporate taxes will trigger a mass exodus of New Yorkers to other states, experts warned. Business leaders cautioned that the Queens state assemblyman's drastic tax hike for businesses and Big Apple millionaires to fund his progressive paradise blatantly ignores the hefty fees they are already shelling out – and will sink the city deeper into debt. 'This is being proposed at a time when people and their income are leaving New York State and New York City in particular,' a spokesperson for the Business Council of New York State told The Post Thursday. Advertisement 4 Socialist NYC mayoral hopeful Zohran Mamdani. Matthew McDermott 'This would only add to that exodus and further erode our tax base.' Mamdani – who has surged in the crowded Democratic field behind former Gov. Andrew Cuomo by promising to subsidize free buses and childcare, a rent freeze and five city-run food stores – aims to rake in $5.4 billion a year by jacking up corporate taxes from 7.25% to a steep 11.5%. Advertisement He is also eyeing another $4 billion by slapping a 2% flat tax on the wealthy. 4 Mamdani has promised to subsidize free transit and childcare, a rent freeze and five city-run food stores. Stephen Yang 'Mamdani is following a well worn political mantra that argues for more government spending as the solution to every problem and expecting that taxes on business and the wealthy can be infinitely expanded,' said Kathryn Wylde, CEO of the Partnership for New York City. 'This may get someone elected, but once in office they bump into reality,' Wylde added. 'His tax proposals all require the approval of the governor and state legislature, which is unlikely even if they were modest increases. I am not sure how seriously he takes his own rhetoric.' Advertisement 4 Kathryn Wylde, president and CEO of Partnership for New York, said his plan, if elected, wouldn't be approved in Albany. Bloomberg via Getty Images Mamdani, 33, would not only need to convince Gov. Kathy Hochul – who has consistently promised not to raise income taxes – to buy into his proposal, but also persuade Albany lawmakers to expand the city's debt limit in order to fund his eye-catching initiatives. New York City's debt is currently projected to crater to $99.4 billion by July – and it's expected to climb sharply over the next two years, according to the city comptroller's office. And the self-proclaimed socialist's plan to shower New Yorkers with freebies would gobble up more than the annual revenue he expects to make from his radical tax-the-rich blueprint. Advertisement Mamdani's campaign estimates that providing universal childcare for the city's pre-K base would cost between $5 billion and $7 billion, with free buses running the MTA roughly $900 million a year in annual revenue, Politico reported this week. 4 He aims to rake in $5.4 billion a year by jacking up corporate taxes and another $4 billion by slapping a flat tax on the wealthy. Robert Miller His new 'Department of Community Safety' – which would oversee mental-health crisis intervention, homelessness outreach and traffic ticketing – would rack up $450 million in new spending, with piloting the city-run food stores costing another $60 million, according to his campaign. The mayoral hopeful is also proposing to more than triple the $30 billion allocated for housing in the capital budget, with the hopes of tripling the city's production of affordable homes in return, the outlet reported. 'He articulates his points very well, and they make sense. You understand exactly what he's saying,' former Gov. David Paterson told Politico. 'The problem is: Nobody told him there's no such thing as Santa Claus.' Mamdani did not respond to The Post's request for comment Thursday.
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.
CNN
25-02-2025
- Business
- CNN
New York's toll system is the kind of market solution Republicans should be rooting for
'Congestion pricing' is the stuffy-sounding name of a New York policy that is, by every available metric, a resounding success. Anyone, including lapsed New Yorker President Trump, saying otherwise is simply ignoring the evidence. Here's the basic topline: Six weeks into the experiment, people who drive into Manhattan at peak hours are, for the bargain price of one-and-a-half Starbucks lattes, experiencing less gridlock. Pedestrians and cyclists are safer. And the city reported Monday that it is hitting its revenue targets — a crucial part of the plan to address badly needed repairs to the biggest public transit network in the nation. That last point is especially bad news for the folks like Trump who oppose the $9 toll to enter the busiest parts of Manhattan at the busiest times of day. Their arguments against congestion pricing — largely based on speculation that it would hurt businesses, when in reality even more people are visiting business districts than before — look even sillier when you consider the undeniable economic upsides. 'The impact of the congestion relief zone in the city has been immediate and positive,' Kathryn Wylde, the CEO of the Partnership for New York City, a business advocacy group, recently told my colleague Nathaniel Meyersohn. 'Congestion pricing is a market-driven user fee that allows people who opt to drive into the city to gain immediate benefits.' Days after the president, calling himself the 'king,' vowed to kill the congestion pricing program (which was met with a swift lawsuit from the city to stop him), transportation officials announced that the toll system brought in nearly $49 million in its first 27 days, putting the city well on track to meet its goal of bringing in half a billion dollars a year. That money will pay for municipal bonds that fund urgent updates to the New York Subway, which is effectively held together with duct tape and prayers from the 3.6 million people (equal to the entire population of the state of Utah) who ride it every day. On top of the pure economics, there's the whole public health and safety factor. Some key stats from New York's Metropolitan Transportation Authority, which oversees the congestion pricing program: 1.2 million fewer vehicles entered the congestion relief zone in January, a 7.5% drop from a year ago. Rush-hour drive times across bridges and tunnels shrank by as much as 30%. And even with fewer cars in the city, more people visited Manhattan's business districts in the toll zone in January. Around 36 million people visited business districts in the zone last month, about 1.5 million people more than January of 2024. Attendance to Broadway shows also rose 17% in January from a year earlier, despite predictions that congestion pricing would strangle the city's theater scene. People are safer. According an analysis of city data by Streetsblog, the first 12 days of congestion pricing — January 6 through January 17 — saw a 51% drop in injuries and a 55% drop in crashes year over year in the relief zone. Sure, these are preliminary data that could change. But what New York has created — after more than a decade of planning and research — is a simple, market-based solution to a deadly problem that is expected to inconvenience a small fraction of the city's population (The vast majority, 85%, of commutes to the congestion relief zone are taken via bus or train.) It's the kind of local, limited government intervention that Republicans would praise –if only it had emerged from a red state. The Trump administration didn't respond to a request for comment on Monday's MTA announcement. All of this might sound like some local news griping from a disgruntled outer-borough cyclist and subway rider. But it isn't only that. The administration's meddling in local affairs should serve as a warning to any other American city trying to implement local solutions to local problems. As MTA board member Neal Zuckerman noted Monday: It's about New York, the largest municipal and regional economy in America, 'having someone muck with the economic engine.' New York is the largest single municipal economy in the country, and has historically spent far more in federal taxes than we get back from Washington. The city has created a system backed by experts to rectify a problem created by motorists who — to be clear — are offering no alternative solution to the problem they are directly responsible for. We're not here to play politics. We're too busy for that. All we want is to get to and from work without hearing the words 'signal malfunction,' and for anyone who doesn't live here to leave us alone. —CNN's Nathaniel Meyersohn contributed to this article.
New York Times
25-02-2025
- Business
- New York Times
Is Andrew Cuomo on the Verge of Announcing a Run for Mayor?
Three years after resigning the governorship in a cloud of scandal, Andrew M. Cuomo is making final preparations to run for mayor of New York City and could announce his candidacy as soon as this weekend, according to four people familiar with the planning. Publicly, Mr. Cuomo, a Democrat, continues to guard his intentions closely, avoiding media interviews and unscripted public events. He has been conspicuously silent on the scandal engulfing his potential opponent, Mayor Eric Adams. But behind the scenes, the former governor has taken increasingly assertive steps to line up a long-anticipated comeback attempt that would instantly reshape the race to unseat Mr. Adams in June's Democratic primary. Wealthy donors have committed to host fund-raisers at Manhattan apartments as soon as next Tuesday. Mr. Cuomo has personally begun prodding additional Democrats to publicly back him — including the Queens borough president, Donovan Richards, and the Manhattan party chairman, Keith L.T. Wright — as he tries to extend a rollout of high-profile endorsements that began with one from his former rival, H. Carl McCall. And he is expected to tap the political director of the New York City carpenters union to take on a senior campaign role. The moves reflect a growing confidence among Mr. Cuomo and his allies that they have a clear path to City Hall. Elected officials, labor bosses and business leaders who have spoken to him said Mr. Cuomo has framed a potential candidacy as an opportunity to 'save' New York City from four years of scandal, unease about public safety and an emboldened President Trump. Like other people familiar with his plans, many requested anonymity to detail private conversations with Mr. Cuomo. 'I have no doubt that he is going to run,' Kathryn Wylde, the chief of the Wall Street-backed Partnership for New York City, said after a recent sit-down with Mr. Cuomo. 'Many in the business community feel that he is the person who can best manage the city and the relationship with President Trump,' she added. People involved in the potential Cuomo campaign have told associates that they are trying to line up a public launch in early March, most likely involving a scripted video. But those who have known Mr. Cuomo for decades cautioned that it was still possible he would decide not to run. Like his father, who famously left two planes idling on an Albany tarmac as he waffled over a run for president, Mr. Cuomo has never been quick to reach decisions about his political future. Rich Azzopardi, a spokesman for Mr. Cuomo, declined to comment on the former governor's intentions. Those who have spoken with him in recent days, though, came away with the impression that Mr. Cuomo's delay in entering the mayor's race had more to do with strategy than indecision. By waiting, Mr. Cuomo has shortened the window before the June 24 primary for his prospective opponents to build a case against him and for news media to scrutinize his record. Mr. Cuomo, 67, could face attacks for a long list of past alleged transgressions, including accusations that he sexually harassed several state employees and covered up the number of Covid-related nursing home deaths. He has consistently denied any wrongdoing and spent years fighting in court and the public sphere to clear his name, notching some victories along the way. While polls show Mr. Cuomo leading Mr. Adams and a field of seven other Democratic rivals, it remains to be seen whether New York City voters are willing to replace one scandal-plagued Democrat in City Hall with another. A pollster working for an anti-Cuomo group, United for a Brighter Tomorrow, argued in an opinion essay that Mr. Cuomo's support could quickly erode once voters were reminded of his record. Mr. Cuomo's opponents have not waited to attack him. One of them, State Senator Zellnor Myrie, recently launched a website counting the days since Mr. Cuomo had spoken publicly about Mr. Adams or Mr. Trump. 'In the past 35 days, when the city has seen funding for hospitals, schools and senior centers threatened; when our literal sovereignty has been in question,' Mr. Myrie said, 'he has said nothing.' A representative for Mr. Adams, who maintains that he can still win a second term, declined to comment. Mr. Cuomo is relying on a tight circle of longtime advisers, including three who once served as his top aide in Albany. Steven M. Cohen has taken the lead putting together a super PAC to support Mr. Cuomo's candidacy if he runs. William J. Mulrow is expected to serve in a senior role, such as campaign chairman. And Melissa DeRosa is said to be effectively running the campaign. Mr. Cuomo is poised to bring on additional help, too. Kevin Elkins, the political director for the New York City carpenters union, has been in discussions to take on a senior role with the campaign, according to two people familiar with the matter. They cautioned personnel decisions had yet to be finalized, but Mr. Elkins's involvement has been viewed as a sign that the influential labor group could back Mr. Cuomo. Mr. Elkins did not reply to request for comment. Mr. Cuomo, a prolific fund-raiser as governor, appears to be calling on old supporters for financial backing. Charles Myers, the chairman of Signum Global Advisors and a prominent Democratic donor, is scheduled to host an event for Mr. Cuomo on March 4 at his Upper East Side apartment, according to an invitation obtained by The New York Times and first reported by Politico. The invitation does not explicitly call the event a fund-raiser, and Mr. Myers did not respond to requests for comment. But it treats Mr. Cuomo as a likely candidate. Other donors said they were waiting to circulate invites until Mr. Cuomo entered the race. 'More than ever, NYC needs effective, fearless leadership to defend our city and those critical values,' Mr. Myers wrote in the invitation. In the meantime, the former governor has been packing his schedule with breakfasts, lunches and calls with elected officials, many of whom represent key blocks of Jewish, Black and Latino voters. He won the endorsement on Monday of Representative Ritchie Torres, a Bronx Democrat considering a 2026 run for governor. Several other lawmakers who have spoken with Mr. Cuomo said it was clear he was fishing for their support, even if he did not outright ask for an endorsement. 'He told me he is considering running for mayor,' said Assemblywoman Rodneyse Bichotte Hermelyn, the chairwoman of the Brooklyn Democratic Party who is among the mayor's strongest allies. 'And that he would like to continue working with me.' Others came away with the impression Mr. Cuomo was closer to an announcement. 'If you ask me, it sounds like he's all the way in,' Assemblyman Brian Cunningham of Brooklyn said after a recent call from Mr. Cuomo. Mr. Richards, the Queens borough president, and Mr. Wright, the Manhattan Democratic leader, have not stated their intentions. Both declined to comment further. Mr. Cuomo and his allies appear to be trying to reach another important player in the race: Gov. Kathy Hochul. Ms. Hochul was once Mr. Cuomo's lieutenant governor and succeeded him as governor. The two have made little secret of their mutual distrust. Recently, intermediaries for Mr. Cuomo have tried set up a conversation with Ms. Hochul to smooth over tensions between them, according to two people familiar with the outreach who were not authorized to discuss it. One of them said allies of Mr. Cuomo seemed interested in a nonaggression pact. A spokesman for Ms. Hochul declined to comment. Mr. Azzopardi disputed that characterization. 'There was no reference of a 'pact,'' he said. 'If Governor Cuomo wants to speak to Governor Hochul, he will call her. And if Governor Hochul wants to speak to Governor Cuomo, she can call him.'
