Kathryn Wylde Announces Retirement from New York Partnership
Kathryn Wylde, a significant figure in New York City’s political and business landscape, encouraged local Democrats to collaborate with President Donald Trump back in 2017. Recently, she shared her plans to retire from the New York partnership after being involved for over four decades.
Wylde, who became CEO of a nonprofit after joining the Pro Business Lobby Group in 1982, has advocated for reducing the deficit to foster investment in the city across various administrations. As she prepares for retirement, she raised concerns about potential issues related to salt caps and the pass-through entity tax (PTET).
She noted that a correction for PTET was included in a recent Trump-backed legislative proposal, highlighting ongoing taxation challenges in New York.
“New York is a high-tax state right now, and depending on the federal tax bill’s outcomes, it might get worse,” Wylde commented, referencing the implications of local tax deductions and LLCS deductions.
Speaking to the significance of the Professional Services sector, she remarked that it’s the second-largest employer following healthcare, implying that any tax strategies could directly impact law, accounting, consulting, and tech firms.
Wylde, originally from Wisconsin, plans to step down next June after a year-long search for her replacement led by top headhunters Heidrick & Struggle. “I’ve turned 80; it feels like the right time to pass the baton,” she explained. She mentioned the need for someone passionate about New York City, with a solid grasp of its power dynamics.
With her husband residing in Puerto Rico, she clarified that she won’t be stepping back entirely; she’ll continue engaging with city issues. “I’ll write Op-Eds that’ll probably stir things up. I feel free to express my thoughts!” she declared.
Reflecting on her accomplishments, Wylde pointed to the development of 40,000 residential units during her tenure from 1983 to 1985 as a significant achievement.
More recently, she rallied support for a “We Love NYC” campaign, urging businesses and residents to help the city recover from the challenges posed by the pandemic.
Wylde didn’t shy away from critique either. She was openly critical of former Governor Andrew Cuomo’s proposal to increase taxes on wealthy New Yorkers back in March 2021, asserting that such measures could deter businesses and economic activity.
Her predictions have manifested; reports indicate that many affluent New Yorkers have relocated to states like Florida, resulting in substantial revenue losses for the city. “There’s been a notable migration of high-income individuals, leading to lost tax revenue and employment risks,” she noted recently.
Despite her influential connections in both business and politics, Wylde still calls a modest one-bedroom condo in Bay Ridge, Brooklyn, home.
Recognized by both sides of the political aisle, she played a role in shaping post-9/11 recovery efforts in Lower Manhattan, even covertly supporting congestion pricing initiatives and lobbying the Trump administration regarding tolls.
