Tackling Housing Costs and Keeping Jobs in New York

0:00 Speaker 1 Sunday morning with us today is stephen phillip and he is the ceo of the new york city partnership and he was the mayor of jersey city before that and and some interesting revelations he was the mayor of jersey city from 2013 to 2026 and there was the revelations that were made i just read it uh Steve Phillip,

0:27 tell us about Jersey City and what you were getting accomplished over there and what has happened now.

0:33 Speaker 2 You know, the 10 plus years I was the mayor, and I appreciate you asking about that, John. The 10 plus years I was there, Jersey City was one of the national leaders in housing construction. And actually, when candidate Mamdani, before he was the mayor, was on the debate stage, he used to talk about Jersey City and Tokyo as

0:54 examples of housing growth that he needs to emulate and do for New York City. So, you know, the Jersey City housing growth was really important. And over eight or nine years of huge growth, you saw rent stabilize and in some places decline because of supply. So that really is something that New York City needs to be doing

1:12 as well. The challenge for Jersey City is that, you know, the mayor came in, you know, delivered a big tax increase, which was kind of unnecessary. And then he had a revolt between his senior staff. So you had like six or seven of like the most senior people there resign in protest of the new mayor who appointed them. And

1:33 projects have grinded to a halt. The business community is quite frustrated. So it’s not a good story. It’s sad to see. But, you know, on the New York side, I think there’s an opportunity really for housing growth. You and I have talked about that, the 99 units versus larger buildings. Supply, supply, supply is the most important part

1:53 of the conversation.

1:55 Speaker 1 Well, absolutely correct. Now, our job, we’re back in New York. Tell us, give us the pulse of what’s going on in New York now.

2:07 Speaker 2 Well, look, I think, you know, a lot of things happened this week. You know, Moore’s conversation around the pita tear tax and implementation of that, important. I think, you know, earlier in the week, you and I saw each other at the Al Smith dinner. I think it was the 81st.

2:23 Really a phenomenal, you know, event getting New York City, you know, business leaders and public sector together for a good cause. I think it was reported that, you know, Jesse Tisch had a super warm welcome. The mayor’s was a little bit mixed. But, you know, at the end of the day, it was a good cause and it

2:42 was a good opportunity to get everybody together. So, you know, here we are.

2:47 Speaker 1 It was a wonderful event. Cardinal Dolan is one of the most wonderful people I know. He was a cardinal for what? It was 16 years or 18 years. And he did a tremendous job. And he still has the title cardinal in New York because I think under religious rules, and I don’t know all the rules, but if the

3:07 cardinal still lives in this province, in this city in New York, then the Archbishop Hicks can only be the archbishop. But he seems like he’s working together. They’re working together with Cardinal Dolan and may peace prevail because we don’t need fights in religion.

3:30 Speaker 2 That’s true. And Cardinal Dolan, like you said, I mean, he is he’s a phenomenal communicator and, you know, respected by everybody. And, you know, he was the keynote speaker and it was obviously streamed, you know, and it’s usually covered nationally that dinner because it’s a big deal. But his remarks were, you know, you know. initially humorous because

3:52 he has the opportunity, he has the skill to weave that into his remarks, but they were quite serious with regards to religious tolerance, antisemitism, Islamophobia, and when you think about kind of where the world was and Al Smith, who would bring people together 80 years ago, you know, what would he think, and what would people of that

4:13 time think about where the world and where New York City is today? And, you know, the remarks were important. And like you said, I mean, this was the first time that, you know, Archbishop Hicks was at the Al Smith dinner. And I thought he did a great job.

4:29 You know, it was a great opportunity for people to get introduced to him. And I thought he did a terrific job as well.

4:37 Speaker 1 I think that people were mad at him and they should not be mad at him. It was the Pope’s decision about Cardinal Dolan. And they did it right on his birthday. And they did not renew his contract for five more years. And I was upset, too, because I love the Cardinal Dolan. And the fact is, I don’t

4:59 think the Pope would have been Pope without Cardinal Dolan’s help. And then what happened, happened.

5:06 Speaker 2 Yeah, it’s true. I mean, look, I agree with you. Archbishop Hicks yesterday touched on how much he loves New York and being here and how helpful Cardinal Dolan has been to him. And I think it says something, you know, a sad circumstance, which they said at the dinner was, He had a parent pass away, Archbishop Hicks, that is,

5:30 a parent passed away, I think, the day before the dinner. And so, you know, he was committed to being at the dinner. He wanted to be part of the New York City community. And, you know, while tough circumstances, clearly, I mean, he was there because, you know, he wants to build relationships and be impactful like Cardinal Dolan was.

5:51 Speaker 1 Understood. Well, tell us, has the exodus, you know, the other thing I told the governor last night and the mayor, I mean, the exodus has to stop and we have to do whatever we have to do to keep things together for New York because we all love New York.

6:08 Speaker 2 Yeah, I think you’re right. I think that it’s a clear trend that companies are investing elsewhere. and putting jobs elsewhere. So even if you argue that, well, Goldman Sachs is still here, they have 10,000 jobs in New York City, that’s true, but they had 10,000 jobs in New York City 10 years ago, and they’ve grown as a company exponentially.

6:30 They’ve really, really grown, but all those new jobs are in Utah and Texas. And if you think about running a municipal government or running a city, your costs increase every year. You have more insurance costs and labor costs, and it becomes more challenging. And the only way that you’re going to you know, offset increased costs in a

6:51 responsible way is growing the tax base. And you grow the tax base by creating an opportunity for private sector employers to create jobs. And that’s like you said, it’s a risk here that I hope the governor recognizes and the mayor recognizes.

7:08 Speaker 1 Well, Steve Phillip, thank you for the update. And let’s continue talking.

7:16 Speaker 2 Any thoughts on the upcoming gubernatorial election?

7:19 Speaker 1 Well, we are doing, WABC is having a two-hour special every night between 5 o’clock and 7 o’clock. I hope you can participate in it to be able to deliver the truth to all the people and to find out and to make sure all the people vote because vote, vote, vote to help make a difference in New York.

7:45 Speaker 2 Yeah, yeah, I agree. I agree. I’m happy to participate. I think the business community and the partnership have a great deal of interest in this election. And, you know, we’re going to give all candidates an opportunity to speak and make sure that, you know, people can hear their vision and how it’s going to create more jobs and opportunities.

8:03 Speaker 1 You know how I say it? I want common sense Democrats, common sense Republicans, common sense independents, I do not want socialism in our country. Thank you so much.