Steven Fulop

In this week's #YouDecide podcast: My talk with @StevenFulop about why the @Partnership4NYC is worried about leading business possibly moving out of NYC.

Always a good conversation with @errollouis @NY1. We got into the real state of NYC’s business community - no spin. podcasts.apple.com/us/podcast/you…

CNBC Squawk Box this morning. It’s a very good thing that the mayor is doing outreach to the business community and the next step is actionable steps where we can overlap @CNBC cnbc.com/video/2026/05/…

We talk endlessly about housing affordability. But an apartment 40 minutes from a subway stop is obviously not the same as one 4 minutes away. That’s why the Partnership Fund co-founded the Transit Tech Lab with the MTA back in 2018 - because transit access is housing policy. This is amongst the most important work the Partnership does. govtech.com/biz/nyc-turns-…

349 to go. Town hall #1 done + building for the future as we’re changing how we operate and taking the Partnership directly to employees - not just CEOs. 500,000+ workers are part of our member companies, and they should know what we’re fighting for: good jobs, a competitive NYC economy, and a city worth staying in. Starting with smaller companies, scaling up. More soon. Join us at nyfuture.org

Finally, powerful reporting on how the brutal job market is impacting young NYers. Some are applying to hundreds of jobs without a single offer. Many with advanced degrees are ending up in low-wage work. This is the half of the affordability crisis we don’t talk enough about: not just the cost of living, but the cost of not finding a job. Read this: nytimes.com/2026/05/14/nyr…

This is great as New York’s housing crisis is a crisis of speed as much as supply. The steps here directly address that and the fact that he is both moving decisively and committing to measurable results is a very good thing that any housing advocate should appreciate.

NYC can solve two crises at once- the perceived anti-business sentiment AND the real affordability crisis with one answer: housing. The math is broken. First-time buyers were 29 in 1981. Now they’re 40. Homes cost 2.5x income then. 5x now. First-timers have gone from 40% of the market to 21%. Homeownership built the middle class. We’re locking the next generation out of it so of course ppl are mad. The fix: less regulation, more starter homes, pro-business EDC leadership that gives investors the confidence to deploy capital. Bold incentives. Real construction. No sacred cows.

There’s a bigger lesson here beyond Citadel. NYC’s dominance isn’t pre-ordained - other cities are actively fighting for these jobs while we coast on history. That won’t cut it. The mayor needs a substantive jobs agenda with real employer engagement, competitive incentives, and a reason corporations feel they have to grow here no matter what. We want to help him build that.

Tune in this Sunday morning to @CBSNewYork to catch @OBrienMurray and me on #ThePoint with @MKramerTV —exciting conversations on national, state, and local politics. The show starts at 11:30 am with @StevenFulop of the Partnership for NYC.

The Partnership Fund is our evergreen VC fund backing early-stage NYC companies driving real innovation. There is no business organization in the country like the Partnership for NYC. In 2025, we added five new investments to our portfolio:

Before calling something a millionaire tax break, it helps to understand how it actually works. Mischaracterizing who benefits from the pass-through tax doesn’t make for good policy - it makes for bad outcomes for small businesses The pass-through tax wasn’t a gift to millionaires - it was a fix for small business owners hammered by the federal SALT cap. LLCs and S-Corps pay state taxes at the entity level, allowing owners to fully deduct what they owe without hitting the SALT ceiling. Eliminating it doesn’t hurt hedge funds but it hurts the small business owner in the Bronx who’s already stretched thin.

This can be dangerous and the council/mayor should be careful here - Every major municipal fiscal crisis of the last 50 years has a common thread: cities that deferred pension contributions during hard times and never caught up. Detroit. Chicago. Puerto Rico. The short-term relief becomes a permanent structural hole. Pension deferrals aren’t free money they’re the most expensive borrowing a city can do. Unlike a bond, you can’t restructure a pension obligation. Once you’re behind, you’re behind forever (just ask NJ)

The easiest and most important fix for the affordability crisis is housing construction - and it requires zero friction between the council, mayor, and private sector. This is encouraging news. Even starting today, it’s a long-term process. Urgency is everything.

Economic impact data below — more on Citadel and the unintended consequences of the pied-à-terre tax as currently proposed Scapegoating NYC’s investors and job creators for political gain doesn’t fix the affordability crisis, it deepens it. Real solutions mean attracting more investment and opportunity, not driving it away. A full departure of Citadel from New York City would include: 1 A loss of 4,700 total (direct/indirect/induced) jobs: 1 Citadel directly employs 2,500 workers 2 Citadel supports 2,200 indirect and induced jobs, most of which are local health care services and restaurants, which will be greatly impacted if Citadel exits the community. 2 An annual loss of $1 billion in GDP contributions to New York state and New York City’s economy 3 An annual loss of $63 million in city and state tax contributions from Citadel’s operations The construction of 350 Park Avenue   1 Over the next seven years the construction will contribute $7.1 billion in GDP to New York state and New York City’s economy 2 Over the next seven years the construction will contribute $2.3 billion in state and city taxes   Additional information 1 Citadel principals and team members have paid $2.3 billion in state and city taxes over the past 5 years. 2 Ken Griffin has contributed $650 million in charitable donations supporting New York City residents

Pushing Ken Griffin out would be a self-inflicted wound for New York. Ken is not a tax dodger, as some elected officials portrayed unfairly. Ken is one of the city’s largest job creators, with 2,500 employees and $2.3 billion in taxes paid over five years. When someone like that signals he’s done being made an example of, City Hall should be listening. The pied-a-terre tax proposal, without thoughtful exemptions for job creators, will hurt the very New Yorkers it claims to help. nypost.com/2026/04/23/bus…