Griffin urges NYC business leaders to speak up against Mayor Mamdani's tax policies
Citadel founder Ken Griffin called on New York City business leaders to publicly oppose Mayor Zohran Mamdani's tax policies, warning that silence could lead to talent leaving the city. Griffin's comments Thursday came during a cancer center groundbreaking where he and billionaire David Geffen committed four hundred million dollars. The clash centers on Mamdani's pied-à-terre tax on luxury second homes worth over five million dollars, which Griffin called creepy and weird. Griffin previously moved Citadel from Chicago to Miami in 2022, citing taxes and public safety concerns. The disagreement highlights tensions between the wealthy financial sector and a progressive mayor seeking to fund public services and address inequality through taxation of the ultra-wealthy.
Key facts
- Ken Griffin's net worth is estimated at 48 point 3 billion dollars according to Bloomberg
- Griffin purchased his Central Park South penthouse for 238 million dollars in 2019, the most expensive home ever sold in the US
- Griffin expected to owe 1 point 3 to 1 point 4 million dollars in additional taxes annually due to the pied-à-terre tax
- The pied-à-terre tax on second homes over 5 million dollars is projected to generate 500 million dollars in annual revenue
- Citadel moved headquarters from Chicago to Miami in 2022
- Griffin and David Geffen committed 400 million dollars to Memorial Sloan Kettering Cancer Center
- Griffin described Mamdani's Tax Day video as creepy and weird
- 93 percent of New Yorkers support the pied-à-terre tax proposal
How different outlets framed it
Left-leaning coverage: Left-leaning supporters of Mamdani frame the pied-à-terre tax as addressing extreme inequality and funding essential public services for working New Yorkers. They argue that billionaires should pay higher tax rates than working people and that Griffin's penthouse sits empty while the city faces a housing affordability crisis. The tax is presented as a fair mechanism to have the ultra-wealthy contribute their share.
Right-leaning coverage: Right-leaning outlets emphasize that Griffin's warnings about business flight are credible given his Chicago exodus and characterize Mamdani's viral video as personal attacks rather than policy discussion. They frame high taxes and regulatory burdens as driving talent and investment to other cities, particularly Miami and Florida.
Limits of this briefing
Most coverage comes from business and political outlets with right-leaning or centrist perspectives. Progressive outlets emphasizing tax reform and inequality were less prominently featured in recent reporting on this specific statement.
Sources
- Fox Business: Ken Griffin fires back at Mamdani, says business leaders must fight for their city Right
- Hedgeweek: Citadel's Griffin urges NYC business leaders to push back on Mamdani's policies Right
- CNN Business: What everyone is missing about Mamdani's plan to tax Ken Griffin's $238 million penthouse Centre
- NYC Mayor's Office: Mayor Mamdani, Governor Hochul Announce State's First Pied-à-Terre Tax Left
- Fox News: Ken Griffin's NYC clash with Mayor Mamdani over taxes echoes Chicago exodus Right