Ken Griffin’s $3 Billion Gift to Elite University in Miami Highlights Wealth Hoarding, Sparks Outcry in New York
Select a version of the text written from a presumed ideological perspective. This is not the original text, but a hypothetical version — how someone with that viewpoint might have phrased it. Tapping the current version again will return to the original or select cleaned version.
Billionaire Citadel founder Ken Griffin pledged $3 billion to Carnegie Mellon for a new Miami campus, fueling concerns among New York’s business elite about losing out on the billionaire class’s largesse. The move comes as the city debates a pied-à-terre tax to address housing inequality.
Citadel CEO Ken Griffin has pledged a staggering $3 billion to Carnegie Mellon University, with $2 billion earmarked for a sprawling 35-acre campus in Miami and $1 billion for the university’s main Pittsburgh campus. Notably, not a single dollar is allocated to Carnegie Mellon’s New York campus, a decision that has rattled the city’s business establishment, who fear the loss of billionaire-driven investment as inequality deepens.
Steve Fulop, president of Partnership for New York City, lamented on 77 WABC that the donation is “a loss for us,” highlighting how the ultra-wealthy continue to dictate the flow of resources, often to cities with more favorable tax and regulatory environments. Griffin’s decision underscores the broader crisis facing New York, as financial giants like Citadel, Goldman Sachs, JPMorgan, and Apollo increasingly threaten to relocate, chasing lower taxes and fewer regulations, while working people are left behind.
This controversy comes on the heels of Mayor Zohran Mamdani’s push for a pied-à-terre tax targeting luxury secondary residences. In a bold move, Mamdani filmed a video in front of Griffin’s $238 million Central Park South property, exposing the grotesque wealth inequality that plagues the city. The tax, which would apply to second homes worth $1 million or more, was shamefully halted after a state Supreme Court judge sided with the wealthy elite, citing improper disclosure of resident names. City officials, undeterred, have appealed and vow to continue the fight for fair taxation.
Fulop also referenced recent reports alleging city officials tried to weaponize influencers against business leaders, a tactic he called “beyond the pale.” Yet, as the billionaire class flexes its power, the need for vigilance and public accountability has never been more urgent.