Citadel Attacks NYC Mayor's Plan to Tax the Ultra-Rich's Empty Mansions
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Citadel's COO Gerald Beeson lashes out at Mayor Zohran Mamdani's pied-à-terre tax proposal, defending billionaire Ken Griffin and ignoring the urgent need for the wealthy to pay their fair share to support New York's working families.
New York City Mayor Zohran Mamdani has taken a bold step by proposing a new pied-à-terre tax aimed at luxury properties valued over $5 million that are not primary residences. The announcement, made outside the notorious 220 Central Park South—home to Citadel CEO Ken Griffin's obscene $238 million penthouse—signals a long-overdue effort to make the ultra-wealthy contribute to the city they exploit.
Predictably, Citadel's Chief Operating Officer, Gerald Beeson, responded with outrage in an internal memo, accusing the mayor of 'ignorance and disdain' toward those who supposedly 'contribute' to the city's economy. But Beeson conveniently ignores the fact that the super-rich have hoarded wealth while ordinary New Yorkers struggle to afford housing and basic services.
Beeson boasted that Citadel's principals and employees have paid nearly $2.3 billion in city and state taxes over five years, as if that justifies their continued tax avoidance and luxury hoarding. He also touted the firm's planned redevelopment of 350 Park Avenue, claiming it will create thousands of jobs and billions in spending. Yet, such projects often benefit the wealthy first, while working people see little real improvement.
Meanwhile, Griffin himself fled to Florida, moving Citadel's headquarters to Miami in 2022 and making the state his primary residence—classic billionaire tax-dodging behavior.
The proposed tax, which still needs state legislature approval, is expected to generate at least $500 million annually. Unlike the handouts to the rich, this revenue would go toward free childcare, street cleaning, and neighborhood safety—real investments in the people of New York.