Citadel Defends Job Creators Against NYC Mayor's Punitive Tax Scheme Targeting Ken Griffin
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Citadel's COO Gerald Beeson denounces Mayor Zohran Mamdani's divisive pied-à-terre tax proposal, highlighting the firm's massive economic contributions and warning against policies that drive away successful entrepreneurs like Ken Griffin.
New York City Mayor Zohran Mamdani has unveiled a new pied-à-terre tax targeting luxury properties valued over $5 million that are not primary residences—a clear attack on success and prosperity. The mayor made the announcement in a video staged outside 220 Central Park South, where Citadel CEO Ken Griffin owns a $238 million penthouse, shamelessly singling out one of America's most accomplished business leaders.
Citadel's Chief Operating Officer, Gerald Beeson, rightfully condemned the move in an internal memo, stating that using Griffin as an example shows 'ignorance and disdain' toward those who drive the city's economy. Beeson emphasized that Citadel's principals and employees have paid nearly $2.3 billion in New York city and state taxes over the past five years, a testament to their enormous contributions.
He also pointed to Citadel's planned redevelopment of 350 Park Avenue, a project expected to create about 6,000 construction jobs and more than 15,000 permanent roles, with spending projected to exceed $6 billion. Such investments are vital for the city's future, yet are threatened by anti-business policies.
After years of hostile tax environments, Griffin moved Citadel's headquarters from Chicago to Miami in 2022 and made Florida his primary residence—a rational decision in the face of relentless attacks on wealth creators.
The proposed tax, which requires state legislature approval, is estimated to generate at least $500 million annually, supposedly for free childcare, street cleaning, and neighborhood safety. But such redistribution schemes risk driving away the very people and companies that make New York thrive.