Citadel CEO Ken Griffin Criticizes NYC Mayor Mamdani's 'Tax the Rich' Video
Ken Griffin, CEO of Citadel, has criticized New York City Mayor Zohran Mamdani's recent video promoting a 'pied-à-terre' tax, which featured Griffin's $238 million penthouse, calling it a 'personal attack' and a 'profound lack of judgment.'
Citadel CEO Ken Griffin has criticized New York City Mayor Zohran Mamdani's recent video promoting a 'pied-à-terre' tax, which featured Griffin's $238 million penthouse. Griffin described the video as a 'personal attack' and a 'profound lack of judgment.'
The video, released on April 15, showcases Mamdani standing outside Griffin's 24,000-square-foot residence at 220 Central Park South, purchased in 2019 for $238 million. In the video, Mamdani announces the proposed tax targeting luxury properties valued over $5 million that are not primary residences.
In response, Citadel's Chief Operating Officer Gerald Beeson indicated that the firm might reconsider its planned $6 billion redevelopment project at 350 Park Avenue in Manhattan. Beeson stated that the project, which aims to create thousands of jobs, is now under review due to the mayor's comments.
Mayor Mamdani defended his approach, stating that the tax is not aimed at any individual but is intended to address the city's budget deficit by targeting luxury properties owned by non-residents.
The proposed tax has sparked a broader debate on taxation and investment in New York City, with some business leaders expressing concern over potential negative impacts on the city's economic climate.