Ken Griffin Criticizes NYC Mayor's Use of His Penthouse in Tax Promotion

Citadel CEO Ken Griffin has voiced strong objections to New York City Mayor Zohran Mamdani's recent social media video promoting a proposed pied-à-terre tax. The video, filmed on April 15 outside Griffin's $238 million penthouse at 220 Central Park South, used the property to highlight the tax targeting luxury residences valued over $5 million owned by non-full-time city residents.

Griffin described his initial reaction as disbelief, stating, "The first time, I couldn't believe what I was watching. It took a moment to digest what I was watching." He expressed concern that the video could compromise his safety, referencing the December 2024 assassination of UnitedHealthcare CEO Brian Thompson near his residence. Griffin remarked, "To put any citizen in harm's way is just inappropriate for one of our political leaders."

The proposed tax aims to generate at least $500 million annually by imposing a surcharge on high-value properties owned by non-residents. Griffin criticized the policy, questioning its fairness and potential expansion to other property types. He stated, "The tax, as a tax that discriminates against a narrow group of people, is also disconcerting. Are they going to now have a special tax rate for those that own office buildings who live out of state? Like, where's this stop in New York?"

In response to the video, Griffin announced that Citadel has filed permits to expand its Miami headquarters by several hundred thousand square feet, indicating a shift in business focus due to the mayor's actions. He commented, "We probably will go through with the building when it's all said and done, but I got to tell you, it's a real topic of debate."

Griffin also referenced the economic decline of Detroit as a cautionary example, emphasizing the risks cities face when policies drive away key economic contributors. He noted, "With 1% of New York taxpayers paying 45% of all the taxes, the city is in a precarious position, if they make those who create value feel like they're best off moving their businesses and their lives to other jurisdictions."