Billionaire Ken Griffin Attacks Zohran Mamdani's "Creepy" New York Wealth Tax Video
Zohran Mamdani, the New York Mayor, faces a backlash from billionaire Ken Griffin following his proposal for a new tax on luxury properties in the city. Mr Mamdani recently filmed a promotional video outside Mr Griffin’s New York penthouse, advocating for what he terms a "pied-à-terre tax," an annual levy on properties valued over $5 million.
Griffin's Concerns Over New York's Wealth Tax
Speaking at the Milken Institute Global Conference in Beverly Hills, California, Mr Griffin, founder and chief executive of hedge fund Citadel, stated that Mr Mamdani's video was "creepy and weird." He argued it suggested that "New York doesn't welcome success," indicating a preference to "double down" on business expansion in Miami rather than Manhattan.
Mr Griffin also voiced security concerns, referencing the recent fatal shooting of UnitedHealthcare chief executive Brian Thompson nearby, suggesting such actions could foster "agitation" among extremists.
Mamdani's Office Defends Tax Proposal
In response, Joe Calvello, Mr Mamdani's press secretary, affirmed the mayor's ambition for all New Yorkers to thrive, acknowledging business owners and entrepreneurs, including Mr Griffin, as vital to the city’s economy. However, Mr Calvello stressed that the current tax system is "fundamentally broken," describing the status quo as "unsustainable and unjust" for rewarding "extreme wealth while working people are pushed to the brink."
Mr Mamdani's video, released on tax day, specifically highlighted Mr Griffin's $238 million penthouse purchase, which remains the most expensive property ever bought in the US. The mayor’s plan aims to generate at least $500 million from this tax, targeting those who "store their wealth in New York City real estate but don't actually live here." Mr Mamdani has previously stated that increased taxes on the wealthy, alongside a corporate tax rate hike, could fund up to $9 billion of his agenda.
The push for wealth taxes has divided opinion, with critics cautioning that higher levies could prompt businesses and wealthy individuals to leave the city, ultimately diminishing overall tax revenue.
