NYC Mayor Zohran Mamdani catching heat for social media video attacking CEO of large hedge fund firm. Here's why.
Is New York City Mayor Zohran Mamdani's tax-the-rich plan beginning to show some cracks?
A redevelopment project that is projected to inject some $6 billion into Midtown Manhattan may not happen after all, following a video put out by Mamdani last week.
- Read more: President Trump says "Mayor Mamdani is DESTROYING New York" after pied-à-terre tax proposal
What the video shows
The 60-second social media spot starring the mayor may have jeopardized a multi-billion dollar project.
Citadel, one of the world's largest hedge fund firms, is spearheading a massive redevelopment of 350 Park Ave. As part of the mayor's campaign promise to tax the rich, Mamdani took a jab at Citadel founder and CEO Ken Griffin.
"This penthouse, which hedge fund CEO Ken Griffin bought for $238 million, this pied-à-terre tax is specifically designed for the richest of the rich," Mamdani said.
The city rolled out the ad referencing Gov. Kathy Hochul's plans for a pied-à-terre tax, which would target secondary homes worth $5 million or more.
The tax-the-rich movement has gained steam, with demonstrators filling the lobby of Hochul's Midtown office on Thursday. Many were taken into custody.
What's Citadel's next move?
As of Thursday night, it remained unclear if Citadel will be pulling out of the project.
In an company-wide email to employees obtained by CBS News New York, Citadel COO Gerald Beeson said the following about the mayor:
"It is shameful that he used Ken's name as the example of those who supposedly aren't carrying their fair share of the burdens associated with New York City's often costly and wasteful spending," Beeson wrote.
Beeson went on to outline contributions by Citadel team members over the years, including "$2.3 billion in city and state taxes," and highlighted that the 350 Park Ave, redevelopment is set to create 6,000 construction jobs and "more than 15,000 permanent jobs in Midtown."
Mamdani's social media video stunned political analyst JC Polanco.
"What are you doing? Campaign's over. You're mayor. Act like it," Polanco said. "It's just going to push them further to Florida, to Texas, where so many of them are taking their companies."
CBS News New York reached out to the mayor's office to get a response, but did not hear back.
