NYC Mayor Zohran Mamdani not backing down in his tax-the-rich effort
Even the threat of losing a $6 billion economic development project will not make New York City Mayor Zohran Mamdani apologize for making hedge fund owner Ken Griffin the poster boy for his tax-the-rich proposals.
Mamdani's beef with rich people goes back to his mayoral campaign, when he walked along Central Park South. That happens to be where Griffin owns a $238 million apartment Mamdani wants to tax.
Gov. Kathy Hochul recently rolled out plans for a pied-à-terre tax, targeting secondary homes worth $5 million and more.
"That means Ken Griffin"
Friday, Mamdani was unrepentant about making Griffin the poster boy for his plan to exact more taxes from him to balance his budget.
"Balancing this budget in a manner that asks the wealthiest and most profitable corporations to pay a little bit more so that everyone can afford to live in the city. And that means Ken Griffin," Mamdani said.
Mamdani was grilled after officials from Griffin's company Citadel hinted they may abort a $6 billion plan to redevelop 350 Park Avenue, which would create 6,000 construction jobs and 15,000 permanent jobs. Officials were furious about a video Mamdani made in front of Griffin's building to justify taxing the owners of multimillion dollar apartments.
"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 in the video.
"New York City has to be welcoming"
"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," Citadel Chief Operating Officer Gerald Beeson said in an email to company employees.
City budget experts say it's shortsighted of Mamdani not to take into consideration the economic benefits that companies like Citadel bring to the city.
"It's a reminder that New York City has to be welcoming, has to competitive for not only people, which is our human capital - we're the best in the world - but for businesses," Citizens Budget Commission president Andrew Rein said.
The kerfuffle comes amid questions about whether Mamdani will go forward with a project that would expand luxury housing at Hudson Yards.
