NYC Mayor Zohran Mamdani continues to face questions over his tactics to gain support in taxing New York’s rich to fill a $5 billion city budget gap and combat the growing housing crisis.
The mayor recently called out Ken Griffin by name as he stood outside of the billionaire’s residence in New York City for a video publicizing Gov. Kathy Hochul’s proposed pied-à-terre tax on second homes.
“Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million. This pied-à-terre tax is designed for the richest of the rich,” Mamdani said.
The mayor’s words still got a reaction from Griffin three weeks later.
“And now what the mayor of New York has made clear to my partners, and principally my New York partners, is that we need to double down on our bet in Miami,” Griffin said at a conference in Beverly Hills.
The billionaire hinted this week that his planned mega tower at 350 Park Avenue, with the promise of thousands of jobs, is up in the air.
New York City Council Speaker Julie Menin entered the fray, saying she reached out to Griffin after the mayor’s video.
“I did reach out to Ken after the mayor’s video because, look, at the end of the day we need to keep businesses here,” Menin said. “I don’t think personal ad hominem attacks are ever helpful and we shouldn’t be doing them.”
During a press briefing in the Bronx, the mayor on Wednesday reminded his critics that his argument is about raising tax revenue.
“This city [is] the economic engine not just of our state but frankly of our country. And that also includes Ken Griffin, who is a major employer in our city. That does not negate the fact that our tax system is fundamentally broken,” Mamdani said.
Mamdani said he has not yet spoken with Griffin personally, but both the council speaker and the governor have as discussion continues about how best to reassure business leaders while also balancing the budget.
