Billionaire Ken Griffin Slams NYC Mayor Mamdani Over $239M Penthouse Tax Video

New York City Mayor Zohran Mamdani marked Tax Day last month by fulfilling a campaign promise—and using billionaire Ken Griffin’s $239 million penthouse as a backdrop.

“When I ran for mayor, I said I was going to tax the rich,” Mamdani said in a viral video posted to social media. “Today, we’re taxing the rich.”

The video highlighted New York’s proposed pied-à-terre tax, a policy developed in partnership with Governor Kathy Hochul. The tax targets owners of non-primary residential properties valued at over $5 million in New York City, a group Mamdani described as “the richest of the rich.”

Griffin, founder and CEO of Citadel, purchased the Manhattan penthouse in 2019—then the most expensive residential sale in U.S. history. Though he does not use it as his primary residence, the property would be subject to the new tax.

Mamdani’s choice of setting drew widespread praise on social media. But Griffin was not among the supporters.

In a new interview, Griffin criticized Mamdani’s decision to film outside his home, calling it “really poor taste.” He also argued that the mayor’s tax policy exemplifies what’s wrong with New York City—and that Miami is poised to replace it as the nation’s business capital.

Miami Rising: Griffin Signals Shift Away from NYC

In an interview with CNBC, Griffin warned that the pied-à-terre tax could drive business leaders out of New York.

“The tax itself is a tax that discriminates against a narrow group of people,” he said.

The tax has also made Griffin reconsider Citadel’s planned $6 billion investment in New York City—a supertall office tower at 350 Park Avenue. “Are they going to now have a special tax rate for those that own office buildings who live out of state?” he asked. “Where does this stop in New York?”

While Griffin said Citadel is still likely to proceed with the investment, he emphasized that Mamdani’s video prompted him to expand operations in Miami instead.

“We’ve added several hundred thousand square feet of new space in our new building,” Griffin said. “We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor’s poor decision here, with respect to his posting of that video.”

Miami’s appeal to high earners is clear: Florida has no state income tax, unlike New York. As of 2022, just 1% of New York’s registered filers were responsible for 40% of the state’s income tax—a statistic Griffin says puts New York 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.”

“The progressive left goes, ‘Good riddance,’ but who’s