Ken Griffin's NYC clash with Mayor Mamdani over taxes echoes Chicago exodus
Fox News • • business
Key Points:
- Billionaire Ken Griffin, founder of Citadel, relocated his firm's global headquarters from Chicago to Miami in 2022, citing rising crime and unfavorable economic policies in Chicago as key reasons for the move.
- The shift resulted in a significant reduction of Citadel's Chicago workforce from about 1,300 employees to a few hundred, contributing to the city's loss of a major financial anchor and high-paying jobs.
- Griffin is now in conflict with New York City Mayor Zohran Mamdani over a proposed tax on luxury second homes, which specifically targeted Griffin's $238 million Central Park South penthouse.
- The dispute echoes Griffin's earlier tensions with Chicago leadership and raises concerns that New York might face a similar economic flight if conflicts between progressive city policies and financial leaders persist.
- Meanwhile, states like Florida continue to attract wealthy individuals and businesses by promoting low taxes and business-friendly environments, contrasting with the tax and regulatory approaches in cities like Chicago and New York.
