Mamdani’s ‘tax the rich’ slogan is ‘just as hateful’ as racial slurs, New York real estate titan says
CNN • • business
Key Points:
- New York City Mayor Zohran Mamdani proposed a tax on luxury second homes valued above $5 million to address wealth inequality, sparking strong backlash from wealthy residents like hedge fund manager Ken Griffin and real estate CEO Steven Roth.
- Griffin criticized Mamdani's campaign-style video targeting his $238 million penthouse as "creepy and weird," while Roth condemned the "tax the rich" rhetoric as hateful and compared it to offensive slurs.
- Business leaders argue that Mamdani's approach alienates top taxpayers and employers, warning it could drive wealthy individuals and businesses out of New York City, with Griffin announcing plans to expand Citadel operations in Miami instead.
- Mamdani's office defended the tax as necessary to reform a "fundamentally broken" system and make the city more affordable, despite acknowledging Griffin's role as a major employer.
- The pied-à-terre tax could raise around $500 million annually from approximately 11,200 second homes, reflecting a broader national trend where states and cities are attempting to increase taxes on the wealthy amid concerns about possible economic fallout.
