NYC Mayor Zohran Mamdani calls out Ken Griffin's $238 million penthouse on Tax Day
Fortune • • nation
Key Points:
- New York City Mayor Mamdani announced the city's first-ever pied-à-terre tax targeting luxury properties valued above $5 million owned by non-residents who do not live in New York full-time.
- The tax proposal, supported by Governor Kathy Hochul and pending state legislature approval, aims to generate at least $500 million annually to fund free childcare, street cleaning, and neighborhood safety.
- The tax applies to one-to-three-family homes, condominiums, and co-ops where the owner's primary residence is outside New York City, addressing concerns about empty luxury units.
- Mamdani highlighted the tax as a measure to correct an unfair system, citing high-profile owners like Citadel CEO Ken Griffin, who relocated to Florida for tax reasons and owns multiple expensive properties in NYC.
- The announcement was made outside 220 Central Park South, a building known for its ultra-luxury penthouses, including one purchased by Griffin for $238 million in 2019.
