Billionaire investor Ken Griffin isn't holding back when it comes to New York City Mayor Zohran Mamdani's tax proposals. Speaking at the Milken Institute Global Conference on Wednesday, Griffin said the city is becoming less welcoming to businesses and wealthy investors, and that his firm, Citadel, will "double down" on Miami as a growth hub.
The tension stems from a campaign video Mamdani released in April, filmed outside Griffin's $238 million Manhattan penthouse. In it, the mayor promoted a proposed pied-à-terre tax on luxury second homes valued above $5 million. Griffin called the video "creepy and weird" and said it signals hostility toward successful individuals and businesses in the city.
"It raises broader concerns about whether New York welcomes success," Griffin said. The comments come as Citadel continues evaluating its long-term expansion plans in New York, though Griffin noted the firm will "probably" still move forward with its office tower project alongside Vornado Realty Trust.
Tax Debate
Mamdani has argued the proposed tax would help address budget pressures while asking wealthy property owners to contribute more. Joe Calvello, a spokesperson for Mamdani, said in a statement cited by The Wall Street Journal that New York's tax structure currently "rewards extreme wealth while working people are pushed to the brink."
The dispute has evolved into a larger debate over whether aggressive tax policies could push capital, employers, and development projects away from New York. Last month, Citadel executives warned the company could reconsider involvement in the planned $6 billion redevelopment of 350 Park Avenue, a project expected to support thousands of construction and permanent jobs.
Citadel and its affiliated employees have paid roughly $2.3 billion in New York City and state taxes over the past five years, according to company executives. Griffin has also directed approximately $650 million toward charitable initiatives in New York.
Miami Shift
Griffin relocated Citadel's headquarters from Chicago to Miami in 2022, citing frustration with crime and state policies in Illinois. At the Milken conference, he said recent developments in New York reminded him of the environment Citadel experienced before leaving Chicago.
Investor Kevin O'Leary also criticized the proposed pied-à-terre tax in recent weeks, arguing that luxury second-home owners generate construction activity, property tax revenue, and related economic spending.
Despite the tensions, Griffin said Citadel will "probably" still move forward with its New York office tower project. So while the city may feel less welcoming, it's not quite goodbye yet.
Image via Shutterstock
