Citadel founder Ken Griffin criticizes Zohran Mamdani’s proposed New York pied-à-terre tax

Ken Griffin, founder and chief executive of hedge fund Citadel, criticized New York City politician Zohran Mamdani’s proposal for a new wealth-related property tax, calling a video Mamdani filmed outside Griffin’s penthouse “creepy and weird.” Griffin made the comments on Tuesday, May 7, at the Milken Institute Global Conference in Beverly Hills, California.

Mamdani posted the video in April to promote what he described as a “pied-à-terre tax”—an annual fee on New York City properties valued at more than $5 million. He said the measure would raise at least $500 million and would primarily target non-resident owners of luxury real estate.

In the video, Mamdani cited Griffin’s 2019 purchase of a $238 million penthouse as an example of the kind of property the tax would apply to. Mamdani has also said higher taxes on wealthy residents could raise as much as $9 billion for his broader agenda, including a proposal to increase the corporate tax rate from 7.25% to 11.5%.

Griffin said the tax environment would influence where Citadel expands, adding that he would prioritize growth in Miami rather than Manhattan.

Responding later, Mamdani press secretary Joe Calvello said the mayor wants all New Yorkers to succeed, including business owners, while arguing that the city’s tax system “is fundamentally broken.”

The exchange underscores a wider debate in New York over how to fund public services without driving away high-income residents and businesses.