Vornado CEO compares ‘tax the rich’ slogan to racial slurs on earnings call as NYC debates pied-à-terre tax

Steven Roth, CEO of Vornado Realty Trust, compared the political slogan “tax the rich” to “disgusting racial slurs” during the company’s quarterly earnings call on Tuesday, as he criticized rhetoric aimed at high earners.

His remarks came as New York City Mayor Zohran Mamdani has proposed a “pied-à-terre” tax on second homes valued at more than $5 million.

Reference to Ken Griffin

Roth also defended Citadel founder and CEO Ken Griffin asourceser Mamdani referenced him in an April 15 announcement about the proposal. In a video, Mamdani presented the plan while standing in front of Griffin’s penthouse, which he said was purchased for $238 million.

“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Roth said on the call. “This was both irresponsible and dangerous.”

Taxes and Roth’s broader argument

Roth said Vornado paid $560 million in real estate taxes this year and argued that the city’s highest earners should be recognized for their contributions.

He said the top 1% of earners account for 50% of New York’s income taxes and described them as major employers and philanthropists. Roth also said Mamdani would learn over time that expanding the tax base is preferable to raising taxes.

Mamdani’s office did not respond to a request for comment, according to the source report.