Well, nothing says “great way to attract investment” like publicly calling out one of the biggest taxpayers in your city. Bold strategy—let’s see how that works out.
Billionaire hedge fund founder Ken Griffin is pushing back hard after New York City Mayor Zohran Mamdani spotlighted his $238 million Manhattan penthouse in a viral video promoting a new pied-à-terre tax. The proposal would impose annual fees on luxury properties over $5 million owned by non-full-time residents—and Griffin was used as the poster example.
Mamdani, clearly pleased with the idea, highlighted the massive 24,000-square-foot property as a symbol of wealth that should be taxed more aggressively. Because nothing says “welcome to New York” like singling out someone by name.
Citadel’s response? Not exactly applause.
In an internal message, Chief Operating Officer Gerald Beeson warned that the firm could reconsider a massive $6 billion redevelopment project at 350 Park Avenue. That project, by the way, would create around 6,000 construction jobs and more than 15,000 permanent positions. Small detail, right?
Beeson didn’t mince words, criticizing the mayor for what he described as “ignorance and disdain” toward those contributing heavily to the city’s economy. He also pointed out that Citadel employees and leadership have paid nearly $2.3 billion in state and local taxes over the past five years, with Griffin himself contributing hundreds of millions in charitable donations.
But sure, let’s pretend they’re not “paying their fair share.”
The broader concern here is one New York has been hearing more and more: push too hard on taxes, and high earners—and the businesses they run—start looking elsewhere. Not exactly a theoretical problem either. Griffin already moved Citadel’s headquarters from Chicago to Miami in 2022, citing crime and high taxes.
And he’s not alone in raising concerns. Billionaire investor Bill Ackman also weighed in, arguing that targeting individuals like Griffin could drive more companies—and jobs—out of the city. His take? Maybe, just maybe, you should appreciate someone investing hundreds of millions into your local economy instead of putting them on blast.
Meanwhile, New York Governor Kathy Hochul, who had previously cautioned against overtaxing, has now signaled support for the measure—raising even more questions about the long-term impact on the state’s economic climate.
At the end of the day, this isn’t just about one penthouse or one tax policy. It’s about the message being sent. Cities thrive when they attract investment, talent, and opportunity—not when they risk pushing it away.
The silver lining? Conversations like this force a serious look at policy decisions and their real-world consequences. And if that leads to smarter choices that keep jobs, growth, and investment in place, then maybe something good comes out of it after all.