Source: Fortune
Summary
Vornado Realty Trust’s CEO Steven Roth and Citadel’s CEO Ken Griffin criticized New York City Mayor Zohran Mamdani’s “tax the rich” video, calling it “irresponsible and dangerous.” The video, which went viral, announced a new pied-à-terre tax on luxury second homes above $5 million. Roth and Griffin argued that the wealthy are already paying a significant portion of the city’s taxes and that the video was a personal attack on Griffin. The controversy has sparked a clash between City Hall and the city’s business establishment.
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Vornado’s CEO Steven Roth delivered a six-minute rebuke of Mayor Mamdani, comparing the phrase “tax the rich” to hate speech. Citadel’s CEO Ken Griffin said the video put him “in harm’s way” and invoked the 2024 assassination of UnitedHealthcare CEO Brian Thompson. The comments from both CEOs are a turning point in the clash between City Hall and New York’s business establishment. Vornado faces a mid-July deadline to commit to a $6 billion project with Griffin’s company. The controversy has sparked a debate about the city’s tax system and the role of the wealthy in funding it. The situation has become personal, with Roth and Griffin taking aim at Mayor Mamdani’s policies.
The strategy enters a familiar phase: when the going gets tough, the tough get personal.
Author: Evan Null
