Citadel Rebukes Mamdani After Mayor Names Griffin in Pied-à-Terre Tax Push
Mayor Mamdani named Ken Griffin in a Tax Day video announcing a $5M-plus pied-à-terre tax; Citadel warned it may scrap a $6 billion NYC redevelopment, citing 'shameful' targeting.
The Post MillennialCitadel CEO Ken Griffin may cancel $6 BILLION NYC project after Mamdani complains about his penthouse in ‘tax the rich’ video
FortuneKen Griffin fires back at NYC Mayor Zohran Mamdani 'tax the rich' video featuring his $238 million penthouse | Fortune
New York MagazineMamdani Has Mightily Pissed Off One of NYC’s Richest People
CNBCNYC Mayor Mamdani knocked Ken Griffin in pied-a-terre tax promo. His firm calls the move 'shameful'
Overview
Mayor Zohran Mamdani unveiled a pied-à-terre tax in a Tax Day video filmed outside Ken Griffin’s Manhattan residence and specifically named Griffin as an exemplar.
The proposal would surcharge homes, condos and co-ops worth over $5 million owned by non–New York City primary residents, and officials project at least $500 million annually.
Citadel Chief Operating Officer Gerald Beeson called Mamdani's singling out of Griffin 'shameful' and accused the mayor of 'ignorance and disdain,' according to a company memo.
Beeson warned Citadel might not proceed with a planned $6 billion redevelopment of 350 Park Avenue that he said would create about 6,000 construction jobs and more than 15,000 permanent jobs.
The memo said Citadel principals and employees paid nearly $2.3 billion in city and state taxes over the past five years and that Griffin directed roughly $650 million in New York philanthropic gifts.
Analysis
Center-leaning sources frame the story by foregrounding Citadel's rebuke and economic contributions, using strong verbs like 'rebuked' and spotlighting 'shameful' language from the firm's memo. They prioritize industry voices and job/philanthropy figures while structuring the piece to cast the mayor's proposal as a politically targeted attack on wealthy nonresidents.