Story perspectives

NY $5M Home Tax Aims Deficit, Risks $6B Project

4/26/2026

Summary

Story summary

Mayor Zohran Mamdani announced a tax on $5 million homes.
Governor Kathy Hochul said the tax would help cover $12 billion deficit.
He posted an April 15 video where Citadel CEO Ken Griffin bought a $238 million penthouse in 2019.
Citadel COO Gerald Beeson warned the $6 billion 350 Park Avenue redevelopment creating 6,000 jobs could stall because of the tax, noting Citadel has paid $2.3 billion in taxes and Ken Griffin has donated $650 million to New York City.

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Story summary

Mayor Zohran Mamdani announced a tax on $5 million homes.
Governor Kathy Hochul said the tax would help cover $12 billion deficit.
He posted an April 15 video where Citadel CEO Ken Griffin bought a $238 million penthouse in 2019.
Citadel COO Gerald Beeson warned the $6 billion 350 Park Avenue redevelopment creating 6,000 jobs could stall because of the tax, noting Citadel has paid $2.3 billion in taxes and Ken Griffin has donated $650 million to New York City.