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Griffin Meets Hochul Over $5M Tax, Threatens $6B Project

4/29/2026

Summary

Griffin Meets Hochul

Citadel CEO Ken Griffin will meet Governor Kathy Hochul after Mayor Zohran Mamdani announced a pied-à-terre tax on homes over $5 million.
The April 15 video, filmed at Griffin’s 220 Central Park South townhouse bought for $238 million, called the levy a personal attack and threatened to cancel Citadel’s $6 billion Midtown project.
Hochul’s office estimates the tax will raise $500 million each year, helping a $2.2 billion 2026 deficit and a $10.4 billion 2027 gap.

Summary

Blakeman Warns Tax

Governor hopeful Bruce Blakeman called the pied-à-terre tax a left-wing threat to NYC jobs.
He warned the levy could drive firms to low-tax states such as Florida, citing property-tax hikes of 3.6% in 1998 and 9.4% in 1999.
He said New York’s budget is twice Florida’s, blaming overspending.
U.S. President Donald Trump endorsed Blakeman, criticized Governor Kathy Hochul and recalled Blakeman’s “civilian militia” controversy after Hochul reversed her tax stance.

Summary

Brokers Warn

Brokers warn the new surcharge could curb luxury sales and cut transfer-tax revenue.
Rachel Glazer of Compass says buyers and sellers are unhappy and fear an eight-figure slowdown.
Noble Black of Corcoran says owners are pausing listings after selling a $73 million penthouse.
Michael Biryla of Douglas Elliman reports that offers on a $5.5 million listing stay below $5 million despite his billionaire client continuing to buy.

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Griffin Meets Hochul

Citadel CEO Ken Griffin will meet Governor Kathy Hochul after Mayor Zohran Mamdani announced a pied-à-terre tax on homes over $5 million.
The April 15 video, filmed at Griffin’s 220 Central Park South townhouse bought for $238 million, called the levy a personal attack and threatened to cancel Citadel’s $6 billion Midtown project.
Hochul’s office estimates the tax will raise $500 million each year, helping a $2.2 billion 2026 deficit and a $10.4 billion 2027 gap.

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