Full Breakdown
NYC Mayor Mamdani's Pied-à-Terre Tax Video Sparks Standoff with Citadel Founder Ken Griffin
5/28/2026, 11:27:37 PM
Mayor Mamdani's Tax Day Video and Griffin's Reaction
On Tax Day, Mayor Zohran Mamdani filmed a short video outside Citadel founder Ken Griffin’s Manhattan penthouse to promote a proposed “pied-à-terre tax.” The mayor highlighted Griffin’s reported $238 million residence as an example of wealth that avoids full city taxes. Griffin responded that the stunt was “creepy and weird” and warned that New York risked driving away successful business leaders.
Background & Context
The proposed “pied-à-terre tax” would surcharge luxury secondary residences owned by part-time New York City residents. Mamdani estimates it could raise at least $500 million annually and cites the city’s affordability crisis, noting $20,000 childcare costs for six-figure families. The measure aligns with his “tax the rich” platform.
Official Statements & Responses
Mamdani told reporters City Hall has reached out to indicate his willingness to meet with business leaders and expressed a desire to partner with employers, citing Jamie Dimon and David Solomon, to deliver a vision that will take care of everyone across the five boroughs. Griffin said the mayor’s stance could be seen as hostile to job creators, warning investors could shift to more business-friendly cities like Miami and asserting New York does not welcome success.
Criticism & Opposition
Griffin called the tax antagonistic to growth, arguing punitive measures against wealthy property owners could erode the city’s competitive edge and prompt capital and talent to relocate. His remarks reflect concerns about progressive fiscal policies deterring investment.
Conflicting Reports & Gaps
Mamdani said he has not received a response from Griffin, and Citadel has issued no public statement. Sources differ on the JPMorgan Chase CEO’s name—one says Jamie Diamond, another Jamie Dimon. The meeting status remains unclear.
Verbatim Quotes
- “We've reached out to make it clear that I'm willing to meet with any and all business leaders across the city,” — Zohran Mamdani, Mayor of New York City
- “We are looking forward to partnering with anyone and anyone to deliver on a vision that will take care of everyone across these five boroughs,” — Zohran Mamdani, Mayor of New York City
- “Mamdani has made it very clear—New York does not welcome success,” — Ken Griffin, Founder and CEO of Citadel
- “creepy and weird” — Ken Griffin, Founder and CEO of Citadel (referring to the mayor’s video)
Why It Matters
The dispute highlights tension between raising revenue from property owners and retaining financial employers. Outcomes could shape fiscal policy, affect investor confidence, and influence New York’s political calculus.
What's Next
Legislative committees are reviewing the pied-à-terre proposal as the mayor’s office continues outreach to Griffin and other executives. Meetings with business leaders are planned before any vote.
