Mamdani’s 68-Second Video Could Cost His City $6 Billion

Citadel CEO Ken Griffin has signaled he might nix his company’s $6 billion Midtown construction project over tax policy.

Citadel’s Chief Operating Officer Gerald Beeson slammed New York City Mayor Zohran Mamdani’s recent “Tax the Rich” video in which the mayor promoted a new tax policy, invoking Griffin as an example.

“It is shameful that he used Ken’s name as the example of those who supposedly aren’t carrying their fair share of the burdens associated with New York City’s often costly and wasteful spending,” said Gerald Beeson. “In doing so, the mayor has once again manifested the ignorance and disdain of the elite political class towards those who have been consistently committed to building one of the greatest cities in the world.”

If the company moves forward with the construction project, it is expected to create 6,000 high-paying jobs and support 15,000 permanent jobs in Midtown Manhattan, but a recent email to employees hinted it may be halted.

“The project—if we move forward—will entail more than $6 billion dollars of spending,” the email read.

Pershing Square Capital Management CEO Bill Ackman also weighed in, arguing that Griffin contributes significantly to the city without placing demands on its resources.

“Importantly, non-resident owners of NYC apartments who leave them vacant for much of the year are not a burden on NYC schools, services, or other resources, while they drive growth in retail sales, restaurants, theater, and other important sectors of our economy,” Ackman said. “They also often support NYC nonprofits with donations.”

Ackman concluded with a warning, saying the mayor’s policies “will harm the constituencies he is supposedly trying to help.”

Mamdani ran his campaign on taking wealth from the rich and redistributing it in the form of city services like free buses and free childcare.

Figuring out how to pay for these policies has led to challenges for Mamdani, as his authority to levy taxes ends at New York City’s property tax — though the mayor constantly lobbies New York Governor Kathy Hochul to raise taxes.

The pied-à-terre tax that Mamdani claimed would apply to properties like Griffin’s $238 million penthouse is an example of how the mayor is exploiting new revenue sources. The new tax will apply to homes in New York City valued over $5 million. It is expected to raise $500 million, which will allegedly help address the $5.4 billion deficit the city is currently facing.