Ken Griffin criticizes New York’s proposed pied-à-terre tax and a viral video featuring his penthouse, warning it could push business leaders to Miami.
A billionaire hedge fund CEO has fired back at New York City’s effort to tax “pied-à-terre” homes, arguing the policy could chase major wealth and business activity out of the city.
In the center of the dispute is Citadel chief Ken Griffin. who reacted to a viral Tax Day video by NYC mayor Zohran Mamdani.. The mayor described a proposed pied-á-terre tax. aimed at owners of high-value New York City residences they do not occupy full time.. Griffin’s name has been pulled into the debate because Mamdani used the setting of Griffin’s Manhattan penthouse. a property Griffin bought in 2019 for $239 million.
The back-and-forth is playing out far beyond a single campaign message. Griffin, in a new interview, said Mamdani’s use of his home was not just personal, but reckless, adding that he was disturbed by the way his property was made part of a political storyline.
At issue is how New York is balancing policy goals with the realities of global capital and high-net-worth preferences.. Pied-à-terre taxes. in theory. target unoccupied luxury real estate; in practice. critics argue they also create uncertainty for investors who can relocate to more tax-friendly jurisdictions.
Griffin also raised questions about the broader approach of New York’s government.. He challenged whether the proposed policy signals a wider shift in taxation for businesses and property owners. and he tied that concern to Citadel’s plans for a major New York investment. including a proposed supertall office project.
In this context. his message to the business community is clear: if taxation feels punitive or targeted. firms may reassess where they expand.. While Griffin indicated Citadel is still likely to proceed with its New York plans. he said he is more inclined to increase focus on other locations. including Miami. where Citadel’s headquarters expansion is underway.
The argument over where business leaders “belong” has become a political and economic flashpoint.. Griffin’s remarks fit a broader pattern in which states and cities compete for wealthy residents and corporate leadership by emphasizing tax structure. regulatory tone. and long-term operating certainty.
In his comments, Griffin also aimed criticism at New York’s governor, Kathy Hochul, after meeting with her about the tax. He said he was disappointed by the governor’s office characterization of Mamdani’s video as mere political theater.
By turning Griffin’s penthouse into a viral symbol, Mamdani may have amplified attention to the pied-à-terre tax, but he also sharpened scrutiny of New York’s strategy for attracting—and retaining—capital.