A CNBC anchor has criticized New York City Mayor Zoran Mamdani for making a video outdoors to support his new tax proposal for second homes. In the video, Mamdani proudly stated, “When I ran for mayor, I said I was going to tax the wealthy,” while standing outside the lavish $238 million penthouse owned by hedge fund billionaire Ken Griffin.
Mamdani used Griffin’s grand Manhattan residence as a prime example of the type of luxury property that would be impacted by the proposed tax. The mayor remarked, “So is this penthouse that hedge fund CEO Ken Griffin bought for $238 million.”
The video, shared widely on Mamdani’s social media channels, quickly gained traction, amassing millions of views.
Sarah Eisen, who co-anchors “Squawk on the Streets” and “Money Movers,” pointed out that Griffin has created thousands of jobs in New York City and has poured billions into the local economy. She cautioned that labeling him negatively might have adverse effects, saying, “It seems risky to make him feel unwelcome and demonize him.”
Eisen added, “Ken Griffin employs thousands of people in New York City and has plans to build the tallest office tower on Park Avenue,” suggesting that his frequent visits to the city aren’t happenstance.
“At the same time, Miami has welcomed him and his firm, bringing significant jobs and tax revenue,” she mentioned.
The Post reached out to both Mamdani and Griffin for their thoughts on the matter.
Eisen further highlighted Griffin’s relocation of his hedge fund headquarters “Because of Bad Policy” away from Chicago and to Miami.
The proposed pied-à-terre tax, introduced by Gov. Cathy Hochul, would impose yearly taxes on luxury properties exceeding $5 million that are owned by non-residents, targeting ultra-wealthy individuals who keep many vacant houses.
In a conversation with the Post, Eisen elaborated on her concerns, noting that while many companies are firmly rooted in New York, “the long-term trends are dangerous,” and Mamdani shouldn’t take this stability for granted.
She mentioned that business leaders believe they can withstand a few years of unfavorable policies, but the overarching trends could hollow out the city’s appeal over time.
“Bad policy has consequences, as we’ve observed with companies relocating from California to Florida,” she remarked.
According to Eisen, New York has its unique charm, but continuing to criticize and deter newcomers might risk its vibrancy as a hub for businesses.
Griffin holds considerable sway in New York’s luxury real estate market, especially with his record-setting acquisition of the penthouse on South Central Park. Following that purchase in 2019, the property has become a focal point in discussions around taxing high-end real estate.
He also has significant plans for new developments, including a major office building on Park Avenue, costing around $4.5 billion, which is expected to be a new headquarters for Citadel.
Griffin has frequently linked his business decisions to concerns about crime rates and the overall climate in major northern cities. He previously described Chicago as a “violence-ridden city” that poses challenges for businesses, likening the situation to “it’s like Afghanistan on a good day.”
He emphasized having lived in an unhappy urban environment, recalling how he once faced serious security issues in his neighborhood.
These worries, along with high taxes and stringent regulations, influenced Citadel’s transition to Miami, where he perceives a brighter outlook amid a business-friendly climate and a reduced tax burden.
