Steve Ross Criticizes NYC Mayor for “Tax the Rich” Rhetoric

Real estate mogul Steve Ross has drawn a parallel between Mayor Zoran Mamdani’s call to “tax the rich” and a racial slur, branding the anti-wealth campaign as “irresponsible and dangerous.” This critique came during an earnings call on Tuesday, where Ross, the chairman of Vornado Realty Trust, noted that Mamdani’s stance has shifted towards being more pro-wealthy.

Ross expressed strong disapproval of the mayor’s rhetoric, suggesting that phrases like “tax the rich” carry a certain hostility similar to other harmful statements. He made a comparison to slogans used at Palestinian protests, indicating that such language can invoke deep-seated animosities.

He argued that rather than vilifying the wealthy, they should be recognized and appreciated for their contributions to the city’s economy and prosperity. “The rich people that politicians are targeting,” he claimed, “are the ones who start with nothing and embody the American dream.”

Furthermore, Ross pointed out the significant role that wealthy individuals play in New York’s economy. According to him, they are key employers, major philanthropists, and the top 1% are responsible for a large portion of the city’s income tax revenue. “There’s a reason they’re at the top of America’s great economic pyramid. They should be admired and thanked,” he emphasized.

This strong statement followed Mamdani’s recent use of billionaire Ken Griffin’s $238 million penthouse as a visual prop for a social media campaign aimed at garnering support for a proposed tax increase on luxury second homes. Ross criticized this approach, stating, “We are all shocked that a young mayor would pull this stunt in front of Ken’s house and single him out for ridicule.” He concluded that such actions are not just irresponsible, but dangerous.