Billionaire businessmen are reportedly making good on threats to move their money out of NYC over Mayor Mamdani’s tired “tax the rich” policies.
The communist mayor raised the ire of Citadel titan Ken Griffin when he foolishly posted a video of himself outside Griffin’s penthouse while claiming he plans to slap an extra tax on luxury second homes within the city.
Griffin blasted Mamdani’s “creepy” video and threatened to abandon a $6 billion Park Avenue development in response. He also said he plans to expand operations in Miami.
“We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor’s poor decision here with respect to his posting of that video,” Griffin told CNBC on Tuesday.
But that’s not all.
Billionaire Marc Rowan is also planning to take his business elsewhere as a “direct consequence” of Mamdani, the New York Post reported.
Manhattan Institute senior fellow John Ketcham sees a potential disaster for NYC on the horizon.
“New York City is losing its competitive edge, and Mayor Mamdani makes it far less competitive,” he told the Post.
“Investors and job creators have options, and they will go where they’re treated well. Increasingly, New York City has treated them inhospitably. New York City leaders have assumed they can’t do business elsewhere, even though we have seen in the last several years a dramatic expansion of the financial sector’s activities in states like Florida and Texas.”
Citadel execs claimed that Griffin and his firm’s leaders and team members have contributed nearly 2.3 billion in city and state taxes over the past five years alone, the Post reported.
And this wouldn’t be Griffin’s first escape from a deep blue city.
The billionaire famously left Chicago over the same “tax the rich” policies.
“I think looking at what Mamdani just did to me, and more broadly is doing to the city of New York, is triggering of the trauma I went through in Chicago,” Griffin said. “Chicago went through a renaissance during most of my 30 years there, and then, under the leadership of J.B. Pritzker, Lori Lightfoot, and the current mayor, has just devolved into a state that has lost its way.”
Mamdani reportedly dodged Griffin’s recent digs and parroted the “fair share” mantra.
“I want all New Yorkers to succeed — that includes business owners and entrepreneurs who create good-paying jobs, including Ken Griffin,” he said, according to the Post.
“That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink. If we want the city to be affordable, we need meaningful tax reform that includes the wealthiest New Yorkers paying their fair share.”
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