On April 15, New York City Mayor Zohran Mamdani announced plans for a new wealth tax targeting people who own expensive real estate in the city without actually living there (1).
The tax is very specific, only impacting real estate valued at $5 million or more, and Mamdani expects it to generate $500 million in revenue each year. Some billionaires, however, aren’t happy about it.
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Mamdani mentions Ken Griffin, CEO of the hedge fund Citadel LLC, by name in the announcement video. For much of the video, Mamdani stands outside Griffin’s $238 million penthouse, which the mayor says largely sits unused.
In an April 16 post on X, fellow hedge fund manager Bill Ackman came to Griffin’s defense, saying “we should be applauding Ken.”…