{"id":199292,"date":"2026-04-16T13:24:10","date_gmt":"2026-04-16T13:24:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/199292\/"},"modified":"2026-04-16T13:24:10","modified_gmt":"2026-04-16T13:24:10","slug":"mamdani-calls-out-ken-griffin-in-push-for-ultra-rich-second-home-tax-in-nyc","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/199292\/","title":{"rendered":"Mamdani Calls Out Ken Griffin in Push for Ultra-Rich Second Home Tax in NYC"},"content":{"rendered":"

New York City Mayor Mamdani says he’s delivering on a core campaign promise: taxing the rich.<\/p>\n

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On Tuesday, Mamdani backed New York Gov. Kathy Hochul’s proposal for the state’s first-ever tax on ultrawealthy second-home owners.<\/p>\n

To make the point, Mamdani singled out one of the most expensive homes in the country \u2014 hedge fund CEO Ken Griffin’s penthouse<\/a>, which he bought for $238 million in 2019 \u2014 in a video posted online.<\/p>\n

“When I ran for mayor, I said I was going to tax the rich \u2014 well, today, we’re taxing the rich,” Mamdani said in the video.<\/p>\n

“This is an annual fee on luxury properties worth over $5 million whose owners do not live full time in the city, like for this penthouse,” he added, pointing to the Manhattan skyscraper that Griffin’s residence is in.<\/p>\n

The proposal has not yet been approved by the state legislature.<\/p>\n

Griffin’s four-floor condo at 220 Central Park South set a record when he bought it in 2019, said to be the most expensive home ever sold<\/a> in the US at the time.<\/p>\n

The new “pied-\u00e0-terre” tax would apply to one- to three-family homes, condos, and co-ops valued at more than $5 million when the owner’s primary residence is outside New York City.<\/p>\n

The mayor’s office says the measure is designed to target billionaires and global elites who use New York real estate as a store of wealth rather than a primary residence.<\/p>\n

Griffin, the founder of Citadel, moved his firm’s headquarters<\/a> from Chicago to Miami in 2022 and has increasingly built out a presence in Florida \u2014 a state with no personal income tax, making it a magnet for wealthy Americans seeking lower tax bills. Jeff Bezos, Mark Zuckerberg, and Google cofounders Larry Page and Sergey Brin all have homes in Florida.<\/p>\n

Business Insider could not reach Griffin for comment.<\/p>\n

The mayor’s office said it expects that the New York tax would raise at least $500 million annually, with funds earmarked for priorities such as free childcare, cleaner streets, and safer neighborhoods, Mamdani said.<\/p>\n

Mamdani framed the policy as a fix for what he called an “unfair system,” adding that while all New Yorkers contribute to the city, the wealthiest should shoulder more of the burden.<\/p>\n

“As mayor, I believe everyone has a role to play,” he said. “And some, a little bit more to give than others.”<\/p>\n","protected":false},"excerpt":{"rendered":"New York City Mayor Mamdani says he’s delivering on a core campaign promise: taxing the rich. Loading audio…\n","protected":false},"author":2,"featured_media":199293,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1533,79271,79273,3640,79274,18649,1445,1092,9,56,63,65,64,973,1024,15276,530,79272],"class_list":{"0":"post-199292","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-business-insider","9":"tag-expensive-home","10":"tag-first-ever-tax","11":"tag-florida","12":"tag-four-floor-condo","13":"tag-ken-griffin","14":"tag-mamdani","15":"tag-mayor","16":"tag-new-york","17":"tag-ny","18":"tag-nyc","19":"tag-nyc-headlines","20":"tag-nyc-news","21":"tag-office","22":"tag-penthouse","23":"tag-residence","24":"tag-state","25":"tag-ultra-rich-second-home-tax"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/199292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=199292"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/199292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/199293"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=199292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=199292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=199292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}