{"id":208760,"date":"2026-04-24T20:24:10","date_gmt":"2026-04-24T20:24:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/208760\/"},"modified":"2026-04-24T20:24:10","modified_gmt":"2026-04-24T20:24:10","slug":"job-creators-should-be-exempt-from-mamdani-and-hochuls-pied-a-terre-tax-business-leader-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/208760\/","title":{"rendered":"Job creators should be exempt from Mamdani and Hochul’s pied-\u00e0-terre tax, business leader says"},"content":{"rendered":"

City business leaders are scrambling to offer socialist Mayor Zohran Mamdani a compromise to his planned tax on luxury second homes after one of the prime targets of his proposal \u2014 Ken Griffin of the Citadel investment empire \u2014 suggested he may reverse a major expansion in midtown<\/a>, the Post has learned.<\/p>\n

Steven Fulop, the newish head of the Partnership for New York City, has been lobbying both the mayor as well as the governor\u2019s office about the potential jobs losses and reduction in tax revenues that would ensue if Griffin did indeed reverse course on Citadel\u2019s planned redevelopment of its NYC headquarters.<\/p>\n

That project is expected to create thousands of jobs and produce billions in tax revenue.<\/p>\n

Billionaire Ken Griffin suggested he may reverse a major expansion in midtown after NYC Mayor Zohran Mamdani spotlighted his Manhattan penthouse in a viral video announcing a\u00a0new pied-\u00e0-terre tax. Getty Images for TIME<\/p>\n

Fulop is making the arguments to city and state officials, he tells the Post, as he pushes for an \u201cexemption\u201d to the luxury home tax plan.<\/p>\n

\u201cIf a person creates 100 jobs there should be an exemption,\u201d Fulop said. \u201cThat plus the ancillary economic activity is how you help solve the affordability crisis that Mayor Mamdani ran on.\u201d<\/p>\n

\t\t\tMore From\t\t\t\t\t\t\tCharles Gasparino<\/p>\n

Any compromise would be an uphill battle given the political forces he\u2019s up against. It\u2019s not just Mamdani who supports the so-called \u201cpied-a-terre\u201d tax<\/a>, but also Gov. Kathy Hochul and the state legislature.<\/p>\n

The city faces a $5.4 billion budget gap<\/a>, and the mayor is refusing to cut his record $127 billion budget<\/a> to fund his socialist agenda.<\/p>\n

But Griffin\u2019s recent salvo \u2014 a company memo released Thursday to his employees suggesting that the expansion might not happen \u2014 could be a game changer, Fulop said.<\/p>\n

Steven Fulop, the newish head of the Partnership for New York City, has been lobbying both the mayor as well as the governor\u2019s office about the potential jobs losses and reduction in tax revenues. Getty Images<\/p>\n

\u201cPeople aren\u2019t happy,\u201d he told me. \u201cAnd I\u2019ve given names to the mayor\u2019s office of other business people who have big concerns and said you should talk to them.\u201d<\/p>\n

Mamdani has made Griffin the poster child of his tax-the-rich scheme with a recent social media post where he stood outside the Citadel founder\u2019s penthouse<\/a> on 220 Central Park South and stated \u201cWhen I ran for mayor, I said I was going to tax the rich . . . Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million.\u201d<\/p>\n

. It\u2019s not just Mamdani who supports the so-called \u201cpied-a-terre\u201d tax, but also Gov. Kathy Hochul and the state legislature.<\/p>\n

The stunt immediately drew a rebuke from business leaders and commentators. Many believed it was shameful to signal out an individual given the current toxic political culture, but Mamdani also ignored all the jobs Griffin is seeking to create in the city, the economic activity it generates, plus the hundreds of millions of dollars of Griffin\u2019s philanthropy.<\/p>\n

One issue that is overlooked is that while Griffin is a Florida resident, he pays plenty of money in property taxes; because he doesn\u2019t live here, you can make the case that he produced far more wealth than he costs in city services.<\/p>\n

Meanwhile, I am told that Citadel\u2019s 2,500 employees in NYC, including non-residents, have paid billions in taxes to the city and state. Its new building on 350 Park would create 6,000 construction jobs and support creation of more than 15,000 permanent jobs, with a total spend of $6 billion.<\/p>\n

Mamdani in the video standing outside the Citadel founder\u2019s penthouse, @NYCMayor \/X<\/p>\n

Yes, Griffin may not be a city resident, but kudos to him for making as much as $650 million in charitable gifts to places like Memorial Sloan Kettering, Weill Cornell, the Whitney, Met, and MoMA.<\/p>\n

Maybe next time Mayor Mamdani goes over to Griffin\u2019s penthouse, he should thank him before he leaves with his money and business and we\u2019re all worse off for it.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"City business leaders are scrambling to offer socialist Mayor Zohran Mamdani a compromise to his planned tax on…\n","protected":false},"author":2,"featured_media":208761,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[288,426,18649,57,9,24,55,54,56,2780,82],"class_list":{"0":"post-208760","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-business","9":"tag-kathy-hochul","10":"tag-ken-griffin","11":"tag-metro","12":"tag-new-york","13":"tag-new-york-city","14":"tag-new-york-city-headlines","15":"tag-new-york-city-news","16":"tag-ny","17":"tag-taxes","18":"tag-zohran-mamdani"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/208760","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=208760"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/208760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/208761"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=208760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=208760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=208760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}