{"id":216763,"date":"2026-05-01T16:17:12","date_gmt":"2026-05-01T16:17:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/216763\/"},"modified":"2026-05-01T16:17:12","modified_gmt":"2026-05-01T16:17:12","slug":"ken-griffin-threatens-to-pull-6b-nyc-project-amid-pied-a-terre-tax-fight","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/216763\/","title":{"rendered":"Ken Griffin threatens to pull $6B NYC project amid pied-\u00e0-terre tax fight"},"content":{"rendered":"

\"Gov. <\/p>\n

NEW YORK – New York Governor Kathy Hochul met Thursday with billionaire hedge fund CEO Ken Griffin as debate intensifies over a proposed tax targeting wealthy second-home owners, amid New York City\u2019s ongoing budget challenges.<\/p>\n

What we know:<\/p>\n

Details of the meeting were not immediately released, but taxes were among the topics discussed.\u00a0<\/p>\n

\"\" <\/p>\n

Ken Griffin, chief executive officer of Citadel Advisors LLC, at the Norges Bank Investment Management annual investment conference in Oslo, Norway, on Tuesday, April 28, 2026. The largely index-tracking $2.2 trillion sovereign wealth fund reported a <\/p>\n

Griffin, the founder of Citadel, entered the meeting expressing frustration over what he described as personal attacks from New York City Mayor Zoran Mamdani.<\/p>\n

Mamdani \u2018tax the rich\u2019 commercial <\/p>\n

The tensions stem in part from a recent video in which Mamdani highlighted Griffin\u2019s $238 million Manhattan penthouse while promoting the proposed pied-\u00e0-terre tax.\u00a0<\/p>\n

What is a pied-\u00e0-terre tax? <\/p>\n

The tax would apply to second homes in the city valued at more than $5 million and is aimed at generating revenue from high-value properties often left unoccupied.<\/p>\n

Griffin, whose net worth is estimated at about $50 billion, criticized the mayor\u2019s approach.<\/p>\n

\"Hochul <\/p>\n

“I think the willingness of the mayor of New York to make this a policy debate a personal attack just demonstrated a profound lack of judgment,” Griffin said earlier this week, adding that his meeting with Hochul would focus on the future of his business in New York.<\/p>\n

\"\" <\/p>\n

Brownstone apartments in Manhattan, New York City, United States of America on July 6th, 2024. (Photo by Beata Zawrzel\/NurPhoto via Getty Images) <\/p>\n

Citadel has threatened to withdraw from a planned $6 billion redevelopment project in Manhattan as concerns grow among some business leaders about the potential impact of new taxes.<\/p>\n

The proposed tax is still being negotiated, and bill language has not yet been finalized. State lawmakers have said they hope to reach an agreement in the coming weeks.<\/p>\n

How much would the pied-\u00e0-terre tax generate? \"Luxury <\/p>\n

Residential luxury towers stand along nicknamed Billionaires Row, a stretch of 57th Street that holds the majority of Manhattan\u2019s supertall luxury towers on May 16, 2022 in New York City. (Photo by Spencer Platt\/Getty Images) <\/p>\n

By the numbers:<\/p>\n

Hochul\u2019s administration estimates the tax could generate about $500 million annually. However, a recent report from the New York City comptroller\u2019s office projects lower revenues, closer to $340 million.<\/p>\n

Mamdani\u2019s team pushed back on that estimate, saying it underscores the need to carefully craft the legislation to prevent property owners from avoiding the tax.<\/p>\n

What’s next:<\/p>\n

The proposal comes as city and state officials grapple with budget pressures, with leaders weighing how to raise revenue while maintaining New York\u2019s competitiveness for businesses and investment.<\/p>\n

The Source: This report is based on information from Gov. Hochul.\u00a0<\/p>\n

Economy<\/a>Politics<\/a>Kathy Hochul<\/a>Zohran Mamdani<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK – New York Governor Kathy Hochul met Thursday with billionaire hedge fund CEO Ken Griffin as…\n","protected":false},"author":2,"featured_media":216764,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[426,237,9,12,56,63,65,64,1232,87,5023,82],"class_list":["post-216763","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-kathy-hochul","tag-money","tag-new-york","tag-news","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-people","tag-politics","tag-us-economy","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/216763","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=216763"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/216763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/216764"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=216763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=216763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=216763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}