Citadel Condemns NYC Mayor Over Proposed Luxury Home Tax Targeting Ken Griffin

Citadel has issued a sharp rebuke of New York City Mayor Zohran Mamdani following a promotional campaign for a proposed luxury real estate tax that specifically targeted the firm's founder and CEO, Ken Griffin. The dispute escalated after the mayor released a social media video filmed outside Griffin's residence at 220 Central Park South to coincide with tax day. The proposed levy would impose an annual surcharge on one- to three-family homes, condominiums, and co-ops valued above $5 million, provided the owner's primary residence is located outside of New York City. In an internal memo, Citadel Chief Operating Officer Gerald Beeson described the mayor's tactics as "shameful," asserting that targeting Griffin demonstrated "ignorance and disdain" toward those who contribute to the city's economy. To counter the mayor's narrative, Beeson highlighted that Citadel's principals and employees have paid approximately $2.3 billion in New York city and state taxes over the past five years. Additionally, the memo noted that Griffin has directed roughly $650 million in philanthropic donations to the city and that nearly 200 Citadel employees serve on boards of local charitable institutions. The firm also pointed to its ongoing commitment to New York's infrastructure through the planned redevelopment of 350 Park Avenue. This project is expected to exceed $6 billion in spending and generate approximately 6,000 construction jobs and more than 15,000 permanent roles. This public clash underscores the growing tension between New York City's political leadership and the city's wealthiest residents, particularly as high-net-worth individuals and firms relocate to lower-tax jurisdictions like Florida, where Griffin established his primary residence in 2022.