NYC’s Mamdani tries defusing Griffin blowback to second-home tax

New York City Mayor Zohran Mamdani insisted his push for a new tax on pricey second homes isn’t “motivated by any one individual,” as reporters pressed him on whether he regretted singling out billionaire Ken Griffin’s $238 million Manhattan penthouse in a viral social-media video.

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Mamdani’s explanations came at an unrelated press conference in Brooklyn, a day after Citadel’s Chief Operating Officer Gerald Beeson raised the possibility of stopping work on a $6 billion, 62-story development at 350 Park Avenue in response to the mayor’s comments about Griffin, the firms’ founder. 

Mamdani mentioned Griffin’s apartment purchase in a video released on April 15, after Governor Kathy Hochul announced plans to include a pied-à-terre tax on luxury second homes in the state budget. Negotiations over the tax and its structure are ongoing. 

“That home, when it was purchased, was the most expensive home in the United States of America,” Mamdani told reporters Friday, referring to Griffin’s unit at 220 Central Park South, where apartments have sold for tens of millions of dollars. “In a political environment where there’s always an attempt to describe any increase in taxes as if it would be one that would apply to all, we wanted to make very clear that this applies to a very select group of properties,” Mamdani said. 

After releasing the video, he named other properties as examples of ones the tax would apply to, including a $90 million apartment purchased by a Saudi prince and a $30 million home bought in cash by a Russian auto dealer.

“The reason that I gave other examples of this is that this piece of legislation is not motivated by any one individual,” he said.

Mamdani also called Griffin an “an important employer and business leader” in the city and said he will continue to work with such individuals to better New York. 

“Ken cares deeply about New York City’s future and ensuring it continues to attract investment and expand opportunity,” a spokesperson for Griffin said in an emailed statement. “He is always open to engaging on serious discussions – not political theater – on policies that make the pie larger for everyone, create jobs and help working families.”

Mamdani has been a vocal proponent of raising taxes on the wealthy, and supports the imposition of the pied-à-terre tax as a means to help fill a $5.4 billion two-year city budget deficit. The new charge would raise $500 million of revenue each year, Mamdani and Hochul have said. 

“We’re in a moment where New Yorkers are facing a generational fiscal crisis,” Mamdani said. He added that he is “intent” on balancing the city’s budget “in a manner that asks the wealthiest and the most profitable corporations to pay that little bit more so that everyone can afford to live in this city — and that means Ken Griffin and that means so many others across this city.”

“I say these things not because I do not want these individuals to be here in New York City or to purchase property in New York City, but rather to outline that we are talking about a proposal that will have a very narrow impact and one that is being driven by an intention to ensure that everyone can remain in New York City, including those that are being taxed by it,” he said.