New York City Mayor Zohran Mamdani has admitted that billionaire hedge fund boss Ken Griffin is refusing to engage with him after the mayor publicly targeted the investor in a viral 'Tax the Rich' video.
Mayor's Admission on CNN
During an appearance on CNN Tuesday night, Mamdani revealed that his office reached out to Griffin following backlash over the mayor's proposed tax on luxury second homes — but never heard back.
'We've reached out to make it clear that I'm willing to meet with any and all business leaders across the city,' Mamdani told host Kaitlan Collins. Pressed on whether Griffin had responded, the mayor admitted: 'Not as of yet.'
The Viral Video and Its Fallout
The awkward revelation comes weeks after Mamdani sparked outrage among Wall Street executives by filming a social media video outside Griffin's record-breaking $238 million penthouse at 220 Central Park South. In the clip, Mamdani promoted a proposed 'pied-à-terre' tax targeting luxury second homes worth more than $5 million. The policy would impose an annual surcharge on wealthy property owners who do not primarily live in New York City and is projected to raise roughly $500 million annually. Standing outside Griffin's Manhattan residence, Mamdani pointed directly to the billionaire investor as an example of ultra-wealthy New Yorkers who should 'pay their fair share.'
Citadel's Reaction
Days later, Griffin's hedge fund Citadel reportedly threatened to reconsider a massive $6 billion redevelopment project at 350 Park Avenue. In an internal email, Citadel COO Gerald Beeson warned the company might not move forward with the project, which would create an estimated 6,000 construction jobs and more than 15,000 permanent jobs in Midtown Manhattan. 'The Mayor has once again manifested the ignorance and disdain of the elite political class,' Beeson reportedly wrote.
Mayor Doubles Down
The dispute has quickly escalated into a broader battle over wealth, taxes, and New York's business climate. Mamdani doubled down on his criticism of billionaires during his CNN appearance, responding to remarks from Jeff Bezos, who recently defended Griffin and criticized the mayor for singling him out publicly. 'I know a few teachers in Queens who would beg to differ,' Mamdani said after Bezos argued higher taxes on billionaires would not materially improve life for ordinary New Yorkers. 'The fact of the matter is that we are talking about a city where one in four New Yorkers are living in poverty. And we're hearing from one of the richest men the world has ever seen about how he and others shouldn't have to pay their fair share.'
Business Leaders Sound Alarm
Bezos, whose estimated fortune exceeds $270 billion, said he was not opposed to taxing luxury second homes in principle, but argued Mamdani unfairly portrayed Griffin as a 'villain.' '[Griffin] hasn't hurt anybody. He's not hurting New York. In fact, quite the opposite,' Bezos said. The feud has also alarmed commentators and business leaders, who warn aggressive rhetoric toward wealthy investors could push companies and jobs out of New York City. After Mamdani's clip circulated on social media, CNBC anchor Sara Eisen slammed the Democrat for calling out a private citizen and 'demonizing' Griffin to promote his tax policy. 'Ken Griffin employs thousands of people in NYC and is planning to build the tallest office tower on Park Ave., investing billions more and creating thousands more jobs,' Eisen said. Hedge fund manager Dan Loeb also criticized the video, calling it 'childish' and warning it could damage jobs and tax revenue.
Economic Concerns
Mitchell Moss, a professor at New York University, said attacks on wealthy investors can carry economic consequences. He noted that city finances rely heavily on commercial property taxes and high earners. Citadel previously relocated its headquarters from Chicago to Miami in 2022, with Griffin citing concerns over crime and business conditions. Griffin broke the record for the most expensive home purchase in the US when he snapped up the Manhattan penthouse in 2019, though his primary residence is now in Miami.
Tax Proposal Faces Hurdles
The proposed pied-à-terre tax still needs approval from the state legislature and is expected to face strong opposition from the real estate industry. Similar measures have been introduced in the past and ultimately failed to pass, most recently in 2019. Critics of Mamdani's proposal argue New York relies heavily on high earners and commercial real estate taxes to fund city services — and fear alienating billionaires and large employers could backfire economically. Still, Mamdani appears determined to keep pushing his tax agenda despite the public fallout. And for now, it seems one of Wall Street's most powerful billionaires is leaving the mayor on read.
