Ken Griffin scales back NYC jobs in ‘direct consequence’ of Mamdani’s ‘tax the rich’ push

NEW YORK CITY, NEW YORK: In what appears to be a blow to Mayor Zohran Mamdani’s policies, Citadel CEO Ken Griffin has decided to scale back jobs from New York City in "direct consequence" of his "tax the rich" appeal.'

The development comes after Mamdani publicly targeted Griffin’s record-breaking $238 million Midtown penthouse to defend "tax the rich" policy.

Ken Griffin says he will add far more jobs in Miami after Mamdani’s 'creepy' video

The Hedge fund titan revealed that his decision comes after Mamdani’s “tax the rich” policy, sparking fear and panic that the rich residents or those with job creation potential might have started fleeing the city.

In a recently shared video on social media, Mamdani poked the billionaire, presenting his extravagant penthouse as reasoning to garner support for a proposed tax on luxury second homes in the city.

According to the mayor, the pied-a-terre tax will raise at least $500 million directly for the city, which will go toward free childcare, cleaner streets, and safer neighborhoods. 

Griffin said the video angered him so much that he considered scrapping Citadel’s $6 billion Park Avenue development. He also told CNBC that the clip pushed him to grow the firm’s Florida hub.

“In reaction to New York, we filed a permit with the city of Miami. We’ve added several hundred thousand square feet of new space in our new building,” Griffin told the outlet.

“We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor’s poor decision here with respect to his posting of that video,” he added. 

The Citadel CEO also called Mamdani's video "creepy and weird" as it singled out his $238 million penthouse. Griffin stressed that he and his partners "want to be in a state that embraces business and that embraces people having an opportunity to live the American dream."

Expert says Mamdani’s decision would drive the rich out

John Ketcham believes Mamdani’s policies aimed at taxing wealthy people could end up driving rich residents out of New York City.

“New York City is losing its competitive edge and Mayor Mamdani makes it far less competitive,” the senior fellow at the Manhattan Institute said.

“Investors and job creators have options, and they will go where they’re treated well. Increasingly, New York City has treated them inhospitably. New York City leaders have assumed they can’t do business elsewhere, even though we have seen in the last several years a dramatic expansion of the financial sector’s activities in states like Florida and Texas,” Ketcham added.  

Apollo Global Management is considering expanding outside NYC

Mamdani’s criticism of billionaire Griffin has made other major business leaders worried that New York City is becoming unfriendly toward businesses and wealthy companies.

Executives at Apollo Global Management are considering expanding outside New York City. The company is reportedly planning a new office in either Florida or Texas with around 1,000 employees, which is similar to the number of workers it currently has in New York.

Mamdani’s campaign can result in the loss of 2,700 jobs in the financial industry and $168 million in state and city tax revenue every year, a pro-business group, Partnership for New York City, estimates.