Ken Griffin, the billionaire CEO of hedge fund Citadel and a major Republican donor, said his firm needs to “double down” on its operations in Miami amid an ongoing standoff with New York’s mayor, who is pushing for higher taxes on the ultra-wealthy.
Mayor Zoran Mamdani filmed a video in April in front of Griffin’s Manhattan penthouse titled “Happy Tax Day, New York. We’re Taxing the Rich.” In it, Mamdani discussed the pied-à-terre tax, an annual fee on luxury properties valued at $5 million or more whose owners are not resident in the city.
“The pied-à-terre tax is specifically designed to target the wealthy, people who accumulate wealth in real estate in New York City but don’t actually live here,” Mamdani said in the video. He added that the city expects the tax to generate at least $500 million in revenue.
“It will help fund things like free child care, cleaner streets and safer neighborhoods,” he continued.
In an interview Tuesday at the 2026 Milken Institute World Congress, Griffin called the video in front of his property, which he bought in 2019 for a record-breaking nearly $238 million, “creepy and bizarre.”
“As you know, Mr. Mamdani has made it very clear: New York does not welcome success,” Griffin said. “Are these countries trying to alienate people who truly believe in the benefits of capitalism, the benefits of a free society, and the importance of education?”
Griffin added that Citadel’s plans for an office redevelopment project in midtown Manhattan “are still subject to internal discussion,” but that the company will expand its global headquarters in Miami.
“What the mayor of New York has made clear to my partners, and primarily our partners in New York, is that we need to double down on our bet in Miami,” Griffin said.
Citadel did not immediately respond to USA TODAY’s request for comment.
Where is Citadel’s Miami office located?
Citadel moved its global headquarters from Chicago to 830 Brickell Plaza in Miami’s Brickell neighborhood in 2022.
Sarah Perkel is a South Florida Connect reporter on USA TODAY Network’s Florida Connect team. Sign up for our free newsletter to receive all of Florida’s best content straight to your inbox every weekday. florida today.
