Citadel CEO Ken Griffin said Tuesday that New York City does not welcome success under Mayor Zohran Mamdani [1].
The comments signal a potential exodus of high-net-worth individuals and financial firms from the city as the administration pursues aggressive tax policies targeting the wealthy.
Griffin spoke during an interview at the Milken Global Conference on May 5 [1, 2]. He criticized the mayor for pushing special taxes on billionaires and producing a social-media video that Griffin described as "creepy and weird" [1, 3]. The video in question was filmed outside Griffin's Midtown Manhattan penthouse, a property valued at $238 million [4, 5].
According to Griffin, the mayor's actions demonstrate a hostility toward wealth. "New York doesn’t welcome success," Griffin said [1].
The tension centers on Mamdani's pursuit of a pied-à-terre tax. This specific measure aims to increase taxes on multi-million-dollar second homes [2, 3]. Griffin interpreted these policy goals, and the accompanying public messaging, as a sign that the city is no longer a welcoming environment for business leaders.
As a result of this political climate, Griffin indicated that his firm will prioritize growth in Florida. "We are doubling down on Miami," Griffin said [2].
This shift in expansion plans comes as Citadel continues to evaluate the long-term viability of its New York operations relative to the business-friendly environment in Miami [2].
“"New York doesn’t welcome success,"”
The public clash between Ken Griffin and Mayor Mamdani highlights a growing ideological divide over urban taxation and wealth redistribution. By explicitly linking his firm's expansion strategy to the city's political climate, Griffin is framing the pied-à-terre tax not just as a fiscal policy, but as a signal of instability for the financial elite. This may encourage other hedge funds and high-earners to accelerate their relocation to Florida, potentially eroding New York City's tax base.
