Key Takeaways
- • Vornado CEO Steven Roth publicly criticized NYC Mayor Zohran Mamdani during a May 5, 2026 earnings call, characterizing the mayor's "tax the rich" rhetoric as "hateful" and comparable to racial slurs and pro-Palestinian slogans, amid political friction over billionaire Ken Griffin's $238 million penthouse.
- • Mayor Mamdani released a viral social media video celebrating Governor Kathy Hochul's proposed pied-à-terre tax while standing in front of Griffin's Vornado-developed penthouse building, which Roth characterized as a "dangerous" and "ugly, unnecessary video stunt."
- • Roth expressed concern that political tension could jeopardize Griffin's commitment to the $6 billion 350 Park development project, a major Vornado partnership, and appealed to the mayor to be more welcoming to high-net-worth businesses and individuals.
- • Ken Griffin, Citadel founder and penthouse owner who purchased the property in 2019, made no immediate public statement; Mayor Mamdani's office countered that the city's tax system is "fundamentally broken" and rewards extreme wealth while working people struggle.
- • The confrontation reflects broader tensions between New York City's wealth-redistribution agenda under the newly elected Mayor Mamdani (sworn in January 2026) and real estate and business interests who view the aggressive rhetoric as hostile to capital and investment.
Summary
Vornado Realty Trust Chairman and CEO Steven Roth mounted a forceful defense of billionaire Ken Griffin and real estate interests on May 5, 2026, using the company's earnings call to attack NYC Mayor Zohran Mamdani's public campaign against wealth concentration. Roth explicitly likened Mamdani's repeated use of the phrase "tax the rich"—delivered with what Roth characterized as "anger and contempt"—to hate speech, drawing controversial parallels to racial slurs and the pro-Palestinian phrase "from the river to the sea," which some Jewish communities view as a call for ethnic cleansing.
The catalyst for Roth's rebuke was a viral social media video in which Mayor Mamdani celebrated Governor Kathy Hochul's proposed pied-à-terre tax on luxury residential properties while standing in front of Griffin's Manhattan penthouse. Griffin, the founder of hedge fund Citadel, purchased the property in 2019 for $238 million; the building was developed by Vornado. Roth deemed the mayor's action a "dangerous" and "ugly, unnecessary video stunt" that singled out Griffin unfairly and risked poisoning the political environment for major business development.
Roth expressed specific concern that the political friction could undermine Griffin's continued commitment to the 350 Park Avenue development, a $6 billion flagship project in partnership between Vornado and Citadel. He said he remained confident in Griffin's resolve but felt compelled to appeal directly to the mayor to adopt a more business-friendly posture toward wealth creators and major employers.
The mayor's office responded through spokesman Joe Calvello, acknowledging Griffin's status as "a major employer in our city and a powerful figure in our economy" while defending the logic of tax policy reform. Calvello stated that the city's "tax system is fundamentally broken" and rewards extreme wealth at the expense of working-class New Yorkers facing economic pressure. This exchange underscores the ideological and fiscal divide between Mamdani's newly elected administration—sworn in January 2026—and New York's real estate and financial sectors, which view aggressive wealth taxation and public criticism as existential threats to capital deployment and development pipelines in the city.
The catalyst for Roth's rebuke was a viral social media video in which Mayor Mamdani celebrated Governor Kathy Hochul's proposed pied-à-terre tax on luxury residential properties while standing in front of Griffin's Manhattan penthouse. Griffin, the founder of hedge fund Citadel, purchased the property in 2019 for $238 million; the building was developed by Vornado. Roth deemed the mayor's action a "dangerous" and "ugly, unnecessary video stunt" that singled out Griffin unfairly and risked poisoning the political environment for major business development.
Roth expressed specific concern that the political friction could undermine Griffin's continued commitment to the 350 Park Avenue development, a $6 billion flagship project in partnership between Vornado and Citadel. He said he remained confident in Griffin's resolve but felt compelled to appeal directly to the mayor to adopt a more business-friendly posture toward wealth creators and major employers.
The mayor's office responded through spokesman Joe Calvello, acknowledging Griffin's status as "a major employer in our city and a powerful figure in our economy" while defending the logic of tax policy reform. Calvello stated that the city's "tax system is fundamentally broken" and rewards extreme wealth at the expense of working-class New Yorkers facing economic pressure. This exchange underscores the ideological and fiscal divide between Mamdani's newly elected administration—sworn in January 2026—and New York's real estate and financial sectors, which view aggressive wealth taxation and public criticism as existential threats to capital deployment and development pipelines in the city.
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