New York City Mayor Zohran Mamdani has drawn sharp criticism from financial media figures after filming a promotional video for a proposed pied-à-terre tax outside the Manhattan penthouse of billionaire hedge fund manager Ken Griffin. The video, posted to Mamdani’s official social media accounts, shows the mayor standing near 220 Central Park South, where Griffin’s $238 million residence is located, as he announced plans to tax secondary homes valued at $5 million or more that are not occupied as primary residences.
The clip quickly gained traction online, accumulating tens of millions of views according to multiple news reports. In the video, Mamdani stated, “When I ran for mayor, I said I was going to tax the rich,” while gesturing toward Griffin’s building. He described the pied-à-terre tax as targeting luxury properties owned by ultra-wealthy individuals who do not live in New York City full-time, arguing such owners benefit from city services without contributing proportionally through income or property taxes.
CNBC co-anchor Sara Eisen responded critically on social media, warning that the approach risks backfiring by alienating major employers and investors. “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 wrote on X (formerly Twitter). She added that Griffin’s significant investments and job creation craft him a net positive for the city’s economy and that portraying him as unwelcome could discourage similar investments.
Eisen further noted that Miami has been actively welcoming Griffin and his firm, Citadel, citing the jobs, investment, and tax revenue they bring. Her comments were echoed by other financial commentators who argued that targeting high-net-worth individuals through highly visible public stunts could damage New York’s reputation as a global financial hub.
The pied-à-terre tax proposal, formally introduced by Mamdani’s administration, would impose an annual surcharge on secondary residences valued at $5 million or more that are not used as primary homes. Officials estimate the tax could generate hundreds of millions of dollars annually in new revenue, which would be directed toward affordable housing initiatives and public transit improvements. The measure requires approval from the New York State Legislature before it can be enacted.
Ken Griffin, founder and CEO of Citadel Securities, purchased the full-floor penthouse at 220 Central Park South in 2019 for a reported $238 million, making it one of the most expensive home sales in U.S. History at the time. The property spans over 17,000 square feet and includes panoramic views of Central Park. Griffin has maintained residences in both New York and Florida, though he spends significant time in Manhattan due to Citadel’s headquarters being located nearby.
Former President Donald Trump also weighed in on the controversy, criticizing Mamdani during a public appearance and accusing him of “destroying New York” through policies perceived as hostile to business leaders and investors. Trump’s remarks aligned with Eisen’s concerns, framing the pied-à-terre tax as part of a broader trend of progressive policies that could drive wealth and investment out of the city.
Mamdani’s office defended the video as a legitimate effort to engage the public on tax fairness, stating that highlighting specific examples helps illustrate how the policy would operate in practice. They emphasized that the mayor has no personal animus toward Griffin and that the focus remains on systemic tax reform rather than individual targeting.
The debate over the pied-à-terre tax reflects broader tensions in New York City between progressive efforts to address wealth inequality and concerns about maintaining the city’s competitiveness in attracting global capital and talent. Similar taxes have been implemented or proposed in other major cities, including Los Angeles and San Francisco, though none have yet been enacted in New York State.
As of April 2026, the pied-à-terre tax proposal remains under consideration in the State Assembly and Senate, with public hearings expected in the coming months. No vote has been scheduled, and the measure faces uncertain prospects amid lobbying from real estate and financial industry groups.
For ongoing updates on the pied-à-terre tax proposal and related developments in New York City tax policy, readers can refer to the official website of the New York State Legislature or the Mayor’s Office of Management and Budget.
What are your thoughts on the proposed pied-à-terre tax and its potential impact on New York City’s economy and housing affordability? Share your perspective in the comments below and assist inform the conversation.