Mamdani's tax-the-rich proposal stirs controversy with citadel redevelopment

New York City Mayor Zohran Mamdani's ambitious tax-the-rich plan is facing new scrutiny after a recent video post that may have jeopardized a multi-billion dollar redevelopment project in Midtown Manhattan.

City's pied-à-terre tax proposal targets second homes worth $5 million+

In a 60-second social media spot, Mamdani took aim at hedge fund CEO Ken Griffin, who recently purchased a $238 million penthouse. The mayor argued the pied-à-terre tax, as part of his campaign pledge to target the wealthy, is designed specifically for the richest of the rich.

The tax proposal has gained momentum, with demonstrators occupying the lobby of Governor Kathy Hochul's Midtown office on Thursday, many taken into custody. The city's plan would impose a surcharge on secondary homes valued at $5 million or more.

Citadel's 350 park avenue redevelopment in jeopardy?

As for Citadel, one of the world's largest hedge fund firms spearheading the massive redevelopment of 350 Park Avenue, it remains unclear if they will pull out of the project. In an email to employees, Citadel COO Gerald Beeson criticized Mamdani's video, saying it was