Manhattan Institute expert Adam Lehodey says that NYC Mayor Zohran Mamdani's communication with Wall Street leaders shows the realization that New York will not be able to fund ongoing priorities without keeping businesses and wealthy investors in the city.
Billionaire Citadel founder Ken Griffin is urging New York business leaders to confront Socialist Mayor Zohran Mamdani, warning that the city's future could be at risk if employers and investors remain silent.
“They need to find their voice and fight for their city,” Griffin said Thursday at an event in Manhattan, according to Bloomberg.
“My advice is to speak up. What's the worst that's going to happen? It's going to be that New York runs out of talent and that's a disaster. If the mayor wants to say a few words about you, your record speaks for itself: You create jobs, you create value and you pay taxes.”
MAMDANI'S WALL STREET COURTSHIP STRIKES STARS CRITICIZED BILLION MANAGEMENT SYSTEM
The founder of Citadel is clashing with New York City Mayor Zohran Mamdani over taxes targeting the super-rich and rampant crime, renewing the same feud that forced him to pull his business and billionaires from Chicago. (Spencer Platt/Aaron Schwartz/Bloomberg/Getty Images/Getty Images/Getty Images)
Griffin's comments marked the latest chapter in the ongoing conflict between Wall Street's billionaire class and Mamdani, whose proposals to raise taxes on wealthy New Yorkers and owners of luxury properties have drawn sharp criticism from business leaders concerned about the city's economic competitiveness.
The financial titan, whose net worth is estimated at $48.3 billion according to the Bloomberg Billionaires Index, said New York's corporate leaders should focus on the city's long-term future rather than short-term political battles.
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“Everything has to be put into perspective, Citadel will be here longer than he will be mayor,” Griffin said.
This comes as Griffin and Mamdani appear to be cautiously opening dialogue after months of public disagreement over taxes, wealth and the state of the city's businesses.
The socialist mayor recently contacted Griffin after he criticized the billionaire hedge fund manager for his Manhattan apartment and personal wealth. Mamdani stood outside Griffin's luxury estate to promote his proposal to raise the tax on second homes in New York City worth more than $5 million.
CHICAGO KNOWS WHAT HAPPENS WHEN KEN GRIFFIN LIGHTS UP THE CITY, THE PEOPLE CAN GET
New York City Mayor Zohran Mamdani's wealth tax for “pied-a-terre” luxury properties is sparking debate, drawing sharp criticism from Citadel CEO Ken Griffin and hedge fund manager Bill Ackman.
The connection comes as some business leaders warn New York risks alienating large employers and investors — concerns Griffin echoed in America's other major cities.
The rift has fueled concern among some business leaders that New York could follow a path similar to that of Chicago, where Griffin spent years criticizing crime, taxes and public policy before moving the Citadel's headquarters to Miami in 2022. The move marked the departure of one of the most influential companies in the financial industry and underlined the huge economic impact the city player could have.
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Citadel founder and CEO Ken Griffin described the video of New York City Mayor Zohran Mamdani “taxing the rich” targeting him as a “scary and weird” political ad. (Krisztian Bocsi/Bloomberg via Getty Images/Getty Images)
Griffin has repeatedly pointed to Florida's business climate as a model and warned that policies targeting high earners and businesses could make New York uncompetitive.
Griffin said he plans to speak with Mamdani “at some point in the coming months.”
“Let's see where he is in terms of the policy situation at that time,” he said. “Actions speak louder than words.”
