Billionaires of the world, unite!

Billionaire real estate tycoon Steve Roth, the CEO of Vornado Realty Trust, has come out in strong opposition to New York City Mayor Zohran Mamdani’s efforts to tax the rich. In a recent earnings call, Roth expressed his belief that the ultra-rich should be celebrated and appreciated rather than vilified and targeted for higher taxes. He even went as far as comparing calls to tax the rich to hateful racial slurs, stating that the phrase “tax the rich” is as despicable as some offensive racial epithets.

Roth specifically called out Mamdani for a social media video in which the mayor used fellow billionaire Ken Griffin’s $238 million second-home as a backdrop to discuss a proposed pied-à-terre tax. Roth condemned the video as “irresponsible and dangerous” and criticized the mayor for singling out Griffin for ridicule. Griffin, the CEO of hedge fund Citadel, was reportedly offended by the video and it has put a $6 billion development plan in jeopardy.

Despite the tension between the ultra-wealthy and the mayor, Roth expressed optimism about a planned office redevelopment project at 350 Park Avenue. However, he emphasized that a mere apology would not be enough to mend the strained relationship caused by the mayor’s actions.

The clash between Mamdani and the city’s wealthiest residents underscores a broader debate about tax policy and economic inequality in New York City. While Mamdani ran on a platform of raising taxes on corporations and the wealthy, Governor Kathy Hochul has been more cautious about implementing such measures.

Overall, Roth’s comments highlight the deep divisions in New York City over tax policy and economic fairness. As the debate continues, it remains to be seen how the relationship between the mayor and the city’s wealthiest residents will evolve.