NYC Mayor Mamdani knocked Ken Griffin in pied-a-terre tax promo. His firm calls the move ‘shameful’

Citadel, a prominent financial institution, has recently found itself embroiled in a public dispute with New York City Mayor Zohran Mamdani. The controversy stems from Mamdani’s proposal for a new pied-à-terre tax, which targets wealthy non-resident homeowners like Citadel’s CEO Ken Griffin.

In a bold move, Mamdani released a social media video outside Griffin’s residence at 220 Central Park South on tax day, unveiling a plan to impose an annual surcharge on high-value properties owned by non-residents. This proposal has sparked outrage from Citadel, with Chief Operating Officer Gerald Beeson denouncing the mayor’s actions in an internal memo obtained by CNBC.

Beeson criticized Mamdani for singling out Griffin, accusing him of displaying “ignorance and disdain” towards those who contribute to the city’s economy. He highlighted Citadel’s significant financial contributions to New York City, including nearly $2.3 billion in city and state taxes over the past five years. Additionally, Beeson pointed to the firm’s upcoming redevelopment project at 350 Park Avenue, which is expected to create thousands of jobs and inject billions of dollars into the local economy.

It is worth noting that Griffin relocated Citadel’s headquarters from Chicago to Miami in 2022, making Florida his primary residence. Despite this, Citadel and its employees remain deeply invested in New York City, with nearly 200 employees serving on charitable boards and Griffin personally donating $650 million to the city.

In his memo, Beeson emphasized the firm’s commitment to supporting New York City’s growth and prosperity, despite being targeted by political rhetoric. He urged for recognition of Citadel’s role in building a thriving metropolis and expressed pride in the firm’s contributions to the city’s success.

The Wall Street Journal first reported on the memo, shedding light on the escalating tensions between Citadel and the New York City government. As this controversy continues to unfold, it underscores the complexities of balancing wealth distribution and economic development in a major urban center like New York City.