New York billionaire Steve Roth has sharply criticized Mayor Zohran Mamdani's "tax the rich" slogan and a new tax policy targeting wealthy property owners. On 5/5, Roth, 85, CEO of Vornado Realty Trust, New York's largest real estate investment company, voiced support for fellow billionaire Ken Griffin, CEO of financial services firm Citadel. Griffin recently became the focus of Mayor Mamdani's 15/4 announcement for New York State's first "pied-a-terre" tax, applying to second homes valued over 5 million USD. Mamdani publicized the policy with a video filmed outside the building containing Griffin's 238 million USD penthouse, asserting the new tax targets billionaires who "store wealth in New York real estate but do not truly live here".

Roth condemned the mayor's actions, stating, "We were all shocked when the young mayor pulled this stunt in front of Ken's home, making him a target of ridicule. This is both irresponsible and dangerous behavior."

Steven Roth speaks at the International Financial and Infrastructure Partnership Forum in New York on 24/4/2017. *Photo: NBC*

Griffin himself called Mayor Mamdani's video shoot in front of his home "creepy and bizarre". Speaking at a conference in Los Angeles on 5/5, the billionaire declared, "Mamdani has explicitly stated that New York does not welcome successful people."

Defending the wealthy, Roth highlighted Vornado's compliance with laws and tax obligations. He noted the company's property tax payments will reach 560 million USD this year, adding, "I am very proud of our lifelong achievements."

Roth went further, stating, "I consider the slogan 'tax the rich' – often uttered by politicians here and nationwide with anger and contempt – to be as hateful as vile racial slurs, or even the slogan 'from the river to the sea'," referring to the controversial pro-Palestine slogan.

He continued, advocating for the wealthy, "The wealthy people politicians target all started from scratch; they embody the American dream. They are the biggest job creators and the largest philanthropists. This 1% contributes up to 50% of New York's income tax. They stand at the top of America's great economic pyramid for a reason. They should be praised and thanked."

New York Mayor Zohran Mamdani films a video about the new tax policy in front of the building housing billionaire Ken Griffin's penthouse. *Screenshot.*

In response, Joe Calvello, press secretary for Mayor Mamdani, affirmed the mayor's desire for all city residents to succeed. Calvello stated this includes "business owners and entrepreneurs who create high-paying jobs and make this city America's economic engine," acknowledging Griffin as "a major employer and a powerful figure in our economy."

However, Calvello stressed the need for tax reform, saying, "That does not negate the fact that our tax system has serious problems. It excessively favors the super-rich while pushing workers into difficult situations. This situation is unjust and unsustainable. If we want this city to be affordable for workers, we need genuine tax reform, requiring New York's wealthiest to contribute their fair share."

Ken Griffin, CEO of financial services firm Citadel, in Davos, Switzerland in January. *Photo: Reuters*

Roth, a supporter of Donald Trump since 2016 and a 150,000 USD donor to former New York Governor Andrew Cuomo's campaign, even suggested Griffin lead a campaign to back like-minded candidates entering politics. Despite his criticisms, Roth described Mayor Mamdani as "young, intelligent, and energetic."

Roth offered advice to the mayor: "With a few adjustments here and there, his leadership could make this great city even greater. He will realize that expanding the tax base (economic growth, attracting more investment) is a win, while increasing taxes is a loss, and the hardworking 1% are allies, not enemies."

Hong Hanh (According to Guardian)