Ken Griffin Fires Back at NYC Mayor Over Proposed Tax on Luxury Apartments

May 6, 2026 - 19:55

Billionaire hedge fund manager Ken Griffin has escalated his war of words with New York City Mayor Eric Adams, vowing to redirect planned investments to Miami after the mayor filmed a campaign-style video outside Griffin's Manhattan penthouse. The dispute centers on a proposed pied-a-terre tax that would target high-end second homes owned by wealthy out-of-state residents.

Griffin, founder of Citadel, called the mayor's video a "cheap political stunt" and said the tax would drive capital and jobs out of the city. "I was planning to expand our New York footprint significantly," Griffin said in a statement. "Now that money will go to Miami, where leaders understand that you don't punish success."

The mayor defended the tax proposal as a way to fund affordable housing and public transit improvements. In the video, Adams stood outside Griffin's building and argued that billionaires who rarely occupy their luxury apartments should contribute more to the city's infrastructure.

The proposed tax would impose an annual levy on residential properties valued at over $5 million that are not the owner's primary residence. Supporters say it could generate hundreds of millions of dollars annually. Critics warn it will push wealthy taxpayers to lower-tax states like Florida.

New York already faces an exodus of high earners, and Griffin's threat to pull investments adds fuel to the debate. Citadel employs thousands in New York and recently opened a massive Miami office. Griffin himself relocated to Florida in 2022, citing lower taxes and better quality of life.

The feud highlights a growing tension between progressive city policies and the ultra-wealthy who contribute heavily to the local economy. Both sides show no signs of backing down, with Griffin calling the tax "class warfare" and Adams insisting that "fairness means everyone pays their share."