Penthouse spotlight fuels clash over NYC second-home tax plan

New York City mayor Zohran Mamdani pushes a pied-à-terre tax on homes valued above $5 million to fund childcare and reduce the city’s deficit, a plan that would affect about 13,000 properties. Ken Griffin’s hedge fund Citadel hit back in a memo, accusing Mamdani of ignorance and disdain and noting Mamdani filmed outside Griffin’s $238 million Central Park penthouse to underscore his campaign. Citadel says the tax is short-sighted despite its own significant tax contributions and redevelopment plans in the city; Mamdani has said he’s not anti-business and aims to balance needs with revenues. Citadel declined to comment.