NYC billionaire Steve Roth compares ‘tax the rich’ to racial slurs, says the 1% deserve a medal not a bill
The billionaires are offended.
NYC billionaire Steve Roth just compared the phrase “tax the rich” to racial slurs, arguing the ultra-wealthy deserve medals instead of tax bills. During Vornado Realty Trust’s latest earnings call, Roth didn’t hold back, calling the slogan “just as hateful as some disgusting racial slurs” and even lumping it in with the pro-Palestinian phrase “from the river to the sea.”
According to The Guardian, Roth was responding to New York Mayor Zohran Mamdani’s recent announcement of a new pied-à-terre tax targeting second homes worth over $5 million – including a $238 million penthouse owned by Citadel CEO Ken Griffin. Roth called Mamdani filming the tax announcement outside Griffin’s home “irresponsible and dangerous,” framing it as a personal attack on the city’s wealthiest residents.
“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Roth said. He went on to defend the 1% as the “epitome of the American dream,” arguing they’re New York’s biggest employers, philanthropists, and, most importantly, the group that pays half the city’s income taxes. “They should be praised and thanked,” Roth insisted, not taxed.
Needless to say, Mamdani’s office has pushed back hard
Press secretary Joe Calvello acknowledged Griffin’s economic contributions but called the current tax system “fundamentally broken.” “It rewards extreme wealth while working people are pushed to the brink,” Calvello said. “The status quo is unsustainable and unjust.” He made it clear the mayor isn’t backing down from taxing the wealthy, arguing that meaningful reform requires the richest New Yorkers to “contribute their fair share.”
Griffin himself has been vocal about his frustration with the city’s leadership. According to Fox Business, at the Milken Conference in Los Angeles on May 5, he called Mamdani’s video “creepy and weird,” saying it reaffirmed his decision to double down on business in Miami. “Mamdani has made it very clear New York does not welcome success,” Griffin said.
Citadel is currently building a new headquarters in Florida, where Griffin claims the leadership is far more supportive of pro-business policies. The firm is also reconsidering a $6 billion redevelopment project at 350 Park Avenue in Manhattan, which would create thousands of jobs.
Griffin compared his experience in New York to the political climate in Chicago
He had previously moved Citadel from Chicago. “This is triggering the trauma I experienced in Chicago,” he said. At another event in Oslo, Griffin called out what he sees as a growing trend of “demonizing” business leaders.
“What upset me was the personal attack,” he said, referencing Mamdani’s video. He even tied the incident to broader concerns about political violence, mentioning the recent assassination attempt on a political figure and the murder of UnitedHealthcare’s CEO near his New York home.
Former NYC Mayor Eric Adams weighed in on X, calling Mamdani’s video “irresponsible” and urging an apology. “Mayor Mamdani’s video targeting Ken Griffin and using his home as a prop traded thousands of real, good-paying jobs in our city for social media likes,” Adams wrote. He argued that driving out the top 1%, who pay over 40% of the city’s income tax, would be “bad policy,” emphasizing the need to support both the workers and the wealthy who fuel the economy.
Roth tried to strike a conciliatory tone
He called him “young, smart, and energetic” and hoped he would eventually see the 1% as “allies, not enemies.” He even suggested drafting Griffin to help elect “right-minded candidates,” though he admitted Mamdani would need to learn that “growing a tax base is a winner and raising taxes is a loser.” Roth also took pride in Vornado’s own tax contributions, boasting that the company paid $560 million in real estate taxes this year alone.
The debate over taxing the wealthy is old, but the rhetoric has reached a new level of intensity. Roth’s comparison of “tax the rich” to racial slurs is one of the most extreme reactions yet, framing the policy economically misguided and morally offensive. Meanwhile, Mamdani’s office insists that the city’s economic future depends on making the tax system fairer for working-class New Yorkers.
The pied-à-terre tax itself is designed to target non-primary residences worth over $5 million, with the goal of generating revenue from the city’s wealthiest part-time residents. For Mamdani, it’s a way to address the housing crisis and fund public services without overburdening middle-class New Yorkers. For critics like Roth and Griffin, it’s a punitive measure that risks driving away the very people who fuel the city’s economy.
Adams’ intervention highlights the political tightrope Mamdani is walking
While progressive policies like taxing the rich play well with certain voters, they also risk alienating the business community and the jobs it creates. Adams’ argument – that the city needs both the limo driver and the billionaire in the backseat – reflects a more moderate approach, one that tries to balance economic growth with social equity.
Roth’s comments, however, suggest that some in the 1% see the debate as a zero-sum game. His insistence that the wealthy are “the epitome of the American dream” and should be “praised and thanked” frames taxation as an attack on success itself. It’s a perspective that dismisses the idea that the ultra-rich might have a responsibility to contribute more to the societies that enabled their wealth.
The backlash to Mamdani’s video also raises questions about the role of social media in politics. Griffin called the footage “creepy and weird,” while Adams criticized it for prioritizing “social media likes” over real policy impact. In an era where viral moments can shape public opinion, Mamdani’s decision to film outside Griffin’s penthouse was clearly meant to make a statement, but it also handed his opponents a powerful talking point.
(Featured image: Fibonacci Blue)
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