Ken Griffin grows Miami office as NYC weighs luxury tax
Ken Griffin is expanding Citadel's Miami office while criticizing a New York tax on luxury second homes. He warns the levy may drive out wealthy taxpayers.
Citadel founder Ken Griffin is expanding operations in Miami as New York legislators review a tax on second homes over $5 million. The proposed levy targets 13,000 properties to generate $500 million in annual revenue for the city. For investors, the shift signals a potential migration of capital and talent from high-tax hubs to Florida and Texas.
Griffin described a video by Mayor Zohran Mamdani filmed in front of his Manhattan penthouse as "creepy and weird" during the Milken Institute Global Conference on Tuesday evening. He suggested the tax policy indicates the city does not welcome success or capitalism. Griffin paid a record $238 million for the Central Park property in 2019.
