New York City Mayor Zohran Mamdani is facing growing backlash from some of the city’s top business leaders after proposing a new tax on luxury second homes. The plan has started a heated public fight over wealth, taxes, and the future of New York City’s economy. Mamdani recently announced a proposal that would place a new tax on second homes worth more than $5 million. The mayor said the move would help make the city more affordable and support his campaign promise to “tax the rich.” The proposal quickly drew strong reactions from billionaire investors and major real estate executives. Ken Griffin, the founder of hedge fund Citadel, called a campaign-style video from Mamdani “creepy and weird.” The video was filmed outside Griffin’s $238 million penthouse in New York City. Mamdani used the luxury property as an example of what he described as a broken tax system. The mayor argued that many wealthy people own expensive homes in New York while spending little time there and paying limited city income taxes. Mamdani said this creates an unfair system for regular residents who struggle with rising living costs. Another sharp response came from Steven Roth, the chief executive of real estate company Vornado. During an earnings call, Roth compared the phrase “tax the rich” to hateful language and racial slurs. He also criticized the mayor’s video and said it unfairly targeted Griffin. Roth said wealthy business leaders should be respected because they create jobs and support charities. He described them as key parts of the American economy and warned against treating successful people as enemies. Vornado is one of New York City’s largest real estate firms. The company is also working with Griffin’s Citadel on a new office tower project in the city. Mamdani’s office defended the proposal and said the mayor supports businesses and economic growth. Officials said Griffin remains an important employer and investor in New York City. Still, they argued that the current tax system needs reform to help working families and improve affordability. The debate has exposed growing tensions between City Hall and the business community. Many corporate leaders strongly opposed Mamdani during last year’s election campaign because of his democratic socialist views. Some executives later softened their position after he entered office, saying he appeared more practical than expected. However, the recent video and tax proposal have reopened concerns among wealthy residents and investors. Business leaders fear that higher taxes and negative comments about the rich could encourage companies and wealthy individuals to leave New York City. They warn this could reduce investment, job creation, and tax revenue over time. Griffin said the controversy reminded him of his earlier experience in Chicago. Citadel moved its headquarters from Chicago to Miami in 2022. At the time, Griffin pointed to crime and anti-business attitudes as major reasons for the move. Now, Griffin says New York risks following a similar path. Speaking at a separate event, Griffin claimed the city no longer welcomes success under Mamdani’s leadership. He also said Citadel plans to continue expanding in Miami instead of New York. The mayor’s proposed tax could still raise major revenue for the city. According to estimates from the city comptroller, the tax on luxury second homes could bring in around $500 million each year. Officials believe about 11,200 second homes would fall under the policy. Supporters of the plan argue that wealthy property owners can afford to pay more. They say the extra money could help fund public services and lower costs for ordinary residents. The political battle in New York reflects a wider national debate over taxing wealthy Americans. Several states are already moving toward higher taxes on millionaires and billionaires. Massachusetts approved a surtax on income above $1 million in 2022. Washington State and Rhode Island are also considering similar measures. Meanwhile, voters in California may soon decide on a proposal to increase taxes on billionaires. Many wealthy business leaders oppose these plans. Some tech executives and investors have spent millions of dollars trying to block new tax laws. Critics argue that higher taxes could push rich residents to lower-tax states and weaken local economies. The growing dispute in New York City now stands at the center of that national fight.