A New York City real estate investor is escalating his dispute with City Hall, comparing the phrase “tax the rich” to “disgusting racial slurs” as a rift deepens between Mayor Zohran Mamdani and some of the city’s most prominent business leaders.
Steven Roth, chairman and CEO of Vornado Realty Trust, made the remarks during the company’s earnings call, arguing that rhetoric targeting high earners unfairly portrays them as “evil” despite their economic contributions.
“I must say that I consider the phrase ‘tax the rich,’ when spit out with anger and contempt by politicians both here and across the country to be just as hateful as some disgusting racial slurs and even the phrase ‘from the river to the sea,'” Roth said. “What these polls seem to be saying is that the rich are evil or the enemy or the targets or maybe even just suckers.”
Roth defended wealthy taxpayers as essential to New York’s economy, arguing many “started with nothing” and embody the American dream.
“The rich whom the politicians are targeting started with nothing, are the epitome of the American dream,” Roth said. “They are our largest employers and largest philanthropists, and it is the 1% that pay 50% of New York’s income taxes. They are at the top of the great American economic pyramid for a reason.”
“They should be praised and thanked,” he added.
The Vornado CEO also weighed in on the ongoing clash between Mamdani and Citadel founder Ken Griffin, expressing support for the billionaire investor.
“I do not and cannot speak for Ken, but I do unambiguously stand with him. Notwithstanding the mistakes and bad form of the recent video that went viral, we are pulling for Mayor Mamdani to succeed,” Roth said.
City Hall pushed back in a statement, framing Mamdani’s approach as part of a broader effort to rebalance the city’s economy.
“Mayor Mamdani wants all New Yorkers to succeed,” press secretary Joe Calvello told FOX Business. “That includes business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America.”
“It also includes Ken Griffin, who is a major employer in our city and a powerful figure in our economy. That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink. The status quo is unsustainable and unjust. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share,” Calvello added.
The remarks follow Mamdani posting a video on April 15 outside Griffin’s 24,000-square-foot Manhattan residence—purchased in 2019 for a record $238 million—while announcing a new pied-à-terre tax.
Griffin criticized the video as “creepy” and “weird,” saying it reinforced his decision to expand business operations in Miami.
“Mamdani has made it very clear—New York does not welcome success,” Griffin said at the Milken Conference in Los Angeles.