Ken Griffin Shifts Citadel Jobs to Miami Over NYC Taxes

Citadel CEO Ken Griffin is shifting investment and expanding his firm's office footprint in Miami following a public dispute with New York City Mayor Zohran Mamdani. The conflict began on April 15 when Mamdani posted a viral video filmed outside Griffin's $238 million Manhattan penthouse to promote a new pied-à-terre tax on luxury second homes valued over $5 million. The New York City comptroller estimates the tax could generate $500 million annually from roughly 11,200 properties.

Griffin condemned the video as creepy and in poor taste, stating that the mayor's rhetoric triggered trauma from his previous departure from Chicago. While Griffin initially indicated he might proceed with a $6 billion redevelopment project on Park Avenue, he later announced that Citadel would scale back jobs in New York City and accelerate growth in Miami as a direct result of the mayor's actions.

The dispute has coincided with a broader trend of financial firms exiting the city. Apollo Global Management announced plans to open a new hub in either Florida or Texas, potentially relocating 1,000 employees due to an anti-business atmosphere. Pro-business groups estimate these departures could cost New York City 2,700 jobs and $168 million in annual tax revenue.

Mayor Mamdani has expressed no regrets over the policies, arguing that the city's tax system is fundamentally broken and that the wealthiest residents must pay their fair share.