Citadel founder and CEO Ken Griffin is set to meet New York State Governor Kathy Hochul on Thursday, as tensions continue to build over proposed tax changes targeting high-value second homes in New York City, according to a report by Reuters.
Griffin confirmed the upcoming meeting, saying discussions will focus on the future policy direction of New York. The talks come after Hochul recently proposed a new levy on second homes valued above $5m, a measure that has received backing from New York City Mayor Zohran Mamdani.
The so-called “pied-à-terre tax” is designed to help close the city’s budget gap by taxing luxury properties that are often left unoccupied for much of the year.
Citadel, the $67bn hedge fund firm founded by Griffin, has been vocal in its opposition to the proposal. The firm has pushed back against the use of Griffin as a public example in the political debate, arguing that it represents a personalisation of policy issues.
Griffin criticised the tone of the discussion, saying that turning the issue into a personal attack reflects poor judgment from city leadership. He made the comments during an event hosted by Norges Bank Investment Management in Oslo.
The dispute has intensified after Mamdani posted a campaign-style video on Tax Day referencing the proposed measure while filming in front of Griffin’s Manhattan penthouse.
He has framed the policy as part of a broader effort to ensure wealthy property owners contribute more to city finances.
Griffin, meanwhile, argued that New York risks undermining its competitiveness if it moves too far toward redistributive policies, questioning whether such approaches align with a pro-business environment.
Citadel has also highlighted its tax contributions, stating that its partners and employees have paid approximately $2.3bn in New York City and state taxes over the past five years, according to internal figures cited by the firm.
Governor Hochul has taken a more conditional stance, acknowledging concerns around affordability while defending the rationale behind the proposed tax on high-value, often underused properties.
