Vornado CEO compares ‘tax the rich’ rhetoric to insults during Mamdani controversy
America First Policy Institute senior fellow Steve Moore discusses New York City Mayor Zohran Mamdani’s ‘tax the rich’ plans and more on ‘The Bottom Line.’
A New York City real estate developer is intensifying tensions with City Hall, likening the phrase “tax the rich” to “disgusting racial slurs” as a rift between Mayor Zohran Mamdani and other powerful city business leaders emerges.
Steven Roth, chairman and CEO of Vornado Realty Trust, made the comments during the company’s earnings report on Tuesday, saying the rhetoric directed at high earners portrays them as “bad” despite their contribution to the economy.
“I must say that the phrase ‘tax the rich’ when it is spat with anger and disdain by politicians here and throughout the country, I consider it hateful as a racial insult and even the phrase ‘from the river to the sea,'” said Roth. “What these polls seem to say is that the rich are bad or the enemy or the victims or maybe even just suckers.”
BILLIONAIRE SAYS MADDANI’S ‘TAX THE CHCH’ VIDEO OUTSIDE HIS NYC APARTMENT ‘BAD’ AND ‘SHOCKING’
Steven Roth, chief executive officer of Vornado Realty Trust, speaks during the 2017 Infrastructure Finance Partnership Forum in New York, Monday, April 24, 2017. (Misha Friedman/Bloomberg via Getty Images)
Roth defended wealthy taxpayers as the mainstay of New York’s economy, saying many “started from scratch” and represent the American dream.
“The rich people that the politicians are referring to started off with nothing, they are the epitome of the American dream,” said Roth. “They’re our biggest employers and biggest philanthropists, and it’s the 1% who pay 50% of New York’s tax dollars. They’re at the top of America’s economic tower for a reason.”
“They should be praised and thanked,” he added.
Vornado’s CEO also faced the ongoing conflict between Mamdani and Citadel founder Ken Griffin, who expressed support for the billionaire investor.
MAMDANI’S CONNECTION WITH BIGIDI IS A MUST FOR NYC STREET FOOD VENDORS IN THE BUSES.
New York City Mayor Zohran Mamdani speaks during the May Day rally to celebrate International Labor Day in New York, May 1, 2026. (Kena betancur/AFP via Getty Images)
“I don’t know him and I can’t speak for Ken, but I stand with him unequivocally. Despite the mistakes and the bad nature of the recent video that has gone viral, we urge Mayor Mamdani to succeed,” said Roth.
In a statement sent to FOX Business, City Hall pushed back, framing Mamdani’s move as part of a broader effort to reintegrate 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 America’s economic engine.”
“It also includes Ken Griffin, who is the largest 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 is generating excessive wealth while working people are pushed to the brink. The status quo is unsustainable and unfair. If we want this city to be a place that working people can afford, that includes New York reformiver contributioner taxes that make sense,” Calvello added.
MAMDANI THANKS SAME BILLION SHOWS NYPD MONEY TAX VIDEO
Citadel CEO Ken Griffin speaks during the Semafor World Economy Summit 2025 at Conrad Washington on April 23, 2025, in Washington, DC. (Kayla Bartkowski/Getty Images)
These comments follow after Mamdani posted a video on April 15 outside Griffin’s 24,000 square meter Manhattan home – purchased in 2019 for a record $238 million – while announcing the new pied-à-terre tax.
Griffin slammed the video as “horrifying” and “strange,” and said it strengthened his decision to expand the business in Miami.
“Mamdani made it clear – New York does not accept success,” Griffin said at the Milken conference in Los Angeles on Tuesday.
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FOX Business has reached out to Vornado Realty Trust for comment.
FOX Business’ Nikolas Lanum and Alexandra Koch contributed to this report.
