Steven Roth, CEO of Vornado Realty Trust, used his company's earnings call to launch an extraordinary attack on Mayor Zohran Mamdani's "tax-the-rich" policies. Roth compared the phrase to hate speech, equating it with racial slurs and pro-Palestinian chants. The real estate mogul specifically objected to Mamdani's targeting of billionaire Ken Griffin, whose $238 million penthouse sits in a Vornado-developed building.

Mamdani filmed a viral social media video celebrating a new pied-à-terre tax in front of Griffin's luxury high-rise, which has amassed 52 million views. Roth called the stunt "dangerous" and "ugly." The mayor's rhetoric has already prompted Citadel to threaten shelving its planned $6 billion Park Avenue headquarters, citing the hostile business environment. Citadel's COO noted the firm paid $2.3 billion in NYC taxes over five years.

Griffin has a history of relocating businesses, having left Chicago amid disputes with Illinois leadership. Mamdani has since softened his tone toward Griffin, even thanking him at a police ceremony for funding a memorial wall. Roth, who spent heavily opposing Mamdani's election, offered faint praise for the mayor's energy while insisting Griffin deserves an apology. The controversy underscores growing tensions between New York's new progressive leadership and its business elite.