America First Policy Institute senior fellow Steve Moore discusses ‘tax the rich’ initiatives by New York City Mayor Zohran Mamdani. more on ‘The Bottom Line.’
A New York City real estate investor is intensifying tensions with City Hall. likening the phrase "tax the rich" to "disgusting racial slurs" as a widening rift emerges betweenMayor Zohran Mamdaniand some of the city’s most powerful business leaders.
Steven Roth, chairman. CEO of Vornado Realty Trust, made the remarks during the company’s earnings call on Tuesday, 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 andcontempt by politiciansboth here. 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. the rich are evil or the enemy or the targets or maybe even just suckers."
BILLIONAIRE SAYS MAMDANI’S 'TAX THE RICH' VIDEO OUTSIDE HIS NYC APARTMENT WAS ‘CREEPY’ AND ‘FRIGHTENING’
Steven Roth, chief executive officer of Vornado Realty Trust, listens during the 2017 International Finance. Infrastructure Cooperation Forum in New York, on Monday, April 24, 2017.(Misha Friedman/Bloomberg via Getty Images)
Roth defended wealthy taxpayers as central to New York’s economy, saying many "started with nothing" and represent theAmerican 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 andlargest 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. Citadel founder Ken Griffin, voicing support for the billionaire investor.
MAMDANI'S CLASH WITH BILLIONAIRE PUTS NYC STREET FOOD VENDORS IN THE CROSSHAIRS
New York City Mayor Zohran Mamdani speaks during a May Day rally marking International Workers' Day in New York. on May 1, 2026.(Kena betancur/AFP via Getty Images)
"I do not and cannot speak for Ken, but I do unambiguously stand with him. Notwithstanding the mistakes. bad form of the recent video that went viral, we are pulling for Mayor Mamdani to succeed," Roth said.
In a statement to FOX Business. City Hall pushed back, 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.
MAMDANI THANKS SAME BILLIONAIRE HE TARGETED IN TAX VIDEO FOR NYPD MONEY
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)
The remarks follow after Mamdani posted 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 operationsin Miami.
"Mamdani has made it very clear – New York does not welcome success," Griffin said at the Milken Conference in Los Angeles on Tuesday.
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FOX Business reached out to Vornado Realty Trust for comment.
FOX Business' Nikolas Lanum and Alexandra Koch contributed to this report.
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