Steve Roth, a prominent figure in New York City’s real estate scene, recently likened Mayor Zohran Mamdani’s “tax the rich” campaign to derogatory racial language. He criticized the mayor’s socialist stance as both “irresponsible and dangerous” in relation to the wealthy population.
During a Tuesday earnings call, the chairman of Vornado Realty Trust voiced his disapproval as Mamdani continued to advocate for heavier taxation on affluent individuals.
“To me, the phrase ‘tax the rich’—when expressed with anger and disdain by politicians both locally and nationwide—carries a hatefulness comparable to vile racial slurs, and even to slogans like ‘from the river to the sea,’” Roth remarked, drawing a parallel to a contentious chant often heard at Palestinian protests.
Roth contended that Mamdani’s rhetoric unjustly targets the wealthy, who, in his view, should be appreciated for their role in sustaining the city.
“The affluent individuals criticized by politicians exemplify the American dream, starting from humble beginnings,” he asserted.
“They are key employers and significant philanthropists. Notably, the top 1% contributes to half of New York’s income taxes. Their position at the apex of the American economic hierarchy is well-deserved. They should be celebrated and appreciated for their contributions.”
The real estate titan lashed out after Mamdani used billionaire bigwig Ken Griffin’s $238 million Midtown penthouse as a backdrop in a recent social media video to drum up support for his proposed tax hike on luxury second homes in the city.
“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Roth said on the earnings call.
“This was both irresponsible and dangerous.”
