Billionaire New York City Landlord Thinks ‘Tax the Rich’ Is a Slur

An ultra-wealthy New York property investor has compared the phrase “tax the rich” to a racial slur after mayor Zohran Mamdani announced a levy on some multi-million-dollar homes.

Steve Roth, CEO of Vornado Realty Trust, was speaking at the company’s quarterly earnings call last week.

“I must say that I consider the phrase ‘tax the rich’… spit out with anger and contempt by politicians both here and across the country, to be just as hateful as some disgusting racial slurs,” he said.

He singled out the phrase ‘from the river to the sea’ – used by anti-genocide protesters to express support for Palestinians who have been displaced by Israeli pogroms in recent decades – as an example of a slur.

Vornado is the largest commercial landlord in New York City and controlled $16bn worth of assets as of 2024.

Last month Mamdani announced a new surcharge on residences valued above $5m whose owners also have a separate primary residence outside of the city. The tax is supported by 93% of New Yorkers.

“The measure targets ultrawealthy out-of-city residents and global elites who use New York City real estate as a vehicle for wealth storage rather than as homes,” the mayor’s office said in a statement at the time.

Mamdani announced the policy in front of a $238m penthouse owned by billionaire Ken Griffin, who is CEO of the hedge fund Citadel. On last week’s call, Roth expressed support for Griffin.

“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” he said. “This was both irresponsible and dangerous.”

He added that the rich “are at the top of the great American economic pyramid for a reason. They should be praised and thanked.”

A spokesperson for Mamdani said the mayor wanted business owners to succeed, but added that “our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink.”