New York real estate titan Steve Roth has compared the phrase 'tax the rich' to racial slurs, sparking controversy during a quarterly earnings call. Roth, CEO of Vornado Realty Trust, expressed outrage over New York Mayor Zohran Mamdani's proposal for a pied-à-terre tax on second homes valued over $5 million, which was announced outside the penthouse of billionaire Ken Griffin, purchased for $238 million.
Roth's Defense of the Wealthy
Roth described the targeting of Griffin as 'irresponsible and dangerous.' He emphasized that Vornado pays $560 million in real estate taxes annually and called the top 1% 'the epitome of the American dream.' Roth argued that the wealthy are the largest employers and philanthropists, contributing 50% of New York's income taxes, and should be 'praised and thanked.'
Mayor's Office Responds
Mayor Mamdani's press secretary, Joe Calvello, stated that while the mayor supports business owners, the tax system is 'fundamentally broken' and requires reform to ensure the wealthiest pay their fair share. Calvello noted that working people are being pushed to the brink under the current system.
Roth, a supporter of Donald Trump and donor to Andrew Cuomo, suggested drafting Griffin to lead efforts to elect 'right-minded candidates.' However, he also praised Mamdani as 'young, smart, and energetic,' expressing hope that the mayor would learn that growing the tax base is better than raising taxes.
