Steven Roth, the chief executive of Vornado Realty Trust, sharply criticized Mayor Zohran Mamdani during an earnings call for his 'tax the rich' rhetoric, comparing the phrase to hateful speech. Roth argued that such language unfairly vilifies wealthy individuals and specifically condemned the mayor for targeting billionaire Ken Griffin in a public campaign to raise taxes on high earners in New York City.

The dispute intensified after Mamdani filmed a social media video outside Griffin’s penthouse to celebrate a proposed tax on luxury second homes worth more than $5 million. The video, which drew millions of views, highlighted Griffin’s $238 million purchase and framed the measure as a victory for funding city programs. Roth called the stunt 'dangerous' and 'ugly,' and said Griffin deserved an apology.

The controversy comes as Mamdani pushes to raise revenue to close a budget gap and fund expanded public programs, though the city does not control its own tax policy. The governor has supported a tax on high-value secondary residences but has resisted broader tax increases. After the episode, an executive at Griffin’s firm suggested the company might reconsider plans for a major new headquarters in Manhattan, citing concerns about the mayor’s rhetoric.

While Roth offered measured praise for Mamdani’s energy and potential, he defended wealthy business leaders as embodiments of the American dream and said they should be thanked rather than targeted.