NYC Loses Thousands of Jobs Over Mamdani Tax Hike

Billionaires Ken Griffin and Marc Rowan are preparing to move thousands of jobs out of New York City, citing Mayor Mamdani’s tax agenda and broader concerns about the city’s business climate.

Griffin, the founder of Citadel, told CNBC on Tuesday that a social media video posted by Mamdani featuring Griffin’s $238 million penthouse helped push him to expand the firm’s Miami hub. The video was used to promote a proposed luxury second-home tax.

“We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor’s poor decision,” Griffin said. He described the video as “creepy.”

Citadel had already warned that it could cancel a planned $6 billion Park Avenue development if the tax proposal moved forward. Griffin previously relocated Citadel’s headquarters from Chicago to Miami in 2022, citing crime and frustration with local leadership.

“Looking at what Mamdani just did to me is triggering the trauma I went through in Chicago,” Griffin said.

Apollo Global Management, led by Rowan, is also preparing to open a major new hub outside New York, with Florida and Texas under consideration. The planned office would have around 1,000 employees, roughly matching Apollo’s current New York headcount. The $900 billion asset manager is reportedly weighing the move amid concerns over Mamdani’s anti-business rhetoric and proposed tax policies.

The developments have intensified warnings from business leaders and elected officials that higher taxes on wealthy residents and major firms could accelerate the movement of jobs and capital out of New York. Gov. Hochul and other city leaders have cautioned that aggressive taxation risks driving away high earners whose income generates significant state and city revenue.

The Partnership for New York City, a pro-business group, has estimated that the city could lose 2,700 financial-sector jobs and $168 million in annual tax revenue if the trend expands. Apollo paid about $1.28 billion in city and state taxes in 2025, while Citadel executives say Griffin and firm principals paid $2.3 billion over five years.

Mamdani defended his approach Wednesday when asked about the threatened departures. He said he wants “all New Yorkers to succeed,” but argued that the current tax system benefits extreme wealth while working residents face rising costs.

The dispute places Mamdani’s economic agenda at the center of a broader fight over New York’s future as a financial capital. Supporters say the city needs a fairer tax structure. Critics warn that the mayor’s policies could weaken the tax base that funds city services.