A war of words between some of New York City’s wealthiest business leaders and Mayor Zohran Mamdani intensified this week after prominent real estate executive Steven Roth sharply condemned the phrase “tax the rich,” calling it hateful and divisive during a corporate earnings call.

Roth, the chairman and CEO of Vornado Realty Trust, delivered the fiery remarks Tuesday while defending high-income earners as a critical force behind New York City’s economy.

The comments came as tensions continue to rise between City Hall and some of the country’s most influential billionaires over tax policy, wealth redistribution, and the future of doing business in New York.

Steven Roth Slams “Tax The Rich” Messaging

During the earnings call, Roth argued that political attacks aimed at wealthy Americans unfairly demonize the very people who drive investment, philanthropy, and job creation.

“I must say that I consider the phrase ‘tax the rich,’ when spit out with anger and contempt by politicians both here and across the country to be just as hateful as some disgusting racial slurs and even the phrase ‘from the river to the sea,'” Roth said. “What these polls seem to be saying is that the rich are evil or the enemy or the targets or maybe even just suckers.”

The billionaire real estate executive said many wealthy New Yorkers built their fortunes from humble beginnings and should not be treated as political villains.

“The rich whom the politicians are targeting started with nothing, are the epitome of the American dream,” Roth said. “They are our largest employers and largest philanthropists, and it is the 1% that pay 50% of New York’s income taxes. They are at the top of the great American economic pyramid for a reason.”

“They should be praised and thanked,” he added.

Clash With Billionaires Deepens

Roth also weighed in on the increasingly public dispute between Mayor Mamdani and Ken Griffin, one of the nation’s most prominent hedge fund billionaires.

Although Roth distanced himself from a controversial viral video involving Griffin, he made it clear where his support stands.

“I do not and cannot speak for Ken, but I do unambiguously stand with him. Notwithstanding the mistakes and bad form of the recent video that went viral, we are pulling for Mayor Mamdani to succeed,” Roth said.

The dispute has become one of the most talked-about political and business battles in New York, especially as concerns grow about whether wealthy investors and major corporations could continue shifting operations away from the city.

City Hall Fires Back

City Hall responded swiftly to Roth’s criticism, insisting that Mamdani’s economic agenda is aimed at fairness rather than punishment.

Joe Calvello, the mayor’s press secretary, defended the administration’s push for tax reform while emphasizing the importance of businesses and entrepreneurs to the city’s future.

“Mayor Mamdani wants all New Yorkers to succeed,” Calvello said. “That includes business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America.”

Calvello also acknowledged Griffin’s influence in the city’s economy while arguing the current tax structure disproportionately benefits extreme wealth.

“It also includes Ken Griffin, who is a major employer in our City and a powerful figure in our economy. That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink. The status quo is unsustainable and unjust. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share,” Calvello added.

Viral Video Added Fuel To The Fire

The controversy gained momentum after Mamdani posted a video on April 15 outside Griffin’s sprawling Manhattan residence while promoting a proposed pied-à-terre tax.

The luxury property, a 24,000-square-foot Manhattan apartment purchased in 2019 for a record-breaking $238 million, became the backdrop for the mayor’s message about taxing ultra-wealthy residents with expensive secondary homes.

Griffin later blasted the video during an appearance at the Milken Conference in Los Angeles, describing it as invasive and unsettling.

“Mamdani has made it very clear – New York does not welcome success,” Griffin said.

He also called the video “creepy” and “weird,” suggesting it reinforced his decision to continue expanding business operations in Miami rather than New York.

Business Leaders Fear Economic Fallout

The growing feud highlights a larger debate unfolding inside New York’s business community. Some executives fear aggressive tax rhetoric could drive investors, hedge funds, and corporations toward lower-tax states like Florida and Texas.

Meanwhile, supporters of Mamdani argue the city faces a worsening affordability crisis that requires wealthy residents to shoulder a larger share of the burden.

For now, both sides appear dug in, with neither business leaders nor City Hall showing signs of backing down.