New York real estate titan likens the phrase ‘tax the rich’ to racial slurs

Steven Roth of Vornado Realty Trust on 25 April 2017 in New York City.. Photograph: Misha Friedman/Getty Images View image in fullscreen Steven Roth of Vornado Realty Trust on 25 April 2017 in New York City.. Photograph: Misha Friedman/Getty Images New York real estate titan likens the phrase ‘tax the rich’ to racial slurs Steve Roth was responding to the announcement by New York’s mayor of tax on second homes worth more than $5m The phrase “tax the rich” can be “just as hateful as some disgusting racial slurs”, according to New York City billionaire Steve Roth, who said that the top 1% should be “praised and thanked”. Speaking on his company’s quarterly earnings call on Tuesday, Roth, the CEO of Vornado Realty Trust, expressed his support for fellow billionaire and the CEO of Citadel, Ken Griffin, who was singled out in New York mayor Zohran Mamdani’s 15 April announcement of the state’s first “pied-à-terre” tax on second homes valued at more than $5m. In a video, Mamdani announced the policy in front of Griffin’s penthouse, which he said was purchased for $238m. “We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Roth said. “This was both irresponsible and dangerous.” Roth said that Vornado followed the rules and paid its fair share in taxes, which amounts to $560m in real estate taxes this year, and he was “very proud of our lifetime of achievement”. “I must say that I consider the phrase ‘tax the rich’ – quote 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, and even the phrase from the ‘river to the sea’,” he said, referring to the controversial pro-Palestinian slogan. “But the rich whom the politicians are targeting, starting with nothing, are the epitome of the American dream,” he continued. “They are our largest employers and largest philanthropists, and it is the 1% that makes 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.” Mamdani’s office did not respond to a request for comment. Roth, who has supported Donald Trump since 2016 and donated $150,000 to Andrew Cuomo’s campaign, suggested drafting Griffin to lead an effort to “elect right-minded candidates”. But he also conceded that Mamdani was “young, smart and energetic”, and said that he was pulling for him to succeed. “With a little tweak here, a little tweak there, his leadership could make this great city even greater,” he said. “He will learn over time that growing a tax base is a winner and raising taxes is a loser … and that the hard-working 1% are allies, not enemies.” Explore more on these topics New York The super-rich Zohran Mamdani news Share Reuse this content