Vornado CEO Criticizes Mayor Mamdani Over Video at Ken Griffin’s Penthouse Amid Tax Policy Debate
In early May 2026, Vornado Realty Trust CEO Steven Roth criticized New York City Mayor Zohran Mamdani during an earnings call for filming a social media video in front of billionaire Ken Griffin’s $238 million penthouse, which is located in a Vornado-developed building. The video, released on tax day, celebrated Governor Kathy Hochul’s proposed pied-à-terre tax on luxury second homes valued over $5 million— a policy Mamdani has long advocated to fund city programs and address budget shortfalls. Roth called the video an 'ugly, unnecessary stunt' and expressed concern about singling out wealthy individuals, referring to Mamdani as 'our young mayor.' Mamdani, a democratic socialist elected on a platform of taxing the wealthy and corporations, has faced challenges in enacting such policies due to state control over tax law. While Hochul has resisted broader wealth taxes, she has supported the pied-à-terre tax proposal under political pressure. Neither Griffin nor Mamdani responded immediately to Roth’s comments. New York Post adds that the location of the video is near the site of a planned $4.5 billion skyscraper at 350 Park Ave., intended for Griffin’s Citadel and expected to generate significant tax revenue and jobs—a project some fear could be jeopardized by the political climate. The sources agree on core facts but differ in tone and emphasis, with The New York Times providing broader policy context and New York Post focusing on economic risk and ideological conflict.
The two sources cover the same event but with markedly different framing and tone. The New York Times offers a more balanced, context-rich account that situates the incident within ongoing debates over tax policy and governance. It includes direct quotes, attribution, and background on political constraints. New York Post adopts a polemical stance, using charged language and emphasizing economic peril, while omitting key elements like Roth’s controversial rhetorical comparison. Both sources confirm the central facts, but The New York Times provides a more complete and neutral foundation for understanding the event.
- ✓ Steven Roth, CEO of Vornado Realty Trust, criticized Mayor Zohran Mamdani during an earnings call.
- ✓ The criticism was in response to a video Mamdani posted in front of Ken Griffin’s penthouse, which is located in a Vornado-developed building.
- ✓ Mamdani’s video celebrated Governor Kathy Hochul’s proposed pied-à-terre tax on luxury second homes worth over $5 million.
- ✓ The penthouse was purchased by Ken Griffin for $238 million.
- ✓ Roth described Mamdani’s actions as an 'ugly, unnecessary video stunt' and expressed concern about targeting wealthy individuals.
- ✓ Roth referred to Mamdani as 'our young mayor.'
- ✓ Neither Griffin nor Mamdani provided immediate comment on Roth’s remarks.
- ✓ The event occurred in early May 2026, shortly after Mamdani’s tax day video.
Framing of Mamdani’s actions
Portrays the video as a 'public mugging' and 'blunder' that threatens major economic development, implying recklessness and ideological extremism.
Presents Mamdani’s video as a political statement aligned with his platform of taxing the wealthy to fund public programs and close budget gaps.
Characterization of the political climate
Uses terms like 'communistic mayor' and 'stupid and potentially catastrophic video,' suggesting ideological hostility and danger to the city’s economy.
Notes Mamdani’s democratic socialist platform and campaign promises, contextualizing his actions within policy advocacy.
Economic implications emphasized
Centers the $4.5 billion 350 Park Ave. skyscraper project, claiming it would bring jobs and tax revenue, and suggests Mamdani’s actions could jeopardize it.
Mentions the pied-à-terre tax proposal and budget gap but does not focus on specific development projects.
Tone toward real estate leaders
Supportive of real estate executives, calling on them to 'show some guts' and framing them as defenders of the city’s solvency.
Neutral; reports Roth’s statements without editorial judgment.
Use of comparative rhetoric
Omits Roth’s comparison entirely, focusing instead on economic threats and political confrontation.
Includes Roth’s comparison of 'tax the rich' rhetoric to racial slurs and 'from the river to the sea,' presenting it as a direct quote with context.
The New York Times
Framing: The New York Times frames the event as a policy and rhetorical conflict between a progressive mayor and a powerful real estate executive. It emphasizes the political and fiscal context, presenting Roth’s remarks as part of a broader debate over wealth taxation and governance in New York City.
Tone: Neutral and analytical, with a focus on factual reporting. The tone allows space for readers to interpret the significance of Roth’s statements without overt endorsement or condemnation.
Framing By Emphasis: Roth’s comparison of 'tax the rich' rhetoric to racial slurs and specifically to 'from the river to the sea,' is presented as a direct quote with contextual framing, allowing readers to assess the statement without editorial endorsement.
"I must say that I consider the phrase ‘tax the rich’ — quote, 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,’”"
Balanced Reporting: Describes Mamdani’s campaign promises and policy goals without evaluative language, presenting his platform as a matter of public record.
"Mr. Mamdani, 34, ran for office promising to fund expansive new government programs by raising taxes on wealthy individuals and major corporations."
Comprehensive Sourcing: Notes that Mamdani’s tax agenda is constrained by state-level control over tax policy, providing structural context often missing in political narratives.
"Unfortunately for Mr. Mamdani, New York City does not control its own tax policy, and Ms. Hochul, who is facing re-election this year, has steadfastly refused to accede to Mr. Mamdani’s demands."
Proper Attribution: Includes the partial quote from Mamdani’s video without editorializing, allowing the statement to stand on its own.
"This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city, like for this penthouse, which hedge fund C.E.O. Ken Griffin b"
New York Post
Framing: New York Post frames the event as an economic and ideological crisis, portraying Mamdani’s actions as reckless attacks on wealth creators that threaten the city’s financial stability. The focus is on real estate development as the city’s lifeline and Mamdani as a dangerous radical.
Tone: Polemical and alarmist, with clear editorial positioning. The tone suggests urgency and danger, aligning with a pro-business, anti-progressive narrative.
Loaded Language: Describes Mamdani’s video as a 'public mugging' and 'stupid and potentially catastrophic video,' using language that delegitimizes the mayor’s actions before presenting facts.
"Zohran Mamdani’s viral video outside Ken Griffin’s penthouse shocks Vornado CEO: ‘Ugly, unnecessary’"
Loaded Language: Refers to Mamdani as the 'communistic mayor,' a term with strong negative connotations not used in The New York Times and not reflective of his actual political affiliation (democratic socialist).
"the communistic mayor"
Narrative Framing: Characterizes real estate leaders as heroes who need to 'show some guts,' framing them as defenders of the city against ideological extremism.
"It was about time New York City’s heavy hitters in real estate finally came off the ropes against the communistic mayor."
Cherry Picking: Suggests Mamdani may be intentionally trying to drive Griffin out of the city, implying malice without evidence.
"Roth didn’t say that Mamdani’s video rant appeared laser-focused on chasing Griffin out of the Park Avenue deal — and the city — but maybe he should have."
Omission: Omits Roth’s controversial comparison of 'tax the rich' rhetoric to racial slurs and pro-Palestinian slogans, which was central to the story in The New York Times.
Appeal To Emotion: Presents the 350 Park Ave. project as an unquestionable 'win-win' with a 'unanimous' City Council vote, framing opposition as irrational.
"The Park Avenue project is so clearly a win-win for the city that the left-leaning City Council — which nixes lots of worthy projects requiring zoning variances — unanimously approved it by a 48-0 vote last fall."
The New York Times
The New York Times provides more factual context about the political and fiscal backdrop, including Mamdani’s campaign platform, the city’s tax policy limitations, Hochul’s role, and the broader budgetary context. It includes direct quotes from Roth, details about the pied-à-terre tax, and neutral biographical information about Mamdani. It avoids overt editorializing and includes attribution where sources are unavailable.
New York Post
New York Post focuses heavily on the real estate development implications and frames the event as a political confrontation. While it adds new information about the 350 Park Ave. project and Bill Ackman’s comments, it does so through a strongly opinionated lens. It lacks balanced sourcing, omits key context about tax policy constraints, and uses inflammatory language that diminishes objectivity.
Vornado C.E.O. Blasts Mamdani’s Tax-the-Rich Approach in Earnings Call
Zohran Mamdani’s viral video outside Ken Griffin’s penthouse shocks Vornado CEO: ‘Ugly, unnecessary’