Vornado Realty Trust CEO Steve Roth said the ultra-rich should be “praised and thanked” while comparing the phrase “tax the rich” to racial slurs during the company’s quarterly earnings call Tuesday.
Roth made the remarks unprompted on the May 5 earnings call Roth made the remarks unprompted on the May 5 earnings call while addressing recent criticism of billionaire Ken Griffin, a business partner of Vornado. The comments came in response to a viral social media video posted by New York City Mayor Zohran Mamdani on Tax Day. In the video, Mamdani stood outside Griffin’s $238 million penthouse in a Vornado-developed building to promote a proposed pied-à-terre tax on luxury second homes valued over $5 million.
“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,’” Roth said.
He went on to defend wealthy Americans, saying they “started with nothing, are the epitome of the American dream” and “are at the top of the great American economic pyramid for a reason. They should be praised and thanked.” Roth described Griffin as “the best of the best” and one of New York’s largest employers and philanthropists.
Roth also called Mamdani’s video “irresponsible and dangerous” and an “ugly, unnecessary video stunt,” warning it could harm business relationships and development projects in the city, including a major office tower redevelopment involving Vornado and Citadel.
The comments highlight ongoing tensions in New York between progressive politicians pushing for higher taxes on the wealthy and business leaders concerned about the rhetoric’s impact on the city’s economy. Vornado Realty Trust is one of New York’s largest commercial landlords.
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Roth made the remarks unprompted on the May 5 earnings call while addressing recent criticism of billionaire Ken Griffin
Roth made the remarks unprompted on the May 5 earnings call while addressing recent criticism of billionaire Ken Griffin
