NYC Mayor Mamdani Targets Second Homes with New Tax, Citadel May Halt $6B Project - News and Statistics

May 6, 2026

New York City Mayor Zohran Mamdani has introduced a new tax targeting second homes in the city, a policy he announced in a video that spotlighted the Manhattan penthouse of Citadel CEO Ken Griffin, according to a report from FOX Business.

The proposed levy is an annual fee on luxury properties valued at more than $5 million whose owners do not reside in the city full-time. In his announcement video, Mamdani referenced the specific penthouse that Griffin purchased for $238 million.

In response, Griffin characterized Mamdani’s video as a personal attack and criticized it as demonstrating a profound lack of judgment. Citadel, the hedge fund founded by Griffin in 1990, subsequently signaled it may halt plans for a $6 billion Midtown Manhattan office project at 350 Park Avenue.

Citadel Chief Operating Officer Gerald Beeson, in a memo to employees dated April 23, stated that the redevelopment of the site would create 6,000 highly paid construction jobs and support more than 15,000 permanent positions in Midtown New York. Beeson noted the project, if it moves forward, would entail over $6 billion in spending. The conditional language in his memo, FOX Business reported, carries significant weight.

The planned 62-story skyscraper, located in Midtown Manhattan’s Turtle Bay neighborhood, was expected to provide a boost not only to the city’s construction and finance sectors but also to local food vendors. These vendors, many of whom operate food trucks and carts, have struggled since the COVID-19 pandemic reduced Midtown foot traffic.

Maria, who runs the Eggstravaganza food truck at the corner of Park and East 52nd Street, told FOX Business that before the pandemic, business was so brisk she could not take time to talk, but that everything changed afterward. She cited the departure of many companies to areas like SoHo and Hudson Yards, as well as a 2025 shooting at 345 Park Avenue that led Blackstone to temporarily close its offices and have over 3,000 employees work from home. She expressed hope that the new building would bring customers.

Ash, who works at the Rafiqis food truck next to Maria’s, noted that canceling such a business would affect vendors who depend on traffic from the surrounding area. He reported that his 25-year-old Manhattan business is experiencing a downturn, with rising prices and external factors such as the international situation and the war in Iran impacting costs. He added that he cannot significantly change his prices. An anonymous vendor running a Greek halal cart on 51st Street said that when businesses left, all vendors suffered, and many friends had to return to their home countries.

Mayor Mamdani later appeared to soften his stance toward Griffin, thanking him for funding a memorial wall expected to open later this year.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

REPORT DESCRIPTION
RESEARCH METHODOLOGY AND THE AI PLATFORM
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
GLOSSARY AND SPECIFIC TERMS

2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

KEY FINDINGS
MARKET TRENDS This Chapter is Available Only for the Professional EditionPRO

3. MARKET OVERVIEW

Understanding the Current State of The Market and its Prospects

MARKET SIZE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
MARKET FORECAST TO 2035

4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

Finding New Products to Diversify Your Business

TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
BEST-SELLING PRODUCTS
MOST CONSUMED PRODUCTS
MOST TRADED PRODUCTS
MOST PROFITABLE PRODUCTS FOR EXPORT

5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

TOP COUNTRIES TO SOURCE YOUR PRODUCT
TOP PRODUCING COUNTRIES
TOP EXPORTING COUNTRIES
LOW-COST EXPORTING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Export

TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
TOP CONSUMING MARKETS
UNSATURATED MARKETS
TOP IMPORTING MARKETS
MOST PROFITABLE MARKETS

7. PRODUCTION

The Latest Trends and Insights into The Industry

PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

8. IMPORTS

The Largest Import Supplying Countries

IMPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

9. EXPORTS

The Largest Destinations for Exports

EXPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

11. COUNTRY PROFILES

The Largest Markets And Their Profiles

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PRO

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