Billionaire investor Bill Ackman has labeled New York City Mayor Zohran Mamdani's policies as a "disaster" for the city, expressing concerns about decisions that he believes are discouraging economic activity and development.
Mamdani, the city's first socialist mayor, has faced criticism for initiatives such as a proposed tax on second homes valued at over $5 million, a policy detailed in a video filmed outside the apartment of hedge fund CEO Ken Griffin. Griffin publicly denounced the move as a "personal attack" and a "profound lack of judgment," noting his own increased investment in Miami partly due to such policies.
Ackman echoed these concerns in a podcast interview, stating that scaring away major economic contributors like Griffin would diminish New York City's economic value. "So, if you scare away Ken Griffin, we discourage the Ken Griffins of the world from being in New York City. it's a disaster for New York," Ackman said.
The billionaire also took issue with the mayor's approach to the housing affordability crisis, specifically mentioning rent freezes. While acknowledging the need to address affordability, Ackman argued that freezing rents for some units while allowing market-rate units to increase unfairly burdens landlords who must cover rising costs. He suggested this environment is becoming "unfriendly for landlords" and is deterring necessary development.
Ackman indicated that he might consider running for mayor himself but suggested he could be more effective by supporting a "talented person" for the role. He also acknowledged Mamdani's initiation of a "DOGE-like" savings effort, expressing hope for its success.
Mamdani's office did not immediately respond to requests for comment.