Billionaire hedge fund manager Bill Ackman has voiced strong criticism of New York City Mayor Zohran Mamdani's policies, describing them as "very bad for New York." In a recent episode of the podcast "Money Rehab," Ackman stated, "I'm not a fan," of the mayor's decisions, while also not ruling out the possibility of a future mayoral run himself.
Ackman, speaking during a speed-round segment, elaborated that while he finds Mamdani intelligent, charismatic, and politically adept, he believes the mayor's current policy direction is harming the city. He specifically targeted the mayor's approach to taxing the wealthy, which he argues alienates key contributors to the city's economy.
"I don't think the country or New York City has a revenue problem," Ackman said. "I think we have an efficiency and waste problem."
He pointed to the mayor's recent video promoting a pied-à-terre tax on luxury homes, filmed outside the residence of Citadel founder Ken Griffin. Ackman argued that discouraging individuals like Griffin, who he described as a "massive driver of New York City economic value," could lead to disastrous economic consequences for the city. He noted that Griffin has been increasing his presence in Miami while diminishing his presence in New York.
Griffin's firm employs thousands in New York, and following the tax promotion, he had signaled a potential pullback of a significant development project in the city. Griffin has since publicly urged New Yorkers to oppose what he terms a "tax the rich" agenda, while simultaneously expanding his own development plans in Miami.
Ackman also shared his views on other topics during the podcast. He expressed optimism about a potential second term for former President Donald Trump, stating he "like[s] the president and I think he's done a lot of things right." He added he supports leaders who can focus on policy without the immediate pressure of re-election.
In his investment outlook, Ackman declared himself bearish on sports betting, gold, and Bitcoin. He cautioned that sports betting is only advisable for those with a specific advantage, warning that "a lot of the younger generation's wasting a lot of money betting on sports." Regarding gold and Bitcoin, he stated he does not own either asset, comparing them to speculative ventures with unclear valuations and no inherent yield, unlike the businesses he prefers to invest in.