Ex-Trump adviser calls “tax the rich” rhetoric “hateful”

Billionaire real estate executive Steve Roth criticized New York City Mayor Zohran Mamdani during an earnings call Tuesday, arguing that wealthy residents should be “praised and thanked” rather than targeted by tax proposals and political rhetoric.

Roth, who runs Vornado Realty Trust, took aim at Mamdani’s calls to “tax the rich” and compared the phrase to deeply offensive language. His remarks were reported by Politico and came during a call with investors.

“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.

The comments came as Roth criticized a recent social media video from Mamdani promoting a proposed pied-à-terre tax. In the video, Mamdani used hedge fund billionaire Ken Griffin’s $238 million second home as a backdrop while making the case for higher taxes on high-end second homes.

According to the report, Roth called the video “irresponsible and dangerous.” Griffin, the CEO of Citadel, was reportedly offended by the video. The Wall Street Journal reported that Citadel’s chief operating officer suggested the firm could pause its $6 billion plan to develop a Midtown Manhattan office tower with Vornado and Rudin Management.

“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Roth said, according to Politico. The report said Roth raised the issue unprompted on the investor call, then launched into a six-minute criticism of the mayor, describing the episode as a “blunder.”

Roth has long been a major figure in New York real estate and politics. He previously served as an economic adviser to President Donald Trump during Trump’s first administration. His firm also bought out a troubled Fifth Avenue investment connected to the Kushner family, which is tied to the Trumps by marriage.

Roth also donated a significant amount of money to former Democratic New York Gov. Andrew Cuomo’s mayoral campaign. Cuomo had been widely viewed as a strong contender before Mamdani won the race in an upset.

During Tuesday’s call, Roth emphasized the role of wealthy residents in New York City’s finances. He argued that the city’s highest earners make major contributions to the tax base and should not be treated as political villains.

Roth said members of the so-called one percent are “not enemies” and are “at the top of the great American economic pyramid for a reason.”