Real Estate Magnate Steven Roth Likens Mayor Mamdani's 'Tax the Rich' Rhetoric to 'From the River to the Sea'

Steven Roth, a prominent real estate magnate and philanthropist, has voiced strong opposition to New York City Mayor Zohran Mamdani's proposed "pied-à-terre" tax on luxury second homes. Roth, chairman of Vornado Realty Trust, did not mince words on an earnings call, likening Mamdani's "tax the rich" rhetoric to deeply offensive slurs and the controversial pro-Palestinian slogan "from the river to the sea."

“

I consider the phrase ‘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.’

This public rebuke from a major business figure underscores the growing friction between the city's financial elite and the progressive mayor. Roth specifically called out Mamdani's use of Ken Griffin's $238 million penthouse in a video announcing the tax as a "personal" and "ugly, unnecessary video stunt."

“

We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule. The ugly, unnecessary video stunt is personal for Ken and sort of personal for me.

Roth's remarks also touch upon a broader concern within segments of the New York Jewish community regarding Mayor Mamdani's past statements, including his defense of "globalize the intifada." For some Jewish business leaders, these issues have fueled anxieties about the city's direction under Mamdani's leadership, with some even considering leaving.

“

That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink.

Mamdani's office, in response, defended the need for tax reform to support working New Yorkers, stating that the current system rewards extreme wealth. However, Roth's sharp critique, drawing parallels to antisemitic tropes, frames the debate not just as a fiscal policy disagreement but as a clash over divisive rhetoric and its potential impact on the city's social fabric and its Jewish community.

“

The status quo is unsustainable and unjust. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share.