Ken Griffin expands Citadel Miami headquarters after New York wealth‑tax dispute

Citadel founder Ken Griffin announced that the hedge fund will enlarge its planned Miami flagship tower, adding several hundred thousand square feet of office space to a 54‑storey building slated to break ground next year. The move follows New York Mayor Zohran Mamdani’s public launch of a "pied‑à‑terre" wealth tax on second homes valued over $5 million, which was filmed outside Griffin’s $285 million penthouse. Griffin told CNBC that the mayor’s video prompted the decision, saying, "the only decision we’ve made with no regrets… is to expand the size of our office footprint in Miami" and that the expansion will create many jobs over the next decade.

The proposed tax aims to raise about $500 million for free childcare, policing and street cleaning, but it has triggered backlash from financiers who warn that progressive taxes could drive investment away from New York to low‑tax cities such as Miami and Austin. Griffin’s relocation underscores a broader trend of wealthy individuals and firms moving to Florida for its tax environment.