New York, April 30, 2026—Following billionaire Ken Griffin’s criticism of Mayor Mamdani’s tax policies earlier this week, another wealthy individual, Kevin O’Leary, Chairman of O’Leary Investment Company, also slammed the mayor’s proposal to raise taxes on the wealthy and corporations, stating that such actions would undermine the economic activities that sustain New York City.
On Tuesday, Mamdani and City Council Speaker Manning jointly urged the state legislature to reduce existing tax breaks that favor the wealthy. Kevin O’Leary, Chairman of O’Leary Investment Company, told Fox News that this approach is “extremely foolish.”
“Well, let’s put aside emotions and look directly at the policy itself,” O’Leary said on Fox Business’s “Varney & Co.” program. “These people don’t live in New York City, they do not burden the city in any way, as they are clearly outsiders.” He was referring to the increasing number of large corporations and high net-worth individuals who are leaving New York due to high taxes, becoming “external investors.”
“They spend over $5 million a year,” O’Leary said, “and do not use any city services, which is exactly what the city needs—less pressure on municipal services. They pay taxes and maintenance fees to upkeep the buildings.”
Therefore, he believes that Mamdani’s approach is a foolish act that undermines the city’s economic activities that it relies on for survival.
“Let me count how foolish this policy really is: you want more of these types of people who don’t live here, don’t pay taxes, don’t pay maintenance fees, create job opportunities, and do not use city services…” he said, as the mayor continues to raise taxes on these individuals. “This policy is simply extremely foolish!”