A renewed push to raise taxes on wealthy individuals and corporations in New York City is drawing criticism from business leaders as policymakers weigh how to balance budgets without driving away investment.

O’Leary Ventures Chairman Kevin O’Leary joined FOX Business’ Stuart Varney on “Varney & Co.” to weigh in on proposals targeting high earners, arguing the approach risks undermining the economic activity cities rely on.

“Shark Tank” star Kevin O’Leary calls out Mayor Zohran Mamdani’s NYC tax policies. (Andrew Harnik, Michael M. Santiago / Getty Images)

“Well, let’s just look at the policy itself and stay out of the emotional aspect of it… These people do not live in the city, they do not burden the city with anything because they’re obviously out-of-towners,” O’Leary said.

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His comments come as major firms and high-net-worth individuals increasingly signal a willingness to relocate capital in response to tax policy, a trend that has reshaped migration patterns across several high-tax states in recent years.

O’Leary pointed to the role that outside investors play in funding development and supporting local economies through spending and taxes.

HOCHUL TAX PLAN TARGETS HIGH-END SECOND HOMES AMID REVENUE PRESSURES

“They spend 5 million plus dollars… Not using any of the city’s services, which is what the city needs, less people putting pressure on it. They pay taxes, and they pay maintenance jobs to maintain the buildings,” he said.

He argued that policies targeting those investors risk discouraging activity that cities depend on.

“Let me count how many ways this policy is stupid… You want more of these people… That don’t live here, pay taxes, pay maintenance, create jobs… And don’t use the city’s services, that’s sheer blind stupidity, that policy,” O’Leary said.

The debate highlights broader questions about how cities can balance revenue needs with maintaining a competitive environment for investment and growth.

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Citadel CEO Ken Griffin called New York City Mayor Zohran Mamdani’s viral video—which singled out Griffin and his Manhattan penthouse while announcing a new tax—a “personal attack” and a “profound lack of judgment.”

On April 15, Mamdani posted a video spotlighting Griffin’s property to announce a new pied-à-terre tax. The move prompted the hedge fund CEO to threaten to pull a $6 billion development project from the city. 

The video features Mamdani, who has promised to levy higher taxes on wealthy New Yorkers, standing on a street just outside Griffin’s 24,000-square-foot property. Griffin purchased the home in 2019 for $238 million, marking the most expensive home sale in U.S. history.

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Citadel Founder and CEO Ken Griffin called New York City Mayor Zohran Mamdani’s viral video singling out his Manhattan penthouse while announcing a new tax a “personal attack” and a “profound lack of judgment.” (Denis Balibouse / Reuters)

“This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city. Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million,” Mamdani said in the video.

Speaking at the Norges Bank Investment Management 2026 Investment Conference in Oslo, Griffin questioned the “demonizing” of business leaders.

“What upset me was the personal attack,” Griffin said. “Like, you were at the White House Correspondents’ Dinner on Saturday where they tried to assassinate the president. Not too far from where I live in New York is where they assassinated the CEO of UnitedHealthcare.”

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New York Mayor Zohran Mamdani speaks during a press conference at Staten Island University Hospital Community Park on April 27, 2026, in New York City. Mayor Mamdani was joined by Gov. Kathy Hochul, government officials and members of the New York Ne (Michael M. Santiago / Getty Images)

“So I think the willingness of the mayor of New York to make this policy debate a personal attack just demonstrated a profound lack of judgment,” he added. “I understand that New York has bills to pay.”

Following the video, Griffin—who primarily resides in Florida—signaled that he might cancel his latest project in Midtown Manhattan. He is currently slated to meet with New York Gov. Kathy Hochul to discuss the “future direction of New York.”

“Here’s the real question: is New York going to put their fiscal house in order and run itself from a position of a strong government that is pro-business, or are they looking to play … why do the Americans think we can do socialism?” he asked. “We have none of that in our DNA and we are just going to screw it up.”

FOX Business has reached out to Mamdani’s office for comment.

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Earlier this year, Hochul attempted to tax wealthy New Yorkers leaving the state.

She has since pleaded with them to return amid concerns over the state’s shrinking tax base. Recently, she introduced a tax proposal specifically targeting high-priced second homes in New York City.

My first thought is that I just don’t believe President Trump will accept any of these Iranian offers that might open up the Strait of Hormuz, but not end Tehran’s nuclear capabilities or even the regime’s nuclear ambitions. Iran’s hanging on by a thread. Everybody knows that. No oil, no money.

The economic blockade is killing them. Their oil infrastructure may be forced to shut down from storage limits in the next couple of weeks. There’s a shortage of gasoline. Reportedly there’s triple-digit inflation. Their currency is worthless. This is the stuff of revolution, not negotiation.

Our military attacks have destroyed probably 80 percent or 85 percent of their defense and industrial infrastructure, including their nuclear capabilities. It may take a bit longer, but my expectation is that we’re headed for additional military combat along with the economic embargo to finish the job and end the war.

Working with our Israeli allies, the so-called new leadership of the Islamic Revolutionary Guard Corps is not long for this world. Iranians may love to string us along. Yet Mr. Trump is not President Biden or President Obama, he will not permit endless phony negotiations.

And I continue to believe there should be unconditional surrender. And the only agreement would be whosoever left in the so-called Iranian leadership will take dictation from Mr. Trump regarding a complete end to nuclear facilities, a transfer of enriched uranium from Iran to America — all under the supervision and verification of our top scientists in the Energy Department.

Laying down their arms, opening up the Strait of Hormuz, stopping any state sponsored terrorism, be it direct or through proxies, et cetera, et cetera. That’s the deal. Unconditional dictation.

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The Federal Communications Commission is seeking an early review of Disney’s broadcast station licenses following concerns around the company’s diversity, equity and inclusion efforts, according to a letter from FCC Chairman Brendan Carr Tuesday.

The letter orders the company to file for early renewal for ABC-owned television stations and notes the action is related to an investigation into Disney’s DEI efforts, which began last year.

ABC-owned station licenses were originally up for renewal between 2028 and 2031.

Disney confirmed on Tuesday that it received the FCC’s order initiating an accelerated review of its licenses. The FCC said in the letter that Disney now has 30 days — or until May 28 — to file for the renewals.

“ABC and its stations have a long record of operating in full compliance with FCC rules and serving their local communities with trusted news, emergency information, and public‑interest programming,” Disney said in a statement. “We are confident that record demonstrates our continued qualifications as licensees under the Communications Act and the First Amendment and are prepared to show that through the appropriate legal channels. Our focus remains, as always, on serving viewers in the local communities where our stations operate.” 

The FCC’s move to require early renewals from Disney comes as ABC faces renewed backlash from President Donald Trump this week following comments made by comedian Jimmy Kimmel in an opening monologue for his late night TV show that airs on ABC’s network.

Trump revived his push for ABC to take Kimmel off the air after the host of “Jimmy Kimmel Live!” referred to First Lady Melania Trump as an “expectant widow” during the show last week, days ahead of an alleged assassination attempt at the White House Correspondents’ Dinner.

However, the FCC, the federal entity that regulates the media and telecommunications industry, began investigating Disney’s stations last March for possible violations of the Communications Act of 1934 and the FCC’s rules regarding its prohibition on unlawful discrimination.

Since beginning its investigation, the FCC said that “Disney’s ABC has purported to respond” to two inquiries. Still, the agency said that it has determined further action was “appropriate.”

The order lists eight stations subject to the early renewal — three in California, as well as others in Illinois, New York, Texas, North Carolina and Pennsylvania — all of which are owned and operated by Disney. The call for early renewal does not affect Disney’s affiliates, which are operated by broadcast station owners like Nexstar Media Group.

Disney is not the only media company subject to an investigation surrounding its DEI efforts.

Under Carr, who was appointed by Trump, the FCC also began investigations last year into Comcast, the owner of NBCUniversal, as well as Paramount, prior to its merger with Skydance.

Following reports earlier Tuesday of the FCC’s intention to review ABC’s licenses early, FCC Commissioner Anna Gomez called the move “unprecedented, unlawful, and going nowhere,” in a post on X, adding that “this political stunt won’t stick. Companies should challenge it head-on. The First Amendment is on their side.”

First Amendment experts began to weigh in on the FCC’s latest move on Tuesday, raising similar points as to when “Jimmy Kimmel Live!” was temporarily suspended in September following comments the host made after the killing of conservative activist Charlie Kirk.

At the time, Carr had suggested broadcast station licenses could be revoked in response.

“The FCC has no authority to cancel broadcasters’ licenses because of their perceived political views. But this isn’t just about the rights of Disney and ABC,” said Jameel Jaffer, executive director at the Knight First Amendment Institute at Columbia University in an emailed statement.

“President Trump is trying to consolidate control over what Americans see and hear on the radio, television, and social media. If he gets his way, we’ll have only government-aligned media organizations that broadcast only government-approved news and commentary. It would be difficult to imagine an outcome more corrosive to democracy or more offensive to the First Amendment,” Jaffer said.