Hedge fund CEO Ken Griffin’s recent $3 billion donation to Carnegie Mellon University’s new Miami campus has drawn criticism from New York business leaders, who view the move as a setback for the city’s economic and philanthropic environment.
Griffin, the founder of Citadel, pledged $2 billion to support the development of a 35-acre technology campus in Miami, Florida, alongside a separate $1 billion gift to Carnegie Mellon’s main campus in Pittsburgh. Notably absent from his philanthropic agenda was any funding for Carnegie Mellon’s existing campus in Manhattan, a gap that some local business figures attribute to the city’s political climate.
Steve Fulop, president of the Partnership for New York City and former mayor of Jersey City, said Griffin’s decision illustrates a broader challenge for New York as it competes with other regions for investment and economic activity. “When Ken Griffin, who had a presence in New York City and a presence in Chicago, goes to Miami and gives that money [away], it’s a loss for us,” Fulop said during an interview on 77 WABC’s “Cats Roundtable.”
Fulop suggested that philanthropic contributions tend not to multiply simply because individuals maintain multiple bases of operation. Rather, donations are distributed and do not necessarily benefit each location equally. The Miami donation follows months of public discussion surrounding New York’s “pied-à-terre” tax proposal, championed by Mayor Eric Adams, which aims to impose higher taxes on owners of luxury second homes. Griffin had been prominently cited in debates over this tax initiative, which some critics allege has deterred wealthy donors and investors.
In addition to commenting on Griffin’s gift, Fulop addressed recent reports alleging that members of Mayor Adams’s administration considered using influencers to criticize local business leaders. Fulop described such tactics as “extraordinary” and concerning, especially in the broader context of increased political tension and violence.
He referenced the recent assassination of the CEO of UnitedHealthcare to underscore the sensitivity of targeting executives in political discourse. “We’re in an environment with a lot of mental illness. And, of course, there’s more political violence,” Fulop said. He said he reached out directly to Mayor Adams and senior city officials, who denied the allegations of orchestrated smear campaigns. “You take him at his word. [But] you stay vigilant and watchful,” Fulop added.
As New York grapples with balancing tax policy, business relations, and public safety, the departure of high-profile donors like Griffin to other regions is raising questions about the city’s future role as a hub for innovation and philanthropy.