Personal finance author Ramit Sethi criticized Pershing Square Capital Management founder Bill Ackman, who slammed a proposed tax on secondary homes in New York.
“Wealthy people used to build libraries, not post 40,000-word incoherent rants on Twitter,” Sethi said on X on Thursday.
The exchange came after New York City Mayor Zohran Mamdani posted on X on Wednesday, “Happy Tax Day, New York. We’re taxing the rich,” alongside a video signaling support for a proposed law aimed at high-end property owners like Citadel founder Ken Griffin. Mamdani filmed the video in front of the building where Griffin’s penthouse is located.
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At the center of the debate is a recently proposed pied-à-terre tax backed by New York Gov. Kathy Hochul and Mamdani targeting second homes worth more than $5 million that are not used as a primary residence.
“If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker,” Hochul said in a statement on Wednesday.
City officials estimate the tax could generate around $500 million annually, with funds going toward child care, cleaner streets and public safety.
Mamdani framed the move as a fairness issue, arguing that wealthy non-residents benefit from rising real estate values without contributing enough. “This is a fundamentally unfair system that hurts working New Yorkers,” he said in the video.
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Ackman pushed back hard, defending wealthy property owners like Griffin, who purchased a $238 million Manhattan penthouse in 2019, which set a record as the most expensive residential sale in U.S. history at the time.
“We should be applauding Ken for spending $238 million in NYC, not attacking him for doing so,” Ackman wrote on Thursday.
He argued that ultra-wealthy buyers help make luxury developments viable, supporting high-paying jobs in construction, real estate, legal services and more. According to Ackman, these individuals also spend money in the city, donate to nonprofits and already pay significant taxes.
“These non-resident owners also already pay a lot of taxes including mansion taxes, real estate taxes, sales taxes and more,” he added.
Ackman warned that policies targeting the rich could result in wealthy individuals and businesses leaving New York, pointing to the risk of companies shifting jobs to cities like Miami.
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Sethi didn’t hold back in his response. “Stop being a cheapskate and encourage your rich friends to pay their taxes, Bill,” he wrote.
Sethi added that wealthy figures once focused on building lasting public institutions, but now spend their time posting lengthy, unfocused threads online–a pointed jab at Ackman, who is known for publishing long, detailed posts on X.
His comments reflect a broader argument that extreme wealth comes with greater responsibility, and that public contributions should go beyond economic activity or indirect benefits.
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This article Ramit Sethi Tells Bill Ackman, ‘Wealthy People Used To Build Libraries, Not Post 40,000-Word Incoherent Rants On Twitter.’ Here’s Why originally appeared on Benzinga.com
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