If you can afford to pay $238 million for an apartment (the Ken Griffin example from the story) you can afford the annual $1.87 million in tax. That's about 0.785% tax rate.

By comparison, I have an investment property that's worth about $285k, and I pay 1.97% (about $5,800) on that in annual property tax, so esp. considering he's in Manhattan, that rate looks like a bargain.