US President Donald Trump on Thursday criticised New York City Mayor Zohran Mamdani over his proposal to increase taxes on wealthy property owners, warning it could harm the city’s economy.
In a post on Truth Social, Trump said, “Sadly, Mayor Mamdani is DESTROYING New York! It has no chance! The United States of America should not contribute to its failure.”
“It will only get WORSE. The TAX, TAX, TAX Policies are SO WRONG. People are fleeing. They must change their ways, AND FAST. History has proven, THIS ‘STUFF’ JUST DOESN’T WORK. Thank you for your attention to this matter!” he added.
Trump’s remarks came after Mamdani announced a new tax targeting owners of luxury second homes valued at $5 million or more.
The measure is expected to raise up to $500 million for the city and will apply to individuals who do not reside full-time in New York but invest in its real estate market.
Defending the move, Mamdani described the tax as “specifically designed for the richest of the rich” and said it aims to address a “fundamentally unfair system that hurts working New Yorkers,” according to a video shared on social media.
