US President Donald Trump on Thursday lashed out at New York Mayor Zoran Mamdani over his tax policies, saying he was “destroying New York.” The reaction is related to the new temporary residence tax, which imposes a surcharge on second residences in New York.
Trump wrote in a post on the social media platform Truth Social, “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.”
Called the policy “very wrong” trump card “People are fleeing. They have to change their ways, and fast. History has proven this,” he said.
What is temporary residence tax?
Trump’s comments follow Mamdani’s announcement on Wednesday, April 15, that his administration plans to impose a temporary residence tax. The tax would impose an annual fee on luxury properties worth more than $5 million where the owners do not live in the city full-time.
The mayor of New York said in a video released, temporary residence tax Designed for the “richest of the rich”. People who store their wealth in New York City real estate but don’t actually live there,” Mamdani said.
Also read: What’s inside Zohran Mamdani’s 100 Days Museum in City Hall? Key details revealed
Pied-à-t,erre is a French word that literally means “down to earth.” It usually refers to a secondary residence in a city that is not used as a primary residence.
Under the tax system, any New York residential property valued at $5 million or more that is not an individual’s principal residence will be subject to an annual surcharge.
The New York Times said the surcharge will be paid on top of the property taxes currently being paid. Report explain. The surcharge is likely to be charged on a sliding scale, although details of the rest are still to be announced, the report said. The rate will be based on the value of the property.
Also read: Why does Mamdani want a 50% inheritance tax? Inside New York’s Proposed ‘Death Tax’ Reform
Raise funds and fill budget gaps
New York Gov. Kathy Hochul also supports a temporary shelter tax, saying she understands the importance of stabilizing city finances without impacting essential services. “
According to the governor’s office, the tax could generate at least $500 million annually, the Associated Press reported.
Mamdani was elected on a staunchly progressive campaign, advocating for taxing the wealthiest New Yorkers to help fund more social programs. At the same time, he has been dealing with a huge budget shortfall, which he initially projected at about $12 billion but later revised to about $5 billion.
Governor Hochul also revealed that approximately 13,000 properties are eligible for the tax. While specific rates have yet to be determined, reports say officials are discussing it.
(input via wire)
