Market Data 
New York City Mayor Zohran Mamdani’s charm over President Donald Trump may be waning.
Trump lashed out at Mamdani on Thursday over a proposed tax targeting New York City’s ultra-wealthy. Governor Kathy Hochul has also backed the tax.
“Sadly, Mayor Mamdani is DESTROYING New York! It has no chance! The United States of America should not contribute to its failure,” Trump wrote in a Truth Social post. “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.”
The proposed pied-à-terre tax — introduced on Wednesday — would affect wealthy residents who own secondary properties in New York City valued over $5 million but live elsewhere. In a press release, the New York City Mayor’s Office said the tax is expected to generate $500 million in annual revenue, helping close the city’s budget gap.
The tax would directly affect billionaires such as Citadel CEO Ken Griffin, Amazon’s Jeff Bezos, and Trump.
“The measure targets ultrawealthy out-of-city residents and global elites who use New York City real estate as a vehicle for wealth storage rather than as homes,” a press release said.
Mamdani acknowledged Trump’s remarks about him and the tax during a press conference on Friday, saying he wasn’t surprised.
“It’s not a surprise given the fact that the president and I have many deep policy differences, and I am not shy about airing them both publicly and privately,” Mamdani said.
Mamdani told reporters their differences in opinion “will continue.”
“The thing we have in common is that we’re both New Yorkers,” he said. “When I speak to the president, I always bring it back to the city and what I think will help the city.”
Since emerging as a serious contender in the New York City mayoral race, Trump and Mandani’s working relationship has fluctuated. Trump initially criticized Mamdani and his policies, but warmed to the mayor during an in-person Oval Office meeting last November.
During that meeting, Trump heaped praise on Mamdani, calling him “rational” and telling conservative critics they may be surprised by his leadership. He even told reporters he’d feel comfortable living in Mamdani’s New York City.
Still, though, Trump isn’t fully pleased with Mamdani’s policies.
“I mean, he’s a nice guy. Calls me all the time, says hi, but his policies are no good,” Trump said during an event earlier this week. “He’s chasing people out and causing a lot of harm to everybody. I mean, everybody’s taxes are going through the roof.”
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