US President Donald Trump expressed strong opposition to New York Mayor Zohran Mamdani's proposed pied-à-terre tax, stating it would lead to the city's decline. The tax, which targets luxury properties valued over $5 million that are not primary residences, aims to impose an annual surcharge on owners who do not live full-time in New York City. Mamdani described the tax as a measure for 'the richest of the rich' who invest in New York real estate without residing there. Governor Kathy Hochul supports the initiative, emphasizing its potential to generate at least $500 million annually, which is crucial for addressing a significant budget gap that has been revised to around $5 billion. The tax is part of Mamdani's broader strategy to tax wealthier residents to fund social programs, with approximately 13,000 properties expected to fall under its purview.