Mamdani's 'tax the rich' plan

Trump slammed the mayor on social media, claiming the agenda would 'destroy' the city and drive away wealthy residents.

Mamdani defended the measure, arguing it is a necessary step to address the city's affordability crisis and fund public projects like city-owned grocery stores.

Governor Kathy Hochul has signaled some support for the levy, though experts are divided on its long-term economic impact.

The proposal has reignited the debate over the role of democratic socialism in the management of America's largest financial hub.