Donald Trump’s net worth is in decline as his New York real estate portfolio struggles to keep up with the city’s evolving landscape and competition, according to Bloomberg Billionaires Index, which compiled the president’s mortgage documents, debt forms and a new financial disclosure released Friday.
Trump, who repeatedly bragged about his wealth and successes as a business mogul along the campaign trail to help propel him to the Oval Office, is also suffering a dip in approval ratings, as his administration battles accusations of collusion with the Kremlin. The president’s job approval hovers at nearly 36 percent, a CBS poll released Tuesday indicated.
The president’s purported net worth slipped from 3 billion in 2016 to 2.9 billion in 2017. Trump has regularly claimed his total assets were worth at least 10 billion.
The Trump properties across New York City are having a difficult time attracting new clientele, as the Big Apple’s commercial real estate trends move toward skyscrapers and modern, innovative buildings. Trump Tower, along with the president’s several other luxe buildings, like 40 Wall Street and 1290 Avenue of the Americas, are consistently underperforming since Trump took office.
“We’re in the biggest development pipeline in Manhattan since the 1980s,” Keith DeCoster, director of real estate analytics at Savills Studley, told Bloomberg Tuesday. “Older buildings—circa 1980s, 1990s—are having a tougher time competing.”
The president’s millions in losses coincides with his continued decline in approval ratings, as Trump seeks to quiet the noise surrounding multiple federal investigations into Russia’s meddling in last year’s presidential elections and claims he obstructed justice when firing ex-FBI Director James Comey. The president’s approval rating peaked just above 40 percent during his first international trip as commander-in-chief, before returning to a controversial and stalled GOP health-care bill, as well as continued probes into his campaign and White House administration.
But not all Trump properties are suffering massive losses: Business at Mar-a-Lago, Trump’s “Winter White House,” is booming ever since he took office and membership rates reportedly rose to more than $200,000 annually. Meanwhile, nearly 200 Democrats have sued the president, claiming he’s “blatantly” violating the Constitution by not giving up ownership of the Trump organization. The lawsuit also demands further transparency regarding the president’s international business deals.
“The bottom line is, we have no clue as to most of the investors and partners of Donald Trump around the world,” the lawsuit states. “We have no accurate and complete knowledge about all those payments and benefits because he has made no disclosure.”
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