Donald Trump is one of New York City’s most famous residents. But Trump is not just a resident. He’s a land and building baron. Right. Trump is a modern day rent lord that lives by the motto, “go big and never stop growing.” Trump’s New York City real estate holdings are impressive. But in usual Trump fashion, President Trump likes to embrace his assets with an assortment of complimentary adjectives and alternate facts. When Trump released 104 pages of a financial document last year, he listed income of $21 million from a Bronx golf course and two skating rinks in Central Park. Thanks to his public persona these days, several people wanted to know whether those Trumps financial claims were accurate. Most of Trump’s financial claims are unverified. He still hasn’t released his income tax returns. But according to salon.com, Trump claims he made $21 million on two lease contracts was inflated by more than half.
That information may not come as a surprise to Trump opponents. If Trump inflated his earning on a golf course and skating rink, his opponents say he inflated his claim that his assets are worth more than $11 billion. According to ProPublica, Trump likes to list gross receipts instead of net receipts. According to the U.S. Office of Government Ethics, Trump showed income from City leases of $20.8 million. But Trump did not list the corresponding expenses he had while operating those leases. Trump met the requirements of the U.S. Office of Government Ethics, but some people looking into Trump’s financial disclosures say he did not reveal all the information needed to make an accurate assessment of his earnings.
Democrats and some Republicans are still calling for Trump to release his income tax returns. But Trump isn’t fazed by the requests. Trump has always been controversial, especially when it comes to reporting his earnings. Trump is wealthy. That fact is true. But the depth of his wealth is not as deep as he wants people to believe. On paper Trump is a billionaire, but in reality, he may only be worth hundreds of millions.