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New York Governor Proposing Tax on Second Homes Worth $5 Million or More
The surcharge would target about 13,000 homes and is projected to raise $500 million a year, officials said.
- On Tuesday, Governor Kathy Hochul proposed an annual tax on second homes worth $5 million or more, confirming the plan to Gothamist as a way to increase contributions from wealthy property owners.
- The proposal targets a long-debated practice where wealthy buyers purchase high-end properties that remain largely vacant, addressing concerns that these owners pay lower taxes than full-time New York residents.
- Hochul's budget team estimates the tax could generate at least $500 million in annual revenue, though specific rates and brackets require negotiation between state lawmakers in Albany as the state budget remains four months overdue.
- New York City Mayor Zohran Mamdani praised the plan as a step toward closing the city's budget gap, calling it key to "balancing our budget by taxing the ultra-wealthy."
- Gustavo Gordillo, co-chair of the New York City Democratic Socialists, said the move increases their resolve to raise billions more this year with taxes on the ultra-rich to support working-class New Yorkers.
65 Articles
65 Articles
‘Desperate cash grab,’ expert says of Hochul, Mamdani proposed tax on high-end, second homes in NYC
Mamdani said that the “super wealthy” buy properties and use them to “store their wealth” but don’t “pay back into that same city that generates so much of that wealth in the way that they should.” By Debra Nussbaum Cohen, JNS Facing a looming $5.4 billion budget deficit gap this year and next, New York Gov. Kathy Hochul and New York City Mayor Zohran Mamdani, both Democrats, are jointly backing a tax on high-end pieds-à-terres, or second homes,…
Geller Report
Dr. Rich SwierMamdani, Hochul Agree to Tax on Luxury Second Homes in New York City
Anyone who thought that Governor Hochul. Hochul, the organ grinder’s monkey, would perhaps moderate Zohran Mamdani was sorely mistaken. Hochul is all in on Mamdani’s taxation policies. What wealthy individual would want to invest or live in New York City at this point? The message is unmistakable: they won’t keep bankrolling a city that treats them like suspects and shakes them down at every turn.Expect the once Big Apple to go bankrupt before M…
Mamdani, Hochul team up on second-home tax: What to know
New York Gov. Kathy Hochul (D) and New York City Mayor Zohran Mamdani (D) have proposed a new tax on property owners who have second homes in New York City worth more than $5 million, in an effort to narrow the city’s budget deficit by targeting the ultrawealthy. The “pied-à-terre tax” would be an annual…
Live in Miami or Silicon Valley with a luxury apartment in New York? Get ready for a new tax
NYC's pied-à-terre tax is a rare tax policy agreement between Mamdani and Hochul.Ryan Murphy/Getty ImagesNY lawmakers plan to tax the financial elite's second homes if they live outside the city.This law would apply to roughly 13,000 units worth over $5 million.NYC Mayor Zohran Mamdani hopes the policy will bring in $500 million to fund public services.If you happen to own a multi-million dollar vacation home in New York City, lawmakers are gear…
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