US EditionPublished • loading... • Updated
New York Governor Proposing Tax on Second Homes Worth $5 Million or More
The budget team says the levy could raise at least $500 million a year from luxury properties that sit empty most of the year.
- 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.
Insights by Ground AI
17 Articles
17 Articles
Kathy Hochul proposes tax on $5 million-plus NYC second homes
·New York, United States
Read Full Article
Hochul Wants to Raise Taxes on NYC Second Homes Worth Over $5 Million
“If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker.” The post Hochul Wants to Raise Taxes on NYC Second Homes Worth Over $5 Million first appeared on Le·gal In·sur·rec·tion.
Coverage Details
Total News Sources17
Leaning Left6Leaning Right4Center5Last UpdatedBias Distribution40% Left
Bias Distribution
- 40% of the sources lean Left
40% Left
L 40%
C 33%
R 27%
Factuality
To view factuality data please Upgrade to Premium
