US EditionNew 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.
49 Articles
49 Articles
‘We’re taxing the rich’: NYC Mayor Mamdani touts new $500M-a-year tax on luxury second homes
New York City Mayor Zohran Mamdani celebrated a proposal to tax luxury second homes owned by the ultra-wealthy, a plan expected to generate at least $500 million annually. Earlier in the day, New York Gov. Kathy Hochul unveiled a pied-à-terre tax on luxury second homes in New York City valued at $5 million or more, allowing the city to impose an annual surcharge on ultra-wealthy nonresidents. The proposal is projected to generate at least $500 m…
New York plans to tax the rich — at least their second homes in NYC
NEW YORK (PIX11) — After much debate and pressure from Mayor Zohran Mamdani, Governor Kathy Hochul and state lawmakers will allow for a new tax on pricy vacation and investment homes that dot the city's skyline. It is expected to be done as part of the state budget-- delayed two weeks and counting. "Those who [...]
Hochul, Mamdani Push Tax on Luxury Second Homes in NYC
NEW YORK CITY—New York Gov. Kathy Hochul and New York City Mayor Zohran Mamdani are backing a tax on owners of second homes in the city that are worth $5 million or more. Announced by Hochul on April 14, the proposal aims to raise $500 million from nonresidents to help New York City cover its $5.4 billion budget deficit. Speaking April 15 at a Tax Day Forum at City University of New York Graduate Center, Mamdani described the current system as u…
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