New York City Property Owners Face Potential Tax Hike: Governor Kathy Hochul's Proposal Targets Second Homes Worth $5 Million or More In a move aimed at increasing revenue and addressing the city's affordable housing crisis, Governor Kathy Hochul has proposed a tax on second homes in New York City valued at $5 million or more. The plan, which is still in its early stages, would require owners of these luxury properties to pay a significant tax burden, potentially generating millions of dollars for the city's coffers. The proposal comes as the city grapples with rising housing costs and a severe shortage of affordable housing options for low- and middle-income residents. If implemented, the tax could have significant implications for the city's real estate market and the owners of high-end properties.
Gov. Kathy Hochul wants to tax second homes in New York City that are worth $5 million or more. Here’s how the proposal might work.
