New York Governor Kathy Hochul is set to unveil a plan to tax second homes in the city worth $5 million or more, in a bid to boost revenue and address the state's growing affordability crisis. The proposal, which is still in its early stages, aims to target luxury properties that are often left vacant for long periods of time, depriving the city of much-needed tax revenue. Under the proposed plan, owners of high-end second homes would be required to pay a new tax on their properties, with the revenue generated going towards funding affordable housing initiatives and other city services. As the city grapples with rising costs of living and a severe shortage of affordable housing, Hochul's proposal is likely to face intense scrutiny from lawmakers and real estate interests.
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.
