New York City's high-end real estate market is set to face a significant tax hike under a proposal from Governor Kathy Hochul. The plan aims to target second homes valued at $5 million or more, with the goal of generating revenue and addressing the city's affordability crisis. According to sources, the tax would be a one-time assessment, with the proceeds going towards affordable housing initiatives and other community development projects. As the city grapples with rising costs of living and a growing wealth gap, Hochul's proposal is sparking debate among lawmakers, developers, and residents about the impact on the city's luxury property market and its most affluent residents.
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.
