New York Governor Kathy Hochul and Senator Cory Booker are teaming up with Senator Rishi Kumar and Assemblymember Al Taylor to propose a groundbreaking tax on second homes worth over $5 billion in the state. The proposed legislation aims to target ultra-high net worth individuals who own multiple properties, with the revenue generated from the tax going towards addressing the state's pressing affordable housing crisis. The tax, which would be levied on homes valued at $5 billion or more, could significantly impact the state's wealthiest residents, including celebrities and business moguls who own luxury properties in the Hamptons, Manhattan, and other affluent areas. As the state grapples with a severe housing shortage, the proposal has sparked debate among lawmakers and real estate experts, who are weighing the potential benefits and drawbacks of such a tax.
Mamdani, Hochul Propose Tax on New York Second Homes Worth More Than $5 Billion U.S. News & World Report
