New York City Residents to Face Increased Taxation on Second Homes. In a move aimed at addressing the city's affordable housing crisis, Governor Kathy Hochul has revised her initial estimate of second homes subject to a new tax. The revised figure now stands at approximately 10,000 properties, down from an initial estimate of 13,000. This tax, which is expected to generate significant revenue for the city, has sparked debate among residents and property owners, with some arguing it will help alleviate the pressure on the city's housing market, while others claim it will unfairly penalize those who have invested in second homes.
Gov. Hochul estimates 10,000 second homes in New York City will be subjected to the tax, which is 3,000 fewer than her initial estimate.
