New York Governor Kathy Hochul and NYC Mayor Zohran Mamdani announced a pied-à-terre tax on Tuesday targeting second homes valued at $5 million or more.
The tax would apply to an estimated 13,000 condos, co-ops, and one-to-three-family homes owned by non-residents across the city. It is expected to generate over $500 million annually, with revenue directed toward city services including policing and parks.
“If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute,” Hochul said.
NYC Council Speaker Julie Menin called the proposal “smart, sensible.” Republican gubernatorial candidate Bruce Blakeman criticized it as part of a “war on homeownership.”
The specifics, including whether a sliding scale based on property value will apply, still need to be negotiated with the legislature. New York currently faces a $5.3 billion budget gap.
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