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NY Governor Proposes Tax on $5M Second Homes Amid Budget Crisis

4/15/2026

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Summary

Story summary

New York Governor Kathy Hochul proposed a pied-à-terre tax on second homes valued at $5 million or more to help the city amid budget shortfalls.
The Real Estate Board of New York criticized the plan, saying it could lower property values and harm the economy.
Mayor Zohran Mamdani urged higher taxes on high earners and threatened a nearly 10% property tax hike if his demands are not met.

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Story summary

New York Governor Kathy Hochul proposed a pied-à-terre tax on second homes valued at $5 million or more to help the city amid budget shortfalls.
The Real Estate Board of New York criticized the plan, saying it could lower property values and harm the economy.
Mayor Zohran Mamdani urged higher taxes on high earners and threatened a nearly 10% property tax hike if his demands are not met.