""New York City is the greatest city in the world, and the people who call it home should not be left carrying the burden alone. If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker.""
""Thanks to the support of Governor Hochul, we are taking steps toward closing the city's budget gap and ensuring that all residents contribute fairly to our community.""
Governor Kathy Hochul is proposing additional taxes on homeowners with second homes valued at $5 million or more. This initiative aims to address concerns about wealthy buyers of luxury properties who pay lower taxes than full-time residents. Hochul's proposal comes amid delays in the state budget and follows Mayor Zohran Mamdani's consideration of raising property taxes. The new tax could generate at least $500 million annually, with different rates across multiple brackets.
Read at Gothamist
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