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April 15, 2026
Governor Hochul Proposes Tax on NYC Second Homes Worth $5 Million
- Governor Kathy Hochul's pied-à-terre tax targets second homes in NYC valued at $5 million or more, aiming to generate at least $500 million annually.
- Mayor Zohran Mamdani supports the tax as a means to ensure the ultra-wealthy contribute fairly to city services.
- The tax applies to non-residential properties, addressing concerns about wealth stored in NYC real estate without local contribution.
5 Sources
- Hochul Proposes Tax on N.Y.C. Second Homes That Are Worth $5 MillionApr 15, 2026 at 12:00 AM · NYT
- New York Governor Proposing Tax on Second Homes Worth $5 Million or MoreApr 15, 2026 at 2:34 AM · WSJ
- NY Gov. Kathy Hochul proposes a wealth tax on pied-à-terres in major u-turnApr 15, 2026 at 7:59 PM · Independent
- Gov. Kathy Hochul has thrown New York City Mayor Zohran Mamdani a lifeline on his plan to raise taxes on the wealthy, with a proposal to tax luxury second homesApr 16, 2026 at 12:00 AM · WSJ
- 'We're taxing the rich': NYC Mayor Mamdani touts new $500M-a-year tax on luxury second homesApr 16, 2026 at 1:07 AM · Fox News