NYC Tax on Second Homes Targets 13,000 Properties, Hochul Says

New York Governor Kathy Hochul is proposing a new tax on second homes in New York City worth at least $5 million as a way to raise cash for the city’s struggling budget.

“This is a targeted surcharge on second homes and investor owned apartments worth over $5 million, homes that in many cases sit vacant for a large part of the year,” Hochul said on Wednesday at a press conference in midtown Manhattan. She referenced a nearby home worth over $100 million that she says has never been occupied. “They’re part of our skyline, but those people are not part of our city.”