New York City may add a tax on luxury second homes over $5 million. Here’s how the proposal works, who it affects, and what wealthy homeowners might do next.

Zohran Mamdani said the measure is targeted at luxury secondary homes in New York City valued at $5 million or more that are not owner-occupied

New York City Mayor Zohran Mamdani celebrated a proposal to tax luxury second homes owned by the ultra-wealthy, a plan expected to generate at least $500 million annually. Earlier in the day, New York Gov. Kathy Hochul unveiled a pied-à-terre tax on ...

New York City plans to impose a tax on luxury second homes valued over $5 million as part of Governor Kathy Hochul's budget proposal, aiming to address affordability concerns while avoiding broader tax increases on the wealthy.

Gov. Kathy Hochul is supporting a proposal to tax wealthy New Yorkers who own a second home outside NYC worth more than $5 million.

Doomsayers predicting an exodus of the wealthy from New York City in the wake of Zohran Mamdani's mayoral victory appear to have been wrong as pricey real estate sales are up in the city. Sales of luxury homes in New York City — properties that cost $4 ...

Gov. Kathy Hochul and NYC Mayor Zohran Mamdani plan to tax wealthy property owners that have local homes over $5 million but don't live in the city.

New York (WRGB) — Governor Hochul is proposing a new tax on luxury second homes in New York City as part of an effort to help close the city’s budget gap. The proposal, known as a pied-à-terre tax, would apply to second homes valued at $5 million or ...