New York City Mayor Zohran Mamdani and Governor Kathy Hochul unveiled a new tax proposal targeting wealthy second-homeowners on Wednesday. The measure, which requires legislative approval, would apply to secondary properties in the city valued at over $5 million whose primary residents live elsewhere. It marks the first tax of its kind for New York state.
The proposal aims to address a significant fiscal challenge. The city's comptroller has forecast a $2.2 billion budget shortfall for 2026. The new levy is expected to generate $500 million in annual revenue, directly targeting a small segment of high-value property owners.