NYC is going after empty luxury apartments.
Kathy Hochul is backing a new proposal to tax second homes in New York City worth $5M or more, targeting ultra-wealthy owners who don’t actually live in them.
The plan aligns with Mayor Zohran Mamdani’s push to close the city’s $5.4B budget deficit, with the tax expected to generate at least $500M annually from roughly 13,000 properties.
Supporters say it forces non-resident owners to contribute to the city they benefit from. Critics argue it could slow development, hurt property values, and impact construction jobs if investment pulls back.
The proposal is still being negotiated as part of the state budget, but it’s already shaping up to be one of the biggest “tax the rich” debates in NYC right now.
By the way, we have a weekly newsletter rounding up all of the biggest stories so you don’t have to. One newsletter, once a week. Link in bio.
Media via Shutterstock/@nycmayor
#bantrbusiness #mustdonyc #nychomes #nyctax
NYC is going after empty luxury apartments.
Kathy Hochul is backing a new proposal to tax second homes in New York City worth $5M or more, targeting ultra-wealthy owners who don’t actually live in them.
The plan aligns with Mayor Zohran Mamdani’s push to close the city’s $5.4B budget deficit, with the tax expected to generate at least $500M annually from roughly 13,000 properties.
Supporters say it forces non-resident owners to contribute to the city they benefit from. Critics argue it could slow development, hurt property values, and impact construction jobs if investment pulls back.
The proposal is still being negotiated as part of the state budget, but it’s already shaping up to be one of the biggest “tax the rich” debates in NYC right now.
By the way, we have a weekly newsletter rounding up all of the biggest stories so you don’t have to. One newsletter, once a week. Link in bio.
Media via Shutterstock/@nycmayor
#bantrbusiness #mustdonyc #nychomes #nyctax
