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New York Governor Proposes Tax on Luxury Second Homes
Hochul says the measure would raise $500 million a year to help close a $12 billion budget gap.
Apr. 15, 2026 at 2:34am
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The proposed tax on expensive second homes in New York City aims to generate revenue from wealthy property owners who maintain part-time residences in the city.NYC TodayNew York Governor Kathy Hochul is planning to propose a new tax on New York City's second homes worth $5 million or more. The tax would target wealthy individuals who own these luxury 'pieds-à-terre' but primarily live outside the city, with the goal of raising $500 million a year to help close a $12 billion budget deficit.
Why it matters
New York City has faced significant budget challenges in recent years, with the pandemic exacerbating existing fiscal pressures. This proposed tax on high-end second homes is an attempt by the governor to generate new revenue from a segment of the population that has historically avoided contributing to the city's coffers.
The details
The new tax would apply to vacation homes and part-time residences in New York City that are worth $5 million or more. It is specifically targeted at wealthy individuals who own these 'pieds-à-terre' but do not primarily live in the city, in an effort to have them contribute more to the local budget.
- The tax proposal is expected to be formally introduced as part of Governor Hochul's annual budget this spring.
The players
Kathy Hochul
The current Governor of New York, who is proposing the new tax on luxury second homes in New York City.
What’s next
The proposed tax will need to be approved by the New York State Legislature as part of the state's budget process.
The takeaway
This tax proposal represents an attempt by the New York governor to generate new revenue from wealthy second home owners who have historically avoided contributing to the city's budget. If enacted, it could set a precedent for other high-cost urban areas to pursue similar measures targeting luxury real estate.
