Hochul and Mamdani propose tax on $5 million second homes
Governor Hochul and Mayor Mamdani proposed a tax on second homes worth over $5 million. The plan aims to raise $500 million annually for the city's budget gap.
In a significant policy shift, New York State Governor Kathy Hochul and New York City Mayor Zohran Mamdani have proposed a new tax targeting second homes valued at more than $5 million. The proposal, announced on Wednesday, marks a rare moment of alignment between the two leaders on fiscal policy within the United States.
Mayor Mamdani, a democratic socialist, campaigned on a platform centered on taxing the wealthy to improve affordability for working-class residents. While Governor Hochul has historically resisted broad tax increases, she signaled her support for this specific measure in a statement released on her official website.
