The proposal risks affecting about 13,000 properties, with brokers warning it will damp demand in a key segment of the market.

Gov. Kathy Hochul on Wednesday proposed a new pied-à-terre tax on luxury second homes in New York City valued at $5 million or more, aiming to help close New York City’s budget. It would allow the

Governor Kathy Hochul and New York City Mayor Zohran Mamdani have finally found a tax that they agree on. Getting everyone else on board stands to be more complicated.

After much debate and pressure from Mayor Zohran Mamdani, Governor Kathy Hochul and state lawmakers will allow for a new tax on pricy vacation and investment homes that dot the

NYC Mayor Zohran Mamdani celebrates Gov. Hochul's proposed tax on ultra-wealthy owners of luxury second homes, expected to raise $500 million a year.

New York officials propose an annual surcharge on second homes valued over $5 million in NYC amid a shrinking tax base and budget pressures.

New York Governor Kathy Hochul is proposing a new tax on second homes in New York City worth at least $5 million as a way to raise cash for the city’s struggling budget.

The young Democrat recently said he would consider raising property taxes in New York City by 9.5 percent as a “last resort” to close the city’s projected multibillion-dolla