City and state officials in New York are supporting a plan to tax luxury second homes valued at $5 million or more.
Gov. Kathy Hochul proposed a so-called pied-à-terre tax to help New York City address its $5.4 billion budget deficit, offering an alternative to Mayor Zohran Mamdani’s call for a higher income tax rate on millionaires and corporations to help close the gap.
In 2019, New York officials considered a tax on luxury second homes, but industry groups, including the Real Estate Board of New York (REBNY), lobbied against it, and the measure was dropped. The board said it would hurt the luxury real estate market, and the ripple effects would lead to cuts in construction jobs and a drop in home values….