Rental Market

Hochul proposes pied-à-terre tax on NYC second homes worth over $5M

6sqftby Devin GannonApril 15, 2026

Governor Kathy Hochul on Wednesday proposed a yearly tax on non-primary residences in New York City. After resisting calls to tax high-income earners led by progressive leaders like Mayor Zohran Mamdani, the governor is now embracing a surcharge on secondary homes in the five boroughs valued at $5 m

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