Mamdani, Hochul Agree to Tax on Luxury Second Homes in New York City

Fox News:

Anyone who thought that Governor Hochul. Hochul, the organ grinder’s monkey, would perhaps moderate Zohran Mamdani was sorely mistaken. Hochul is all in on Mamdani’s taxation policies. What wealthy individual would want to invest or live in New York City at this point? The message is unmistakable: they won’t keep bankrolling a city that treats them like suspects and shakes them down at every turn.Expect the once Big Apple to go bankrupt before Mamdani is done.

New York isn’t just losing residents—it’s bleeding the very people who pay the bills. The exodus of wage earners is at record highs, and the old hedge—keeping a pied-à-terre while earning elsewhere—is collapsing. The message is unmistakable: they won’t support a city that treats them like suspects and robs them blind. Close the second home, cut the ties, and move on. What was once a world capital risks becoming a monument to a once great city.

Celebrating: “When I ran for mayor, I said I was going to tax the rich. Well, today, we’re taxing the rich.” The plan will allow New York to tax second homes that are not the owners primary residents. It will certainly be one more reason to encourage the wealthy to wash their hands and find another market for their real estate investments. Fox News: New York City Mayor Zohran Mamdani celebrated a proposal to tax luxury second homes owned by the ultra-wealthy, a plan expected to generate at least $500 million annually. Earlier in the day, New York Gov. Kathy Hochul unveiled a pied-à-terre tax on luxury second homes in New York City valued at $5 million or more, allowing the city to impose an annual surcharge on ultra-wealthy nonresidents. The proposal is projected to generate at least $500 million annually, according to Hochul.

New York Times:

Mamdani is celebrating because he effectively pushed Hochul two or three steps further left, yielding to socialist mayor’s agenda. New York Times: Another factor in the proposal’s favor is that it is not being considered as a stand-alone bill; Ms. Hochul intends to include it in the state budget. Under that scenario, the tax proposal will not be voted on separately. It will instead be largely hashed out in closed-door negotiations between the governor and the leaders of the Senate and Assembly. That will make it harder for the tax’s opponents, including the Real Estate Board of New York, a powerful industry group, to lobby effectively against the proposal.

Hochul, Mamdani reach deal for tax on luxury second homes in New York City

By NY1, April 15th, 2026

Gov. Kathy Hochul and Mayor Zohran Mamdani have reached a deal that will add a new tax on luxury second homes in New York City in an effort to reduce part of the city’s budget gap.

The tax would apply to one – to three-family homes, condominiums and co-ops worth $5 million or more and owned by homeowners with a primary residence outside the five boroughs, City Hall said in a press release.

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