The Brief
New York Gov. Kathy Hochul is pushing for a yearly tax on New York City residents who own second homes worth $5 million or more, FOX 5 NY’s political reporter Morgan McKay says.
McKay confirmed the decision with the governor’s office.
The rate of the tax has reportedly not been determined.
NEW YORK – New York Gov. Kathy Hochul is pushing for a yearly tax on New York City residents who own second homes worth $5 million or more, FOX 5 NY’s political reporter Morgan McKay says.
TROY, NY – APRIL 14: Gov. Kathy Hochul holds a news conference during a tour of the new Sol Apartments building on Tuesday, April 14, 2026, on 5th Ave. in Troy, N.Y. Sol Apartments is a mixed-income housing project that the governor highlighted as part of her Let Them Build agenda, a series of state legal reforms aimed at speeding up housing and infrastructure development and lowering costs. (Will Waldron/Albany Times Union via Getty Images)
Hochul pushing for tax on NYC second homes
What we know
McKay confirmed the decision with the governor’s office.
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The governor also posted about the decision on her X account.
What they’re saying
New York City Mayor Zohran Mamdani provided the following statement to McKay regarding the announcement:
“Thanks to the support of Governor Hochul, we are one step closer to balancing our budget by taxing the ultra-wealthy and global elites with a pied-à -terre tax — the first of its kind in our state.
Alongside the governor, our administration is fighting every day to make sure we address this fiscal deficit fairly, where the wealthy contribute what they owe and our budget reflects our commitment to the working New Yorkers being priced out of our city.”
What we don’t know
The rate of the tax has reportedly not been determined.
The Source
This article includes reporting from FOX 5 NY’s political reporter Morgan McKay.