NEW YORK, April 15 (Reuters) – New \u2060York \u2060State Governor Kathy Hochul \u2060proposed on Wednesday a new tax on second homes \u200bworth over $5 million that was backed by New York Mayor Zohran Mamdani.<\/p>\n
Mamdani, a \u200cdemocratic socialist, campaigned on \u200ca promise to tax the rich to make the city more \u2060affordable for \u2060less-wealthy residents, but has generally faced resistance from Hochul, who \u200bopposed raising taxes in a year in which she plans to run for re-election.<\/p>\n
But in this case, the governor said in a statement on her official \u200bwebsite, “If you can afford a $5 million second home that sits empty most \u2060of \u2060the year, you can \u2060afford to \u200bcontribute like every other New Yorker.”<\/p>\n
In a press release, Mamdani’s City Hall \u200bnamed wealthy property owners \u2060such as\u00a0Ken Griffin, founder and CEO of Miami-based hedge fund Citadel, who in 2019 paid $238 million for a penthouse condominium overlooking Manhattan\u2019s Central Park in a deal that set a record for a U.S. home \u2060sale at the time.<\/p>\n
Griffin said the day after Mamdani was elected last \u2060year that New Yorkers deserved better policies than Mamdani\u2019s talking points.<\/p>\n
Citadel did not immediately respond to a request for comment on the proposed second-home tax.\u00a0<\/p>\n
Countries including France, the United Kingdom and Canada impose taxes on non-primary residences. New York’s is expected, if implemented, to generate $500 million in annual revenue and help close a city budget gap, according to the City Hall statement.\u00a0<\/p>\n
The statement \u2060did not put a figure on a proposed annual surcharge.<\/p>\n
“The measure targets ultrawealthy out-of-city residents and global elites who use New York City real estate as a vehicle for wealth storage rather than \u200bas homes,” City Hall said.<\/p>\n
(Reporting by Maria Tsvetkova; editing \u200bby Donna Bryson and Nia Williams)<\/p>\n
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