{"id":200391,"date":"2026-04-17T05:16:07","date_gmt":"2026-04-17T05:16:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/200391\/"},"modified":"2026-04-17T05:16:07","modified_gmt":"2026-04-17T05:16:07","slug":"nyc-plans-to-tax-rich-peoples-backup-homes","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/200391\/","title":{"rendered":"NYC plans to tax rich people\u2019s backup homes"},"content":{"rendered":"<p class=\"dist__StyledText-sc-5791265-8 bdIWsa\">Web-spinning spiders living in penthouses overlooking Central Park might soon see a tax on their dwellings. This week, New York Gov. Kathy Hochul and NYC Mayor Zohran Mamdani <a href=\"https:\/\/abc7ny.com\/post\/new-york-gov-kathy-hochul-flips-position-pushing-tax-nyc-second-homes-worth-5m-close-spending-deficit\/18889910\/\" target=\"_blank\" rel=\"nofollow noopener\">announced<\/a> a proposed tax on non-primary residences in the Big Apple that are valued above $5 million.<\/p>\n<p class=\"dist__StyledText-sc-5791265-8 bdIWsa\">The measure would affect about 13,000 second homes\u2014aka pied-a\u0300-terres\u2014owned by wealthy folks who mostly live elsewhere but use them as investments or a place to crash when visiting town.<\/p>\n<p>Taxing out-of-towners<\/p>\n<p class=\"dist__StyledText-sc-5791265-8 bdIWsa\">Mamdani pitched the measure as a charge on \u201cthe ultra-wealthy and global elites\u201d that would help the city close its $5.4 billion budget gap. The Hochul administration said the proposal would bring city coffers at least $500 million yearly. An independent estimate put the haul at $232 million for a similar proposal in 2020.<\/p>\n<p class=\"dist__StyledText-sc-5791265-8 bdIWsa\">Proponents argue that absent neighbors should have to pull their weight:<\/p>\n<p>They say that the tax targets property owners who don\u2019t pay local taxes or patronize nearby businesses, yet benefit from municipal services that support their home values.Several major cities like Paris and Vancouver already tax empty cribs.<\/p>\n<p class=\"dist__StyledText-sc-5791265-8 bdIWsa\">But\u2026local real estate industry groups say it will undermine NYC\u2019s luxury-housing market, reducing tax proceeds from bougie home sales and costing construction and maintenance jobs.<\/p>\n<p class=\"dist__StyledText-sc-5791265-8 bdIWsa\">Looking ahead\u2026Hochul aims to include it in the next state budget that lawmakers are currently negotiating.\u2014SK<\/p>\n","protected":false},"excerpt":{"rendered":"Web-spinning spiders living in penthouses overlooking Central Park might soon see a tax on their dwellings. This week,&hellip;\n","protected":false},"author":2,"featured_media":200392,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[9,56,63,65,64],"class_list":{"0":"post-200391","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-new-york","9":"tag-ny","10":"tag-nyc","11":"tag-nyc-headlines","12":"tag-nyc-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/200391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=200391"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/200391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/200392"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=200391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=200391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=200391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}