{"id":212811,"date":"2026-04-28T17:05:18","date_gmt":"2026-04-28T17:05:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/212811\/"},"modified":"2026-04-28T17:05:18","modified_gmt":"2026-04-28T17:05:18","slug":"new-york-governor-floats-tax-on-high-end-second-homes-in-nyc","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/212811\/","title":{"rendered":"New York governor floats tax on high-end second homes in NYC"},"content":{"rendered":"

This story was originally published on Smart Cities Dive<\/a>. To receive daily news and insights, subscribe to our free daily Smart Cities Dive newsletter<\/a>. <\/p>\n

Dive Brief:<\/p>\n

New York Gov. Kathy Hochul is proposing a new tax<\/a> on second homes in New York City owned by non-residents and worth $5 million or more.\u00a0<\/p>\n

The levy would impact an estimated 13,000 properties<\/a>, Gothamist reported. It is expected to generate $500 million annually for the city, Hochul said in a press release.\u00a0<\/p>\n

Following Hochul\u2019s announcement, New York State Sen. Patricia Fahy proposed implementing<\/a> a version of the tax statewide.<\/p>\n

Dive Insight:<\/p>\n

The U.S. continues to face a dearth of affordable housing options<\/a>, and several states are exploring surcharges on high-end second properties, also known as a pied-\u00e0-terre tax.<\/p>\n

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Montana this year imposed a flat 1.9% tax on second homes<\/a>, short-term rentals and vacant residential lots, a levy lawmakers expect<\/a> will help lower taxes on year-round primary resident housing and year-round renters.<\/p>\n

Rhode Island on July 1 will implement a tax<\/a> on properties valued at more than $1 million that are not primary residences for the owners.\u00a0<\/p>\n

Upstate New York is seeing a \u201crapid increase\u201d in such properties, which are often vacant and can drive up housing costs for full-time residents, Fahy said.<\/p>\n

\u201cThat imbalance is increasingly felt in smaller communities, where even modest shifts in housing supply and municipal budgets can have outsized consequences,\u201d Fahy said in a news release.<\/p>\n

Recommended Reading <\/p>\n","protected":false},"excerpt":{"rendered":"This story was originally published on Smart Cities Dive. To receive daily news and insights, subscribe to our…\n","protected":false},"author":2,"featured_media":212812,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[426,9,24,55,54,49,56,84015,817],"class_list":["post-212811","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-kathy-hochul","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-new-york-state","tag-ny","tag-patricia-fahy","tag-upstate-new-york"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/212811","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=212811"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/212811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/212812"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=212811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=212811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=212811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}