New York Targets $500M Revenue with Annual Tax on $5M+ Second Homes

New York Governor Kathy Hochul proposed an annual tax on second homes valued at $5 million or more, backed by Mayor Zohran Mamdani. The Tax Day initiative projects at least $500 million in city revenue, spotlighting assets like hedge fund CEO Ken Griffin’s 238 million, 24,000-square-foot Manhattan penthouse. It addresses worker discontent over living costs amid wealth concentration.