New York Governor Kathy Hochul has announced a proposal for a new tax targeting luxury second homes. The proposed "pied-à-terre" tax would apply to properties valued at $5 million or more within the state.
The initiative focuses on high-value secondary residences, often referred to as pied-à-terres. State Assembly Member Zohran Mamdani has been identified as a key ally in this effort, with the proposal partially fulfilling his long-standing push to tax wealthy property owners.
The governor's office has outlined the specifics of the tax, which aims to generate revenue from these expensive properties. This is a developing story and will be updated as details emerge.
