Overview
- The city comptroller’s report, released Thursday, says a tax on non‑primary homes worth $5 million or more could reach about $500 million but more likely lands near $340–$380 million.
- The yield hinges on choices about condo and co‑op market valuations, treatment of two‑ and three‑family buildings, exemptions for units rented as primary homes, and how to handle LLCs and trusts as well as owners who may sell or rent to avoid the charge.
- Levine recommends a prudent baseline in fiscal plans and warns the Department of Finance must build auditing capacity, with first bills likely no earlier than November 2026.
- Business pushback has intensified after Gov. Kathy Hochul met Thursday with Citadel’s Ken Griffin, whose firm has threatened to pause a $6 billion Park Avenue redevelopment as industry groups warn of knock‑on hits to transfer taxes and values.
- Policy ideas are spreading as State Sen. Patricia Fahy proposes an opt‑in luxury second‑home tax for municipalities outside the city with rates up to 4% and revenue split between local governments and the state’s municipal aid fund.