Overview
- The proposal, unveiled Wednesday, would let New York City add an annual charge to non‑primary residences valued at $5 million or more.
- State and city officials estimate at least $500 million in yearly revenue and say roughly 13,000 properties could be affected.
- Lawmakers are negotiating the state budget in Albany, and key details such as tax rates, rules, and any exemptions have not been set.
- Mayor Zohran Mamdani and progressive groups praised the move, while real estate and business leaders warned of job losses, lower values, and wealthy owners leaving.
- Owners could avoid the charge by making the unit a primary home or renting it to someone who lives in the city, which analysts say could reduce collections.