Overview
- The plan, introduced Wednesday, would add an annual surcharge to non‑primary New York City homes worth more than $5 million and is projected to raise about $500 million from roughly 13,000 properties.
- It is not law yet and must be approved by both the State Assembly and Senate as part of the ongoing state budget negotiations.
- Key details remain unsettled, including tax rates, how condos and co‑ops will be valued, how primary residence status will be verified, and what exemptions may apply.
- President Donald Trump attacked the proposal on Truth Social and the real‑estate lobby warned of job losses and lower values, while supporters said the measure would raise needed revenue and research shows limited flight by the very rich.
- High‑profile owners such as Jeff Bezos, Ken Griffin, and Trump could face the charge unless they make a unit their primary home or rent it out, and experts note enforcement will be hard because many luxury apartments are owned through trusts or LLCs.