Overview
- The plan, which Hochul unveiled Wednesday, would let New York City add an annual surcharge on second homes worth $5 million or more owned by people who live outside the five boroughs.
- Officials project roughly $500 million in yearly revenue and estimate about 13,000 one- to three-family homes, condos and co-ops would be covered.
- Hochul says she will seek to fold the measure into the overdue state budget, and final rates, brackets and legal language still have to be set by lawmakers.
- Real estate leaders and Republican critics oppose the idea, with the Real Estate Board of New York saying it would weaken the city’s economy and cut construction jobs.
- New York has debated a pied-à-terre levy since 2014, including a 2019 push after a record $238 million sale, and prior efforts failed to pass the Legislature.