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Posted on 05/14/2026 2:19:10 PM PDT by DFG
A controversial new tax on second homes in New York City was quietly lowered from $5 million to a “market value” of $1 million — increasing the number of homeowners who will get squeezed as part of Gov. Kathy Hochul’s never-ending budget negotiations.
Hochul’s office finally released details of her and Mayor Zohran Mamdani’s new tax on second homes in New York City to the New York Times Thursday, the latest concession to the Democratic socialist mayor and his liberal followers on a tax-hike crusade they say will target the rich.
The so-called “pied-a-terre” tax would apply to second homes with market values exceeding $1 million, though it wasn’t immediately clear how City Hall would impose the tax.
Hochul’s office previously estimated roughly 13,000 homes would be subject to the tax under the $5 million market value threshold, meaning that number is likely to be bigger with the new threshold although an estimate of how many homes wasn’t immediately available.
The revelation came just hours after top legislators said a deal was still yet to be finalized on the pied-a-terre.
“I don’t have any final details. I have an idea of it, but I don’t have the exact details,” Assembly Speaker Carl Heastie (D-Bronx) told reporters Thursday.
He said at the time that there was still even debate over whether the tax should be based on a property’s assessed value or a trickier to determine market value.
Bloomberg also was first to report Thursday that Hochul and legislators had agreed to another previously unrevealed tax – a surcharge on cash purchases of homes over $1 million.
(Excerpt) Read more at nypost.com ...
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“I see you have something. Give it to me.”
Commies should never be in charge of money.
Howard K. Smith’s definition of a communist: what’s mine is mine, what’s yours is negoitable.
I’m glad I am not rich.
I’ve heard that New York is ‘expensive’. Where I live, in a back water town in CA, home median prices are $700,000.
That means that pretty much EVERY second home in New York will be hit with the tax, now that the threshold has reduced from $5 million to $1 million.
Of course, the homeless are exempt since they don’t own a home. In her twisted mind Hochul is taxing ‘the rich’.
Born and raised in Rochester, NY. Still live in the State. Glad I never owned even one house.
They’re doing more than just taxing success.
I picked this large mug up at a garage sale a while ago. These days its filled with a lot of irony.
I wonder if Upstaters will be socked with this tax if they own a second home… (why am I giving Princess Kathy and Imam Mamdamni any ideas?) ✋🏼🤑
Commies should never be in this Country
A definition of insanity is doing the same thing over and over again and expecting a different result. Blue states and cities are dominated by insane voters.
The rats destroy anything the get control of, no exceptions.
Pretty similar to what my wife says: my money is mine, your money is ours.
NYC first lady Rama Duwaji’s anti-Israel Spotify playlists included ‘hungry but sexy for Palestine’: report
I suspect that there were a lot of people in pre-Castro Cuba who also thought they’d be left alone if they ‘played ball’ with whoever was in power.
...and I know that was the case in pre-Khmer Rouge Cambodia, and probably the case in Nazi Germany (for Jews)...and neither country wasted their time even trying to ‘re-educate’ these people - they just exterminated them.
Likely the same for China, pre-Soviet Russia, etc.
One would think that the rich would LEARN from the very-well-documented history of the world...yet they always answer: “well, it cannot happen here”
Camel’s nose strategy.
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