New York Governor Proposing Tax on Second Homes Worth $5 Million or More

Who Would Be Affected?

The proposal is aimed at a relatively small but wealthy group:

• Roughly 13,000 luxury properties may qualify
• Owners of high-end condos, co-ops, and private homes
• Many are international or out-of-state investors

These properties are often seen as investment assets rather than lived-in homes—sometimes remaining empty for most of the year.