NEW YORK CITY—New York Gov. Kathy Hochul and New York City Mayor Zohran Mamdani are backing a tax on owners of second homes in the city that are worth $5 million or more.
Announced by Hochul on April 14, the proposal aims to raise $500 million from nonresidents to help New York City cover its $5.4 billion budget deficit. Speaking April 15 at a Tax Day Forum at City University of New York Graduate Center, Mamdani described the current system as unfair and said the wealthy should contribute more to the city.
