Housing and Real Estate Taxes

New York Gov. Kathy Hochul has proposed a new tax targeting Manhattan pied‑à‑terres — second homes in New York City valued at $5 million or more that are not primary residences — as a way to raise revenue amid mounting fiscal pressure. The Wall Street Journal reported the plan as a state-level effort to capture revenue from ultra‑wealthy out‑of‑state owners of high‑end residential units; estimates circulating on social media and among proponents put potential annual yields around $500 million, though official revenue projections have not been provided in the WSJ piece.