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

A Defining Moment for Urban Policy

The debate over this tax is about more than revenue.

It’s about the future of global cities.

Places like New York, London, and Paris face a common challenge: how to remain open to global capital while still serving the people who live and work there every day.

Too much taxation, and investment may flee.
Too little, and inequality deepens.

Hochul’s proposal is an attempt to thread that needle.