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

A Global Perspective

New York is not the first place to consider such a tax.

Cities and countries around the world have implemented similar measures:

• France taxes second homes in certain urban areas
• Canada has vacancy taxes targeting unused properties
• United Kingdom has experimented with “mansion taxes” on high-value homes

These policies are often designed to address two issues at once: generate revenue and discourage empty housing.

Results have been mixed. Some cities have seen increased tax revenue and slightly improved housing availability, while others have struggled with enforcement or unintended market distortions.

New York’s proposal draws directly from these global experiments—but with its own local twist.