New York governor’s take on a millionaires tax: fancy pied-à-terre second apartments worth over $5 million

For months, New York Gov. Kathy Hochul has resisted calls to increase taxes on the wealthy, beating back progressives who have hounded her from Manhattan to Puerto Rico bellowing chants of “tax the rich.”

Now she is pitching a compromise.

The moderate Democrat says she will push to create a new tax on multimillion-dollar second homes in New York City known as pied-à-terres, attempting to appease Mayor Zohran Mamdani and his supporters while also tending to her concerns about destabilizing the state’s finances.

The idea, announced Wednesday, would allow the city to impose a tax surcharge on secondary residences worth over $5 million, with the governor’s office saying it could generate at least $500 million annually as Mamdani moves to fill a multibillion dollar budget hole and fund his ambitious agenda.

“As Governor, I understand the importance of stabilizing the city’s finances without compromising on essential services New Yorkers count on,” Hochul said in a statement. “If you can afford a $5 million second home........

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