Taxes
New York State Officials Revive Plans to Tax Second Homes in NYC
- Democratic lawmakers with veto-proof majority see opportunity
- Levy would weigh down city’s already-struggling luxury market
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State lawmakers are quietly reviving plans for an annual tax on second homes in New York City.
The reach for revenue goes beyond the rarefied condo towers of Manhattan’s Billionaire’s Row, with different taxing methods for every category of homes owned by part-time residents across the boroughs. And it comes as more New Yorkers are temporarily living elsewhere, a feature of pandemic life that may continue even as the public-health crisis subsides.