New York to tax luxury second homes in NYC

New York’s latest political soap opera has a very expensive co-star: the luxury second home. Under a tentative deal, people who own New York City homes worth over $5 million—but mostly live somewhere else—could get hit with a new tax. Governor Kathy Hochul says it could raise at least $500 million a year, while Mayor Zohran Mamdani is already taking a victory lap after campaigning on the rallying cry of “tax the rich.” But in the comments, the real action is the clash between people yelling “finally!” and others predicting a rich-person vanishing act.

One camp is absolutely loving it. Commenters argued that in a city with brutal housing costs and limited homes, second properties should be taxed harder, full stop. One person basically said if you only use your mansion a few months a year, go stay in a hotel. Another pushed back on the idea that taxing the rich is some fringe political obsession, saying regular people are hurting while the ultra-wealthy seem to keep getting special treatment.

But the backlash was just as loud. Critics in the thread said the plan won’t actually free up housing, won’t bring in the money politicians promise, and could even slow construction. And then came the comedy: one commenter joked that Mamdani is doing too much and should at least “leave the second yachts alone.” That pretty much sums up the mood online—part class war, part economic panic, and part meme factory. Even the state budget deal itself is still shaky, so for now the tax is both a policy fight and a comment-section blood sport.