NYC's plan to tax luxury second homes, explained

NYC Mayor Zohran Mamdani and Gov. Kathy Hochul proposed a new tax on Wednesday.

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• Gov. Kathy Hochul and Mayor Zohran Mamdani proposed a new tax on wealthy second-homeowners.
• The tax is expected to generate $500 millon in annual revenue.
• NYC's comptroller forecast a $2.2 billion budget shortfall in 2026.

New York City Mayor Zohran Mamdani is following through on one of his most divisive campaign promises: tax the rich.

Mamdani and Gov.