Hochul’s pied-à-terre tax will hurt regular folks, retirees because of property-value fallout: critics
Governor Kathy Hochul's proposed pied-à-terre tax on second homes valued over $5 million has drawn criticism for potentially harming regular families and retirees. Critics argue that the tax could lower property values for all residents in affected buildings, not just wealthy absentee owners. Hochul's office defends the tax, stating it will only impact non-resident owners, while supporters emphasize the need for the wealthy to contribute fairly.
- ▪The proposed tax targets second homes worth more than $5 million in New York City.
- ▪Critics warn that the tax could negatively affect property values for all residents in the same buildings.
- ▪Hochul's office claims that only non-resident owners will be taxed under this plan.
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Metro exclusive Hochul’s pied-à-terre tax will hurt regular folks, retirees because of property-value fallout: critics By Carl Campanile Published May 24, 2026, 8:11 p.m. ET See more of our coverage in your search results. Add The New York Post on Google Gov. Kathy Hochul’s proposed pied-à-terre tax on pricey second homes won’t just soak the jet-setting super rich — it also will nail hard-working families and retirees who live in the same buildings, critics charge. Managers at the landmark luxury Manhattan House Condominium at 200 E. 66th St. recently fired off a letter to state Sen. Liz Krueger and other pols griping about the plan — which Democratic Socialist Mayor Zohran Mamdani wholeheartedly backs. 3 Critics warn Gov.
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