The Second Home Tax Has Failed Before. Could This Year Be Different?

Amid calls from the left to tax the rich, a tax proposal on multimillion-dollar second homes in New York City, backed by Gov. Kathy Hochul, seems to have better odds of passing than in years past.The proposed tax on second homes worth more than $5 million would yield “at least $500 million” in recurring revenue, the Hochul administration said.