{"id":62807,"date":"2026-04-16T03:00:14","date_gmt":"2026-04-16T01:00:14","guid":{"rendered":"https:\/\/housesmarketplace.com\/will-new-tax-on-ultra-luxury-nyc-homes-derail-red-hot-demand\/"},"modified":"2026-04-16T03:00:14","modified_gmt":"2026-04-16T01:00:14","slug":"will-new-tax-on-ultra-luxury-nyc-homes-derail-red-hot-demand","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/will-new-tax-on-ultra-luxury-nyc-homes-derail-red-hot-demand\/","title":{"rendered":"Will new tax on ultra-luxury NYC homes derail red-hot demand?"},"content":{"rendered":"
\n

New York Governor Kathy Hochul is reversing course and throwing support behind a proposed annual tax on high-end second homes in New York City.<\/p>\n

Hochul, who had previously resisted the measure, now says affluent property owners \u2014 particularly those with multimillion-dollar second homes \u2014 should help shoulder the burden of growing revenue gaps.<\/p>\n

The proposed \u201cpied-\u00e0-terre\u201d tax would apply to second homes valued above $5 million, with higher rates for properties exceeding $15 million and $25 million.<\/p>\n

Lawmakers estimate it could generate roughly $500 million annually and affect around 13,000 properties. <\/p>\n

Urgency for new revenue streams has been heightened by New York City\u2019s<\/a> looming multi-billion dollar budget shortfall \u2014 which was left by Eric Adams\u2019 administration. <\/p>\n

Real estate industry groups have pushed back hard on the tax proposal, warning it could weaken the broader economy, reduce construction jobs and depress property values<\/a>.<\/p>\n

Bill Kowalczuk, a real estate broker at Manhattan-based Coldwell Banker Warburg<\/strong>, said the policy would likely cool \u2014 but not derail \u2014 the top tier of the market.<\/p>\n

\u201cIt would slightly reduce demand,\u201d he told \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>. \u201cThe ultra-luxury market is strong due to limited inventory, but a new annual cost will give buyers a reason to pause or negotiate. It doesn\u2019t break the market, but it takes some urgency out, especially for second-home buyers at this price point.\u201d<\/p>\n

Kowalczuk noted that second-home buyers make up a significant share of the luxury segment \u2014 and their motivations matter when assessing the policy\u2019s impact.<\/p>\n

\u201cAbout 30% to 40% of ultra-luxury buyers are getting second homes and many come from other countries or live in New York part-time,\u201d he said. \u201cWhile they aren\u2019t all \u2018refugees,\u2019 many seek something stable, want to spread out their money and have a place in the city.\u201d<\/p>\n

Is pushback overblown?<\/h2>\n

Rather than abandoning New York upon the new tax being implemented, Kowalczuk expects most wealthy buyers to adjust financially.<\/p>\n

\u201cMost will negotiate harder on the price,\u201d he said. \u201cAt this level, buyers won\u2019t walk away from New York that easily, but they will absolutely adjust pricing to offset the new costs of ownership. A smaller group may look more seriously at places like Florida, but New York will always hold a unique position domestically and globally.\u201d<\/p>\n

Kowalczuk also pushed back on industry warnings of severe economic fallout.<\/p>\n

\u201cIt\u2019s a fair point, but I believe it is overstated,\u201d he said. \u201cThere could be some pressure on values at the very top end and potentially slower new development activity, but the ultra-luxury market is resilient; the numbers seem really large to the average person. But, someone who has a $10M second home won\u2019t see it the same way. It [the market] won\u2019t stop. It may just not move as aggressively as it has lately.\u201d<\/p>\n

On why the proposal may gain traction now despite failing in the past, Kowalczuk pointed to shifting political and fiscal realities.<\/p>\n

\u201cYou now have support at both the state and city levels, and the need for revenue is more immediate,\u201d he said. \u201cThe proposal feels more real this time, but it still comes down to the final details and what everyone agrees to.\u201d<\/p>\n

Surging demand at the very top \u2014 despite uncertainty<\/h2>\n

Debate comes as the ultra-luxury market<\/a> shows surprising strength \u2014 even amid economic uncertainty and geopolitical instability.<\/p>\n

\u0414\u0430\u043d\u043d\u044b\u0435 HousingWire<\/strong> indicates pending sales in the ultra-luxury single-family segment \u2014 defined by a $4.3 million median price \u2014 jumped 200% in the most recent weekly period.<\/p>\n

At the same time, price cuts dropped to 11.8%, well below the city\u2019s long-term average of 17.9%.<\/p>\n

That momentum suggests deep-pocketed buyers are still actively competing for scarce inventory.<\/p>\n

Outside the ultra-luxury segment, however, conditions are more mixed.<\/p>\n

New listings in the broader luxury market \u2014 including condos and townhomes with a $2 million median price \u2014 fell 17% to 179 properties. The co-op sector saw an even steeper 26% decline in new listings, pointing to persistent supply constraints.<\/p>\n

As New York\u2019s market dynamics and state lawmaker negotiations play out, the proposed tax could provide a revenue solution while also testing one of the world\u2019s most exclusive housing markets.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

New York Governor Kathy Hochul is reversing course and throwing support behind a proposed annual tax on high-end second homes in New York City. Hochul, who had previously resisted the measure, now says affluent property owners \u2014 particularly those with multimillion-dollar second homes \u2014 should help shoulder the burden of growing revenue gaps. The proposed […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-62807","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nWill new tax on ultra-luxury NYC homes derail red-hot demand? - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/will-new-tax-on-ultra-luxury-nyc-homes-derail-red-hot-demand\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will new tax on ultra-luxury NYC homes derail red-hot demand?\" \/>\n<meta property=\"og:description\" content=\"New York Governor Kathy Hochul is reversing course and throwing support behind a proposed annual tax on high-end second homes in New York City. 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