Mamdani’s NYC Budget Plan Counts on Taxing Pricey Second Homes

Most New Yorkers will not have to worry about seeing their property tax rates go up soon. But for a small number of those who own luxury second homes in the city, the prospect is still alive.

Mayor Zohran Mamdani on Tuesday ditched an earlier proposal to broadly raise property taxes by nearly 10%. Instead, his executive budget aims to close New York’s deficit with savings and more aid from Albany.

“We have balanced the budget, and we have done so without placing the burden on the backs of working New Yorkers,” Mamdani said at a news conference at City ...