NYC Luxury Realtors Blast Hochul’s Proposed Tax on Second Homes

In a city of multimillion-dollar apartments and glittering towers dotted with pieds-à-terre, Governor Kathy Hochul’s proposed tax on high-end second homes set off immediate alarm among New York luxury real estate agents.

Concerned messages from affluent clients started pouring in just hours after the announcement Wednesday, according to brokers. Ian Slater, who leads a team of real estate agents for Compass’ Trove Partners, said three buyers decided to hit pause on their house hunting while others are reassessing what, if anything, they should be purchasing in New York City.

People stand in Central Park as the sun rises on Central Park Tower, 220 Central Park South, and the Steinway Tower on Billionaires’ Row in New York.

Photographer: Gary Hershorn/Getty Images

“The simple fear of a tax is significant enough to ...