New York Governor Kathy Hochul has proposed implementing a tax on second homes in New York City valued at $5 million or more, targeting luxury properties owned by the ultrawealthy.

The proposed measure, known as a "pied-à-terre" tax, would impose an annual surcharge on qualifying properties. The tax specifically targets secondary residences rather than primary homes, affecting property owners who maintain expensive second homes in the city.

The proposal primarily impacts wealthy individuals who live outside New York City but own high-value secondary properties within the city limits. Properties would need to exceed the $5 million threshold to be subject to the tax.

Hochul, who has previously opposed certain tax increases, has expressed support for this particular luxury tax measure. The governor's backing of the proposal represents a targeted approach to taxation that focuses on the ultrawealthy rather than broader tax increases.

Details regarding the specific tax rate, implementation timeline, and legislative process for the proposed pied-à-terre tax have not yet been announced. The proposal would require legislative approval to become law.