New York City Mayor Zohran Mamdani announced a plan to impose an annual tax on second homes valued at more than $5 million or condos and co‑ops over $1 million, targeting nearly one million properties.

The proposal aims to generate about $500 million in annual revenue to fund social programs addressing affordability in a city where housing costs remain among the highest in the world.

The city released a list of addresses and owner names in late July, a step that prompted a city council oversight hearing on Tuesday. Council member Gale Brewer said she supports the tax but noted implementation challenges, while council member Kamillah Hanks described the list as a "hit list" that could threaten security.

Professor Dave Backer of the school finance department said wealthy homeowners appeared to protest excessively, and resident Beverly Solo, who wore a "Tax The Rich" shirt, called the measure reasonable and fair.

A coalition of homeowners has sued to stop the publication of the list, arguing that it endangers personal safety and creates opportunities for fraud. Real estate executive Jason Haber warned that the public data could be used by scammers and foreign actors.

Morris Pearl, a former BlackRock director and chair of Patriotic Millionaires, dismissed concerns about reduced investment, stating that owners of properties worth over $5 million can afford higher taxes. He said the policy aligns with broader goals of reducing socioeconomic disparity.

Similar taxes exist in France, where a local surcharge up to 60 percent applies in Paris, and in Vancouver, Canada, where an empty homes tax has raised over $190 million and reduced vacancy rates. In San Francisco, a voter‑approved empty homes tax faced legal challenges and remains pending.

The tax proposal now awaits further review as the city confronts a legal challenge and mixed public reaction, with the ultimate impact on housing affordability and city revenue remaining uncertain.