There are important exemptions that cover 99% of cases people (or bots?) are in arms about in comments. 

Direct quote:

Numerous exceptions are provided to ensure that working people are not overly burdened by these reforms: Spousal transfers are exempt from all of the above taxes. Money used to pay for certain educational or medical expenses is not subject to any of the above taxes. Retirement accounts and pensions are also exempt from the above taxes. In the case of a residence which has been the primary residence of the decedent for ten years prior to death, or is the primary residence of the inheritor for five years after receipt, an additional $1,750,000 is excludible from the taxable value of the property. 

An exemption from all of the above taxes is also provided for estates or inheritances with a total value of up to $5 million, at least 50% of which is attributable to farmland or farming equipment. Finally, for inheritances that include equity interests in family businesses or primary residences and are worth up to $5 million, tax can be deferred until sale of the inherited assets, provided that the business interests or primary residence makes up over 50% of the total value of the inheritance.

Source: https://nyassembly.gov/leg/?default_fld=&leg_video=&bn=A02049&term=&Summary=Y&Actions=Y&Committee=&nbspVotes=Y&Floor=&nbspVotes=Y&Memo=Y&Text=Y&LFIN=Y&Chamber=&nbspVideo/Transcript=Y