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Hochul backs luxury second-home tax to help close NYC budget gap

1 min read
Source: ABC7 New York
Hochul backs luxury second-home tax to help close NYC budget gap
Photo: ABC7 New York
TL;DR

Gov. Kathy Hochul partially reverses course and endorses a pied-à-terre tax on NYC second homes over $5 million to help close the city’s multibillion-dollar deficit, a move paired with Mayor Mamdani’s push for higher taxes on the ultra-wealthy. The plan, which could affect about 13,000 homes and aim for roughly $500 million annually, faces opposition from real estate groups who warn it could hurt the economy and property values.

Topics:nationpolitics#kathy-hochul#new-york-city-budget-deficit#new-york-state-politics#pied-a-terre-tax#politics#wealth-tax
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  1. New York Gov. Kathy Hochul flips position on increased taxation, pushing for NYC pied-à-terre tax to close spending deficit  ABC7 New York
  2. Hochul Proposes Tax on N.Y.C. Second Homes That Are Worth $5 Million  The New York Times
  3. New York Governor Proposing Tax on Second Homes Worth $5 Million or More  WSJ
  4. Hochul proposes tax on luxury second homes in NYC; Mamdani and Menin approve  amNewYork
  5. Hochul floats tax on NYC second homes worth $5M or more  Gothamist

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