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