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Pied A Terre Tax

All articles tagged with #pied a terre tax

politics2 hours ago•9 min saved

Hochul’s pied-à-terre tax cements a high-stakes NY alliance with Mamdani

New York Gov. Kathy Hochul backs a pied-à-terre tax on NYC luxury residences worth $5 million and up to help Mayor Zohran Mamdani close a roughly $5.4 billion city budget gap, signaling a pragmatic, high-profile alliance between a moderate governor and a far-left mayor. The move strengthens Mamdani’s financial footing and boosts Hochul’s NYC standing, but it risks political blowback from the business community and leaves unresolved debates on broader tax policy and policing.

via Politico|

#budget-gap #kathy-hochul #new-york-city

politics1 day ago•5 min saved

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.

via ABC7 New York|

#kathy-hochul #new-york-city-budget-deficit #new-york-state-politics