Hochul Targets NYC's Multimillion-Dollar Second Homes In $268 Billion Budget Framework

Hochul Targets NYC's Multimillion-Dollar Second Homes In $268 Billion Budget Framework New York is taking direct aim at the city’s ultra-wealthy absentee owners. In a major policy shift announced Thursday, Governor Kathy Hochul and state legislative leaders reached a framework agreement on a $268 billion state budget that includes a new annual tax on multimillion-dollar second homes in New York City - a move designed to generate roughly $500 million a year to help close the city’s projected $5.4 billion budget deficit. The proposal, often called a “pied-à-terre” tax (French for...