New York Governor Kathy Hochul is reportedly considering a tax on second homes worth over $5 million, a move that could significantly impact the city's affluent residents and real estate market. The proposed pied-à-terre tax would target high-end properties in New York City, where wealthy individuals often own luxury apartments as secondary residences. The move is seen as a way to address the city's growing wealth gap and generate revenue for local services, but it's likely to face opposition from property owners and real estate industry groups. The exact details of the proposal remain unclear, but it's expected to be a contentious issue in the state's budget negotiations.
Gov. Kathy Hochul eyes NYC pied-à-terre tax on second homes worth over $5 million, sources say CBS News
