In a dramatic shift in stance, New York Governor Kathy Hochul has announced her support for a proposed pied-à-terre tax in New York City. The tax, which targets wealthy individuals who own luxury apartments in the city but do not reside there full-time, aims to help close the state's growing budget deficit. Hochul's change of heart comes as the state grapples with a projected $7 billion shortfall, and the governor is under pressure to find innovative solutions to address the financial crisis. The pied-à-terre tax has been a contentious issue, with some arguing that it unfairly targets high-net-worth individuals, while others see it as a necessary measure to redistribute wealth and alleviate the financial burden on working-class New Yorkers.
New York Gov. Kathy Hochul flips position, pushing for NYC pied-à-terre tax to close spending deficit ABC7 New York
