New York Governor Kathy Hochul has unveiled a comprehensive state budget that includes a highly anticipated tax on luxury second homes in New York City. The so-called "pied-à-terre tax" aims to target wealthy individuals who own multiple properties in the city, generating an estimated $1 billion in revenue for the state. The proposed tax would apply to homes valued at over $5 million and would be levied on properties owned by individuals who do not reside in the city full-time. As the city grapples with rising housing costs and affordability issues, the tax is seen as a key measure to address these concerns and redistribute wealth.
New York Gov. Kathy Hochul unveils budget including NYC pied-à-terre tax CBS News
