New York State lawmakers are set to debate a significant expansion of the city's pied-à-terre tax, a measure that has been in place since 2022 to target wealthy New Yorkers who own homes in the city but don't live there full-time. The proposed change would extend the tax to properties in upstate cities, such as Buffalo and Albany, as well as potentially other areas, in an effort to generate more revenue for the state. Proponents of the expansion argue that it would help to offset the costs of the state's budget, which has been strained by rising expenses and declining tax revenues. However, critics warn that the move could drive up property values and make it even more difficult for working-class residents to afford homes in these areas.
Pied-à-terre tax in New York: Upstate expansion, NYC revenues, and the budget CNYhomepage.com
