"New York's Wealthy Elite May Face Double Taxation: Governor Hochul Backs Proposal to Tax Out-of-State Luxury Homes. In a move that could have significant implications for the state's affluent residents, Governor Kathy Hochul is lending her support to a proposal that would target wealthy New Yorkers who own second homes worth more than $5 million outside of New York City. Under the proposed legislation, these individuals would face a tax on their out-of-state properties, sparking debate over the fairness and effectiveness of the measure. As the state continues to grapple with budget deficits and rising costs, the plan aims to tap into a previously untapped revenue source, but critics argue it could drive wealthy residents to other states, depriving New York of valuable tax dollars."
Gov. Kathy Hochul is supporting a proposal to tax wealthy New Yorkers who own a second home outside NYC worth more than $5 million.
