"New York's Wealthy Out-of-Towners in Crosshairs: Hochul Backs Plan to Tax Second Homes In a move aimed at addressing the state's fiscal woes and closing the wealth gap, Governor Kathy Hochul is throwing her weight behind a proposal to tax New Yorkers who own second homes worth more than $5 million outside of New York City. The plan, which would target some of the state's wealthiest residents, aims to generate much-needed revenue for the state's struggling economy. Critics argue that the tax would disproportionately affect the affluent, while proponents claim it's a fair way to redistribute wealth and hold onto the state's most valuable assets. As the proposal gains momentum, it remains to be seen whether it will pass into law and spark a new era of tax reform in New York."
Gov. Kathy Hochul is supporting a proposal to tax wealthy New Yorkers who own a second home outside NYC worth more than $5 million.
