"New York's Wealthy Elite in Crosshairs: Governor Hochul Backs Plan to Tax Out-of-State Luxury Properties In a move aimed at closing the state's budget gap and redistributing wealth, Governor Kathy Hochul is throwing her weight behind a proposal to impose a tax on wealthy New Yorkers who own second homes worth over $5 million outside of New York City. The plan, which would target individuals with significant financial resources, is likely to face intense scrutiny from lawmakers and the state's affluent communities. As the state grapples with rising costs and a dwindling budget, Hochul's support for the tax could signal a shift in the state's approach to addressing its financial woes. With the proposal set to spark heated debate, one thing is clear: New York's wealthy elite will be under the microscope like never before."
Gov. Kathy Hochul is supporting a proposal to tax wealthy New Yorkers who own a second home outside NYC worth more than $5 million.
