""This is a targeted surcharge on second homes and investor-owned apartments worth over $5 million, homes that, in many cases, sit vacant for a large part of the year," Hochul said at an unrelated press conference Wednesday. "They're part of our skyline, but those people are not part of our city.""
"Hochul reiterated her opposition to the proposed wealth taxes as well as a property tax increase, calling them all 'nonstarters.' The pied-à-terre tax will be proposed as part of the state budget, which was due two weeks ago on April 1."
Governor Kathy Hochul has proposed a pied-à-terre tax aimed at wealthy owners of secondary homes in New York City. This surcharge will apply to properties valued over $5 million that are often unoccupied. The tax is expected to generate at least $500 million in revenue to help address a $5.4 billion budget shortfall. Hochul has opposed other tax proposals on the wealthy, emphasizing that this targeted tax is a significant shift in her approach to revenue generation.
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