"Hochul's proposal would allow the city to impose a tax surcharge on secondary residences worth over $5 million, potentially generating at least $500 million annually to fill a multibillion dollar budget hole."
"As Governor, I understand the importance of stabilizing the city's finances without compromising on essential services New Yorkers count on. If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker."
"Mamdani, who has called for a much broader tax increase on the rich, cast the proposal as a win, saying it places him one step closer to balancing our budget by taxing the ultra-wealthy and global elites."
Governor Kathy Hochul has proposed a new tax on second homes worth over $5 million in New York City. This initiative aims to generate at least $500 million annually to help address the city's budget deficit. Hochul's proposal seeks to balance the need for financial stability with essential services for New Yorkers. Mayor Zohran Mamdani supports the measure, viewing it as a step towards taxing the ultra-wealthy. The proposal will be included in the upcoming state budget negotiations.
Read at AP News
Unable to calculate read time
Collection
[
|
...
]