"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."
"The idea, announced Wednesday, would allow the city to impose a tax surcharge on secondary residences worth over $5 million, with the governor's office saying it could generate at least $500 million annually."
Governor Kathy Hochul has proposed a new tax on second homes worth over $5 million in New York City, known as pied-à-terres. This initiative aims to generate at least $500 million annually to help fill a multibillion-dollar budget gap. Hochul emphasizes the need for wealthy homeowners to contribute to the city's finances. Mayor Zohran Mamdani supports the proposal, viewing it as a step towards taxing the ultra-wealthy and addressing the city's financial challenges while maintaining essential services.
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