"Governor Hochul stated, 'if you can afford a multi-million dollar second home in New York City, you can afford to join its residents in supporting the greatest city in the world.'"
"'Thanks to the support of Governor Hochul, we are one step closer to balancing our budget by taxing the ultra-wealthy and global elites with a pied-à-terre tax - the first of its kind in our state,' said Mayor Mamdani."
"'This is a smart, sensible proposal that will generate significant new revenue to help fund the vital services New Yorkers rely on,' stated City Council Speaker Julie Menin."
Governor Kathy Hochul is proposing an annual tax on New York City residents who own second homes valued at $5 million or more. This tax aims to generate approximately $500 million annually to help close the city's $5.4 billion budget deficit. Mayor Mamdani supports this initiative, stating it will help fund essential public services. City Council Speaker Julie Menin also backs the proposal, emphasizing its potential to generate significant revenue and address the affordability crisis in the city.
Read at News 12 - Long Island
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