""The property value of homes like that is driven by everything New York City has to offer, but the people who own these pieds-à-terre are not contributing in the same way the 8.3 million New York residents do.""
""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.""
Governor Kathy Hochul proposed a pied-à-terre tax targeting luxury homes valued over $5 million owned by nonresidents. This tax aims to generate at least $500 million annually, addressing a significant budget shortfall in New York City. The proposal is framed as a fairness issue, as wealthy homeowners benefit from the city's amenities without contributing to its economy. Mayor Zohran Mamdani supports the initiative, emphasizing its role in taxing the ultra-wealthy to help balance the city's budget.
Read at Newsday
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