"Gov. Kathy Hochul plans to seek state budget legislation allowing New York City to impose a property tax surcharge on non-primary residences valued at $5 million or more, which could generate at least $500 million a year in recurring revenue for the city."
"Hochul cast the measure as a way to shift more of the burden onto wealthy property owners whose New York City homes sit empty for much of the year, stating, '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.'"
"City Council Speaker Julie Menin applauded Hochul's plan, calling it a smart, sensible proposal that would generate significant new revenue to help fund city services."
Governor Kathy Hochul plans to allow New York City to impose a property tax surcharge on non-primary residences valued at $5 million or more. This proposal aims to generate at least $500 million annually for the city, addressing a $5.7 billion budget gap. Mayor Zohran Mamdani supports the initiative, emphasizing the need for wealthy property owners to contribute more. Hochul's statement highlights the burden on New Yorkers and the necessity for affluent homeowners to support city services.
Read at www.amny.com
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