Upstate Democratic lawmakers want a piece of the extra revenue pie Gov. Kathy Hochul is serving New York City by taxing luxury second homes in the five boroughs.
Last week, Hochul announced a new late budget fight (as she tends to do) – proposing a pied-à-terre tax on second homes in New York City worth $5 million or more that are not rented out full-time or listed as the owner’s primary residence. Details remain scarce with no official language released to lawmakers or the public, but Hochul estimates it will generate a recurring $500 million for the city per year to help chip away at a projected $5.4 billion deficit.
State Sen. Pat Fahy told City & State that plenty of upstate communities – like Saratoga Springs, Lake George and Lake Placid – have high-value second homes that owners leave vacant for most of the year, which should be subject to the tax, too…