New York Governor Kathy Hochul is advancing a proposal to impose a new tax on high-value second homes in New York City, marking a shift from her earlier resistance to broader tax increases on wealthy residents.
The plan would apply a yearly surcharge to non-primary residences valued at $5 million or more, targeting luxury properties often left unoccupied for much of the year. State officials estimate the measure could generate roughly $500 million in annual revenue as lawmakers work to close a multibillion-dollar budget gap.
The proposal arrives amid ongoing budget negotiations in Albany, which have extended past the April 1st deadline. The fiscal shortfall has intensified pressure on state leaders and heightened calls for new revenue streams…