NEW YORK (BLOOMBERG) — Gov. Kathy Hochul announced a tentative deal on a $268 billion state budget, with legislative leaders agreeing to impose a tax on second homes in New York City and weaken the state climate law.
Other measures in the proposed deal would create carveouts to the state’s environmental review process to streamline housing development, and adjust the state’s insurance payout process as Hochul seeks to make inroads on residential affordability concerns.
New York City will also receive $1.5 billion in operational aid, which Mayor Zohran Mamdani has celebrated as city budget officials work to address a $5.4 billion two-year budget gap. Hochul, who is facing reelection this fall, has faced pressure from lawmakers to both her left and right to make the state more affordable, though they disagree over how to get there…