A last-minute tax on luxury second homes is shaking up budget talks, according to NY1. Kathy Hochul is backing a “pied-à-terre” tax on NYC properties over $5 million owned by non-residents.
The proposal is gaining traction in the Legislature and could raise about $500 million. Supporters, including Zohran Mamdani, say it would fund essential city services and target ultra-wealthy property owners.
Real estate leaders warn it could slow sales and cut jobs. Lawmakers are also pushing additional taxes as budget talks drag past the deadline, with a temporary funding measure expected to keep the state running.
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