NY Announces $268 Billion Budget Deal Including Second-Home Tax
Hochul has resisted calls to raise income taxes on millionaires and large corporations ahead of competitive primary races.
Governor of New York Kathy Hochul
Photographer: Adam Gray/BloombergNew York Gov. Kathy Hochul (D) announced a tentative deal to impose a tax on second homes in New York City as part of a $268 billion budget that will also weaken the state’s climate law.
Budget discussions this year have been complicated by debates over how to fill the city’s $5.4 billion two-year budget gap, with Hochul and state lawmakers this week settling on the pied-à-terre levy aimed at high earners who don’t call the city home. The deal announced Thursday did not include details of how the second-home tax would work.