From Newsgroup: nyc.politics
New York Gov. Kathy Hochul is proposing additional taxes on homeowners
with second homes worth $5 million or more.
The idea targets a long-debated practice in which wealthy buyers
purchase high-end properties that are not their primary residences and
pay relatively low taxes compared to full-time New York residents.
In recent years, some New Yorkers have raised concerns about the number
of luxury apartments in the city that remain largely vacant, with
critics arguing that some owners pay less overall in taxes than
residents who live and work in the city full-time.
HochulrCOs announcement comes as she and lawmakers in Albany are already
weeks late on delivering the next state budget, despite the governor
having put out her budget proposal for the upcoming fiscal year four
months ago.
In recent weeks, New York City Mayor Zohran Mamdani has said he would
consider raising property taxes if lawmakers in Albany do not approve
new taxes on the wealthy to help address the cityrCOs fiscal challenges.
The governorrCys new proposal is a shift. She had previously resisted MamdanirCOs calls to raise taxes on the rich and corporations, saying she
did not want to drive wealthy people out of the state.
While additional details still need to be worked out with state
lawmakers and New York City officials, the proposed tax would likely
involve different rates across multiple brackets.
HochulrCOs budget team estimates it could generate at least $500 million
in recurring revenue each year.
Learn to cut spending.
No more taxes.
https://gothamist.com/news/hochul-floats-tax-on-nyc-second-homes-worth-5m-or-more
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