New York budget deal includes pied-à-terre tax on luxury second homes but no broad income tax hike on wealthy
By
geox
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Summary
New York state lawmakers have reached a tentative budget agreement that includes a new tax on luxury second homes (pied-à-terres) in New York City, aimed at appeasing Mayor Zohran Mamdani and his progressive base who campaigned on "tax the rich." However, the deal stops short of Mamdani's broader priority of a significant income tax increase on the state's wealthiest residents. The proposal comes as Democrats seek to address affordability concerns ahead of the midterm elections.
Key quotes
· 3 pulledPeople who buy luxurious second homes in New York City, but live most of the year elsewhere, would have to pay a new tax on the properties under a tentative agreement
The deal, part of a sprawling budget plan announced Thursday by Gov. Kathy Hochul, would stop short of a major priority for the mayor: a broad tax increase on the state's wealthiest residents
The tax on multimillion-dollar second homes, known as pied-à-terres, will come as Democrats are moving to find ways to address concerns about affordability ahead of this year's midterm elections
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