Hochul Targets NYC's Multimillion-Dollar Second Homes In $268 Billion Budget Framework

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Source: Zero Hedge
Published: 2026-05-08 10:30 UTC+10:00
Section: General
Factuality Score: 100
Opinion Category: Neutral
Topics: Politics, Education, Tax & Budget
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Snippet:
New York is taking direct aim at the city’s ultra-wealthy absentee owners. In a major policy shift announced Thursday, Governor Kathy Hochul and state legislative leaders reached a framework agreement on a $268 billion state budget that includes a new annual tax on multimillion-dollar second homes in New York City - a move designed to generate roughly $500 million a year to help close the city’s projected $5.4 billion budget deficit.
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