The tax on so-called pieds-à-terre comes as Democrats across the country are increasingly looking to increase taxes on the wealthy as a means of addressing the affordability concerns that remain top of mind for many voters ahead of the midterm elections.
Ms. Hochul still has not released details of how many second homes will be subject to the new tax, or what the new rates will be. The goal is to raise $500 million each year, which will go toward closing the city’s estimated $5.4 billion budget deficit.
Despite agreements on several of Ms. Hochul’s policy priorities, there were still many details of the state’s spending plan that she will need to resolve before the Senate and Assembly can begin voting on the nine separate bills that make up the budget.
The immigration bill also forbids local law enforcement officials from entering formal cooperation agreements with ICE, and prohibits agents from searching New Yorkers’ homes, hospitals, churches and schools without a warrant signed by a judge.
This is a developing story. Check back for updates.