Hochul Backs New Tax on Second Homes in New York City Worth at Least $5 Million

New York Governor Kathy Hochul is backing a new tax on second homes in New York City worth at least $5 million as a way to raise cash for the city’s struggling budget.

“If you can afford a multi-million dollar second home in New York City, you can afford to join its residents in supporting the greatest city in the world,” Hochul said in a social media post Tuesday that provided few details of how the tax would work.