New York State towards tax on millionaire pied-a-terres

In the new budget bill adopted by consensus by New York State leaders, there is also a tax on second homes for the super-rich in New York City. This was announced by the state governor Kathy Hochul. The tax was part of the platform with which New York Mayor Zohran Mamdani was elected last year. It is unclear what the size of the tax will be, which Hochul supported despite her known aversion to introducing new levies. The goal is to raise $500 million each year, which should help offset the city's $5.4 billion deficit.