Second-Home Tax Plan Is Set for Final Budget, NY Official Says

New York Gov. Kathy Hochul’s proposed tax on second homes in New York City worth more than $5 million will end up in the final budget plan, a state official said at a Tuesday discussion hosted by a nonprofit focused on state and city finances.

The so-called “pied-à-terre” levy is a done deal in the state’s fiscal 2027 budget that is nearly three weeks overdue, New York Director of State Operations Jackie Bray told the Citizens Budget Commission. The tax would apply to roughly 13,000 properties and is expected to raise $500 million to help close New York City’s $5.4 ...