NYC Second-Home Tax to Raise $500 Million Advances in Budget (1)

New York lawmakers approved a new tax on second homes to raise $500 million for New York City after weeks of debate between city and state officials over how to structure it.

The tax on New York City getaways worth more than $5 million passed the state Senate and Assembly on Wednesday. The levy is expected to affect roughly 10,000 properties, according to city estimates, and takes effect July 1.

The Senate voted 38-24 to approve the measure, and the Assembly passed it 93-49. Several Democrats joined Republicans to vote “no” on the bill.

The measure (A10009C) also ...