New York City Mayor Zohran Mamdani appears to have won his first significant concession from Gov. Kathy Hochul in the escalating fight over how to close the city's budget gap. Hochul has decided to back a new annual surcharge on New York City second homes worth $5 million or more when they are owned by people whose primary residence is outside the city, according to details reported Tuesday.
The governor hopes the measure will raise about $500 million a year to help address the city's fiscal shortfall, reports The New York Times.
