New York Governor Kathy Hochul has proposed a new pied-à-terre tax targeting luxury second homes worth $5 million (around £3.7 million) or more in New York City, in a move aimed at closing a widening budget gap without increasing pressure on working residents.
The plan would allow the city to impose an annual surcharge on high-value properties that are not used as primary residences, with officials estimating it could raise at least $500 million (roughly £368 million) per year in recurring revenue.
