Gov. Kathy Hochul (D-NY) proposed on Tuesday a new tax on wealthy earners who own second homes in New York City that are worth $5 million or more. The move is intended to address the city’s estimated $5.

New York Gov. Kathy Hochul (D) and New York City Mayor Zohran Mamdani (D) have proposed a new tax on property owners who have second homes in New York City worth more than $5 million, in an effort to narrow the city’s budget deficit by targeting the ultrawealthy.

The Council’s plan outlines revised estimates and efficiencies it says would balance the books without the measures Mamdani is talking about.

Gov. Kathy Hochul’s pied-à-terre tax on expensive secondary residences in the city will bring in at least $500 million a year to city coffers amid Mayor Zohran Mamdani’s full-court press

The head of an influential Big Apple business advocacy group warned that companies are already taking steps to relocate or move jobs elsewhere because of Mayor Zohran Mamdani’s tax-hike crusade. Steve Fulop,

New York policymakers push higher taxes on wealthy nonresident homeowners, intensifying the debate over revenue, housing and economic competitiveness.

After pushing Gov. Kathy Hochul for greater tax on the rich, New York City mayor could get his wish ahead of New York’s budget being finalized.

The City Council released a $127 billion alternative budget plan Wednesday that doesn’t raise property taxes, dip into reserves or cut services to make ends meet — a slap-down for Mayor Zohran Mamdani.

A new program managed by the city will reduce the cost of property and liability insurance for affordable and rent-stabilized housing.