Gov. Kathy Hochul is proposing state budget legislation that would allow New York City to impose a property tax surcharge on non-primary residences valued at more than $5 million, a plan her administration says could generate at least $500 million a year in recurring revenue for the city.
At a Wednesday press briefing, Hochul said the measure would apply to second homes and investor-owned apartments, not to primary residences where the owner lives full-time or to units rented to full-time tenants.
