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New York to tax luxury second homes in NYC but stops short of hiking income taxes on the wealthy
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New York to tax luxury second homes in NYC but stops short of hiking income taxes on the wealthy

The Seattle Times·ANTHONY IZAGUIRRE The Associated Press·25 days ago
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NEW YORK (AP) — People who buy luxurious second homes in New York City, but live most of the year elsewhere, would have to pay a new tax on the properties under a tentative agreement — an initiative to appease Mayor Zohran Mamdani and liberal voters who launched him into office with chants of “tax the rich.” But the deal, part of a sprawling budget plan announced Thursday by Gov. Kathy Hochul, would stop short of a major priority for the mayor: a broad tax increase on the state’s wealthiest residents. The proposed tax on multimillion-dollar second homes, known as pied-à-terres, comes as Democrats are trying to address voter concerns about affordability ahead of this year’s midterm elections without alienating the business community.…

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