Tax Man Coming for High-End 2nd Homes in NYC

New York's latest budget deal takes direct aim at President Trump's immigration crackdown, as well as luxury pieds-à-terre. Gov. Kathy Hochul on Thursday unveiled a tentative $268 billion agreement that includes a new surcharge on multimillion-dollar second homes in New York City, a notable move for a governor who has repeatedly said she doesn't want to raise taxes, per the New York Times. The levy is designed to collect about $500 million a year to help plug the city's projected $5.4 billion deficit. Hochul hasn't said exactly which second homes will be hit or what the tax rates will be.

The broader budget—struck more than five weeks past deadline — also boosts child care funding, caps auto insurance payouts, and includes measures intended to counter federal immigration enforcement tactics. Notably, it bars ICE agents from wearing masks. The budget also softens some of the state's climate targets—including lowering a net-zero emissions goal by 2040 to a 60% reduction instead—while allotting $1 billion in utility rebates and $1 billion for sustainable energy projects, per the Albany Times-Union. Speaking Thursday, Hochul said the legislature would be voting on the budget bills, and "the final details will be worked out through that process."