"From her standpoint, she has stayed firm to what she has said. The mayor, for his part, needs more money to fill his budget gap. This provides a good amount. Everybody ought to end up happy on this."
"Talks about the pied-à-terre proposal turned serious in recent weeks. The mayor and governor spoke about the proposal on the phone earlier in the week."
"The mayor's team has pushed for additional revenue to plug a $5.4 billion budget gap and floated several ideas, including raising income and corporate taxes, which the moderate governor shot down."
"They settled this month on a pied-à-terre tax, a long-proposed idea that was last seriously floated in 2019."
Mayor Zohran Mamdani endorsed Governor Kathy Hochul, leading to a compromise on a pied-à-terre tax aimed at ultrawealthy second-home owners. This agreement allows the mayor to claim a political victory on wealth taxation while helping the governor address a budget battle. The mayor's team sought additional revenue to fill a $5.4 billion budget gap, proposing various tax ideas, but settled on the pied-à-terre tax. The proposal was shared with legislative leaders shortly after its finalization.
Read at Gothamist
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