""As Governor, I understand the importance of stabilizing the city's finances without compromising on essential services New Yorkers count on. If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker.""
""This proposal places me one step closer to balancing our budget by taxing the ultra-wealthy and global elites who can purchase properties and use them to store their wealth.""
Governor Kathy Hochul has proposed a new tax on second homes worth over $5 million in New York City, aiming to generate at least $500 million annually. This initiative seeks to address the city's budget deficit while responding to calls for taxing the wealthy. Mayor Zohran Mamdani supports the proposal, viewing it as a step towards balancing the budget and ensuring the ultra-wealthy contribute to the city's finances. Hochul emphasizes the importance of stabilizing finances without compromising essential services for New Yorkers.
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