Gov. Kathy Hochul (D-NY) proposed on Tuesday a new tax on wealthy earners who own second homes in New York City that are worth $5 million or more.

The move is intended to address the city’s estimated $5.4 billion budget deficit, which Mayor Zohran Mamdani is trying to solve with tax hikes for high earners and spending cuts. Mamdani has blamed the Eric Adams administration for the inherited budget crisis.

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