Gov. Kathy Hochul is preparing to pick a fight with New York City’s luxury real estate industry, reviving a dormant proposal for a tax on second homes. Hochul is set to propose an annual tax surcharge on second homes valued at $5 million and above, the New York Times reported. The goal is to raise $500 million annually in an attempt to lessen the city’s deficit. Details on how the surcharge would be applied were not immediately available, but one possibility is a sliding scale model that would tax more valuable properties at higher rates. The governor aims to put […]

This article originally appeared on The Real Deal. Click here to read the full story.