No one saw it coming — and that was by design. Gov. Kathy Hochul’s proposal for an annual tax on second homes in New York City worth $5 million or more leaves no opportunity for real estate to beat it back, as the industry did in 2019. A state budget deal, now more than two weeks late, is being negotiated behind closed doors. Advocacy campaigns are continuing for its hot-button issues, such as auto insurance reform, but there is no time for luxury condominium developers, residential brokerages and trade groups such as the Real Estate Board of New York to […]

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