“Death by a thousand cuts”: real estate reacts to governor’s pied-à-terre tax proposal

After months of fretting about how Mayor Zohran Mamdani’s election and policy promises could impact the luxury residential market, New York City agents and brokers instead received a surprise tax proposal from outside the city.  Gov. Kathy Hochul on Tuesday put forward an annual tax surcharge on second homes in New York City worth $5 million or more. Hochul has yet to reveal specifics on the tax, but the governor expects the tax to raise $500 million in annual revenue.  The move, which comes two weeks after the state budget was initially due on April 1, is the latest evolution […] This article originally appeared on The Real Deal. Click here to read the full story.