Where New York’s budget landed on real estate

Nearly two months behind schedule, New York finally has a state budget. State lawmakers approved the $268.5 billion spending plan late Wednesday, with Gov. Kathy Hochul signing much of it into law Thursday afternoon. Buried within the budget’s thousands of pages are several measures poised to reshape the real estate landscape, from environmental review reform to a controversial pied-à-terre tax to the much-anticipated revival of a tax break for certain residential properties investing in upgrades.  Here’s a look at the policies with the biggest implications for the industry and property owners. Environmental review reform The state budget delivered the first […]

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