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In a surprising shift, Gov. Kathy Hochul is behind a new proposal to tax the ultra-wealthy who own multiple homes in the state. The pied-à-terre tax, as proposed by Hochul and Mayor Zohran Mamdani, applies a surcharge to anyone with a second home outside of New York City valued above $5 million. The tax is estimated to generate $500 million annually, according to the mayor's office. The proposed tax is expected to be part of the next state budget, which lawmakers are months behind in approving.

In a surprising shift, Gov. Kathy Hochul is behind a new proposal t…

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