New York Gov. Kathy Hochul has announced a handshake deal on a $268 billion state budget that includes a controversial tax on luxury second homes in New York City, a measure aimed to help ease the city’s fiscal pressures.
The “general agreement,” as Hochul described it on May 7, would increase state spending by more than 5.5 percent over the current fiscal year. It also includes measures to expand housing production, increase child care subsidies, scale back parts of the state’s climate mandates, and eliminate the state income tax on tips.
