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Mamdani, Hochul propose tax on New York second homes worth more than $5 billion

Mamdani, Hochul propose tax on New York second homes worth more than $5 billion

By Maria Tsvetkova NEW YORK, April 15 (Reuters) - New York State Governor Kathy Hochul proposed on Wednesday a new tax on second homes worth over $5 million that was backed by New York Mayor Zohran Mamdani.
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New York's Pied-à-Terre Tax Targets Absentee Wealthy Homeowners

New York's Pied-à-Terre Tax Targets Absentee Wealthy Homeowners

New York City Mayor Zohran Mamdani and Governor Kathy Hochul have introduced a pied-à-terre tax aimed at absentee owners of luxury homes valued over $5 million. This tax, part of the state's delayed budget, is expected to generate $500 million annually. It targets non-resident owners who use these properties as investments rather than primary residences. The initiative is part of a broader effort to address wealth inequality and generate revenue for the city. While the tax does not apply to primary residents, it reflects a growing trend of taxing the ultra-wealthy to address budget shortfalls and fund public services.
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As energy costs rise, some states back off ambitious climate goals

As energy costs rise, some states back off ambitious climate goals

New York launched ambitious goals to cut its long-term greenhouse gas emissions with clarion calls about saving the future
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Governor Hochul Advocates for Tax on NYC Second Homes Over $5 Million

Governor Hochul Advocates for Tax on NYC Second Homes Over $5 Million

Governor Kathy Hochul has announced a proposal to tax second homes in New York City valued at $5 million or more. This initiative targets luxury properties owned by nonresidents, aiming to generate substantial revenue to address the city's fiscal deficit. Hochul's proposal marks a shift in her stance, as she previously resisted calls to increase taxes on the wealthy. The tax is expected to raise at least $500 million annually, contributing to efforts to balance the city's budget. The proposal has garnered support from Mayor Zohran Mamdani and progressive groups advocating for fair taxation.
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New York mayor names East Harlem as first site for city-run grocery store

New York mayor names East Harlem as first site for city-run grocery store

By Maria Tsvetkova NEW YORK, April 14 (Reuters) - New York City Mayor Zohran Mamdani on Tuesday named East Harlem as the first site for a city-run grocery store, choosing a neighborhood where the median household income is below half the Manhattan average, in line with his affordability agenda that
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In apparent flub, Energy Secretary Wright says US heading 'in the wrong direction'

In apparent flub, Energy Secretary Wright says US heading 'in the wrong direction'

Energy Secretary Chris Wright raised eyebrows Tuesday after saying the country “looks like we’re going in the wrong direction” in remarks hailing a new natural gas pipeline project
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Governor Kathy Hochul Accuses Deputy Senate Leader of Lying Amid Budget Stalemate

Governor Kathy Hochul Accuses Deputy Senate Leader of Lying Amid Budget Stalemate

Governor Kathy Hochul has accused Deputy Senate Majority Leader Michael Gianaris of lying as the impasse over New York's $263 billion state budget continues into its second week. The disagreement centers around Hochul's proposal to amend liability statutes to reduce car insurance rates, which Gianaris and other lawmakers oppose, doubting its effectiveness. Hochul has also faced criticism for her attempt to delay climate law mandates. The budget's April 1 deadline has been missed, prompting the passage of temporary funding measures. Hochul insists she has compromised on some issues but remains firm on her car insurance proposal, which she views as essential for affordability.
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SAG-AFTRA Leaders Celebrate Unity at 'Rock the City' Event Amid Contract Talks

SAG-AFTRA Leaders Celebrate Unity at 'Rock the City' Event Amid Contract Talks

SAG-AFTRA Leaders Celebrate Unity at 'Rock the City' Event Amid Contract Talks
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2 men plead not guilty in alleged Islamic State-inspired bomb attempt outside New York mayor’s home

2 men plead not guilty in alleged Islamic State-inspired bomb attempt outside New York mayor’s home

Two men have pleaded not guilty to charges they brought homemade bombs to an anti-Muslim protest outside New York City’s mayor's home in a failed attempt at a terror attack inspired by the Islamic State group
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Governor Kathy Hochul Accuses Deputy Senate Leader of Lying Amid $263 Billion Budget Stalemate

Governor Kathy Hochul Accuses Deputy Senate Leader of Lying Amid $263 Billion Budget Stalemate

Governor Kathy Hochul has publicly accused Deputy Senate Majority Leader Michael Gianaris of lying as the New York state budget impasse enters its third week. The disagreement centers around Hochul's proposal to amend New York's liability statutes to reduce car insurance rates, which Gianaris and other lawmakers have criticized. Hochul claims that the trial lawyers lobby is spreading falsehoods about her plan, which she argues is an affordability measure. The budget, originally due April 1, has been delayed due to disagreements over car insurance reforms and climate law mandates. Lawmakers have passed temporary funding measures to keep the government operational, with the latest set to expire soon.
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At 100 days rally, Mamdani celebrates and charts a course toward city-run grocery stores

At 100 days rally, Mamdani celebrates and charts a course toward city-run grocery stores

New York City Mayor Zohran Mamdani rallied to celebrate 100 days in office, boosting his early accomplishments and charting future goals as he pledged to lead with a relentless focus on the city’s working-class
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New York Officials Oppose $1.5B Union Pension Proposal Amid Budget Concerns

New York Officials Oppose $1.5B Union Pension Proposal Amid Budget Concerns

Officials across New York are opposing a $1.5 billion pension proposal by unions that would allow government workers hired after 2012 to retire at 55 instead of 63. The proposal, part of negotiations with Governor Kathy Hochul, aims to amend the 'Tier 6' pension plan established in 2012 to reduce pension burdens. Local leaders argue that the state should absorb the costs rather than imposing them on local governments, which are already under fiscal constraints. The proposal could lead to significant budgetary impacts, with New York City alone facing a $328 million increase in costs.