Hochul claims she's against tax hikes for wealthy, businesses after pushing through new NYC fee for luxury 2nd homes
She’s trying to have it both ways.
Gov. Kathy Hochul boasted Wednesday that she’s not on board with Mayor Zohran Mamdani’s “tax the rich” crusade — even as her new tax on luxury second homes is driving the well-to-do away.
The Democratic governor said she’s not squeezing millionaires and billionaires for revenue, and claimed that the new “pied-a-terre” tax she pushed through wasn’t speeding up the ongoing exodus of New Yorkers fleeing to cheaper states.
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“We should not be raising taxes on high-net-worth individuals,” Hochul told FOX5’s “Good Day New York” on Wednesday. “We should not be raising taxes on the companies that are creating the jobs and generating the revenue that helps us pay for the services that people in New York City come to rely on.”

The “pied-a-terre” tax hits the owners of non-primary residences in the five boroughs with an annual tax ranging from 4% to 6.5%, targeting condos and co-ops worth at least $1 million to homes worth more than $5 million.
Mamandi embraced the new tax, which falls in line with the “tax the rich” agenda pushed by his Social Democrats of America cohorts.
But a damning report from the Citizens Budget Commission shows that New York is lagging behind the US on population and GDP growth — and the new tax won’t help.
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The governor — who is up for re-election November — has held the line on raising income taxes on the wealthy, although critics have wondered if her stance would soften after facing voters on Election Day.
She told Good Day New York host Rosanna Scotto that the pied-a-terre tax targeted people “who were not necessarily New Yorkers,” including “Russian oligarchs” and “Saudi princes” buying third and fourth homes.
“You’re not paying your fair share to basically be a New Yorker,” Hochul said. “And so if you want to be a New Yorker, make this your primary home. You don’t have to pay the tax.
“But as long as you’re someone from the outside, you’re going to contribute more to the services that you use,” she added. “It just makes sense, instead of putting that burden on the people who really do call New York home — that what we decided to do.”
The tax is expected to generate up to $500 million in revenue.
However, The Post reported Tuesday that Manhattan’s luxury real estate market has ground to a halt, with just one trophy home valued at more than $10 million going into contract last week, with brokers blaming the anti-wealth rhetoric coming out of City Hall.
Realtors told The Post that normally, between three and five properties priced at $10 million and upwards enter contract per week.
Yet, Mamdani has continued to push taxing the rich with his DSA comrades, who actually may target Hochul politically after their candidates won big against establishment candidates in primaries last month.
Hochul has desperately tried to court Mamdani’s socialists, and the new tax is widely seen as a concession to the campaign against the wealthy, even as early reports show it may already be having a chilling effect on high-end real estate investment