Today, New York City Council Speaker Julie Menin issued the following statement following Governor Kathy Hochul’s announcement of a proposed pied-à-terre tax aimed to generate additional revenue for New York City:
“This is a smart, sensible proposal that will generate significant new revenue to help fund the vital services New Yorkers rely on.
Coupled with the Council’s proposals to secure additional revenue from the highest earners — including PTET changes and adjustments to the UBT/PIT credit — this is the comprehensive approach we need to strengthen the City’s fiscal footing and tackle the affordability crisis without burdening working New Yorkers.”