New York lawmakers are planning a new tax on New York City homes purchased in cash for at least $1 million, according to people familiar with the state budget negotiations.
The levy is expected to raise $160 million to help fill the city's budget hole, said one of the people who asked not to be identified when discussing private deliberations.
A spokesperson for Governor Kathy Hochul said she "announced a general agreement with the State Legislature on many of the major elements of the FY 2027 Budget. The final budget bills will provide additional details."
A spokesperson for Mayor Zohran Mamdani did not immediately reply to a request for comment.
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