1srelluc
Diamond Member
ALBANY - In parts of the Adirondacks, nearly one in five homes sit empty, a vacancy trend that local officials say is hollowing out once year-round communities into seasonal ghost towns.
Now, state Sen. Patricia Fahy, a Democrat who represents a large portion of the Capital Region, wants to take a page from New York City's playbook by introducing legislation that would let municipalities across the state impose an opt-in tax on luxury second homes and investor-owned properties worth more than $5 million.
on ultra-wealthy second homeowners in New York City, reviving a long-stalled "pied-Ã -terre" tax aimed at helping close the city's multi-billion-dollar budget gap. The tax is being discussed as part of New York's $260 billion budget, which was due April 1 - a deadline that was extended for the eighth time this week.
Hochul said the proposed New York City tax would impose an annual surcharge on residential properties that are within the five boroughs and not used as primary residences. According to the governor's office, the tax would be imposed based on a property's value as determined by the city tax assessor. Hochul said the tax would allow the city to levy a tax surcharge that would generate at least $500 million in recurring annual revenue.
Fahy's bill would aim to help cash-strapped upstate municipalities facing severe budget deficits driven by rising costs, stagnating revenue and delayed state aid. Rochester is staring down a $131 million deficit, while Albany's 2026 shortfall stands at $15 million.
Looks like NY is just as unfriendly to second homeowners as NYC is.
I guess they never thought of cutting back services that were not essential to running the state to fill their shortfalls.
LOL....It's sort of like keeping a second home in WV.....Nice scenery, but it's full of WVians.
