According to a report in Bloomberg, New York lawmakers are planning a new tax targeting New York City homes purchased entirely in cash for $1 million or more as part of ongoing state budget negotiations.
• The proposed levy is expected to raise about $160 million to help plug the city’s growing budget hole. The measure would specifically target cash purchases of high-end NYC properties.
• Governor Hochul’s office said she reached a “general agreement” with state lawmakers on many major elements of the FY2027 budget, adding that final budget bills will include additional details.
