The potential shortfall in revenue from Gov. Kathy Hochul’s proposed pied-à-terre tax. A report from New York City Comptroller found the surcharge on second homes valued at $5 million or more could generate $340 million to $380 million — well below the $500 million target — and would apply to fewer properties than expected (about 11,200, not 13,000), raising questions about its fiscal impact as budget negotiations drag on.
