New York Governor Kathy Hochul is backing a tax on luxury second homes in New York City, with the goal of addressing a spending deficit. The proposed tax, known as a pied-à-terre tax, would target high-value properties, with some reports suggesting a threshold of $5 million. The plan has sparked debate, with critics arguing it could have unintended consequences for property values and some lawmakers pushing for the tax to be applied outside of New York City as well.