Economy

Hochul unveils budget agreement with ‘pied-à-terre tax’

New York lawmakers will vote on budget bills over the next few days.
New York Gov. Kathy Hochul delivers the 2026 State of the State address, Tuesday, Jan. 13, 2026, in Albany, N.Y. (Darren McGee/ Office of Governor Kathy Hochul via AP)

New York Gov. Kathy Hochul and Democratic legislative leaders have agreed to spend about $268 billion in state and federal money to fund state services in Fiscal Year 2027. New York’s fiscal year began April 1, making the budget deal a month late. 

The agreement includes major policy changes, such as efforts to end local cooperation with federal immigration enforcement, speed up permitting for housing projects and protect children online. 

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