New York lawmakers have approved a massive $268 billion state budget deal that includes one of the most debated proposals in recent months: a new tax targeting luxury second homes and high-value pied-à-terre properties. The measure has already triggered intense reactions from real estate investors, Wall Street executives, property owners, and political activists. Supporters argue the tax is a fair way to generate revenue from ultra-wealthy property owners, while critics warn it could accelerate the movement of wealth and investment out of New York. The budget itself represents one of the largest spending plans in state history and arrives at a time when New York is balancing ambitious social spending with growing concerns over affordability, migration, and long-term economic competitiveness. What Is Included in the Budget Deal? The $268 billion package covers a wide range of priorities, including: Education funding Public transit support Healthcare spending Housing ...