I am encouraged that my long-championed bill to establish a progressive surcharge on luxury non-primary residence real estate is gaining momentum in this year’s budget negotiations. Since 2014, I have sponsored legislation for a surcharge on high-end investment properties, often purchased by out-of-state and international buyers.

This proposal applies only to non-primary residence owners of residential property valued above $5 million, with higher rates for more expensive properties. It will not affect any New Yorker’s primary residence, regardless of its value.

This commonsense measure ensures that wealthy investors contribute more fairly to the infrastructure and services that protect and sustain the value of their investments. New York City’s luxury real estate market remains strong, and we should ensure that these properties help support the essential services that keep our city the premier destination it is.

It is important that this measure is included in any final budget agreement.