New York state lawmakers approved a tax on luxury second homes in New York City. The measure, passed Wednesday as part of the state budget, targets nonprimary residences. It takes effect July 1. And it marks the first time the state has imposed such a levy. Mayor Zohran Mamdani drove the effort for months. He argued the wealthy who store assets in Manhattan but live elsewhere should contribute more to a city facing a multibillion-dollar gap. Gov. Kathy Hochul backed the plan. Together they pitched it as a way to raise revenue without broad property tax hikes that would hit working families. The tax applies to condos and co-ops valued at $1 million or more, and single-family homes at $5 million or more. Initial rates in tax years 2026-2027 and 2027-2028 run from 4% to 6.5% depending on brackets. Later phases adjust to market-comparable sales data with lower percentages: 0.8% on values from $5 million to $15 million, 1.05% on $15 million to $25 million, and 1.3% above $25 million.…