3 ms·
It has been suspected that for a long time now people have been parking questionable cash into NYC real estate. Somewhat related to this, the Treasury dept. wil
by apaprocki 11y ago
It has been suspected that for a long time now people have been parking questionable cash into NYC real estate. Somewhat related to this, the Treasury dept. will pierce the veil of LLCs making >= $3 million cash real estate purchases and require the owner identities to be reported. I guess we'll see if that leads to new tricks...
http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html http://www.nytimes.com/2016/01/14/us/us-will-track-secret-bu...
- hkmurakami 11y agoHN discussion thread for link: https://news.ycombinator.com/item?id=10918491 https://news.ycombinator.com/item?id=10918491
- Spooky23 11y agoIt's worse than that -- political contributions from LLCs are unregulated in New York, so who knows who is influencing who. Once shady money gets established in the US, you can do things like setup LLCs and trusts domiciled in South Dakota to provide multi-generational tax exemption. http://www.sdtrustco.com/About-South-Dakota-Trust-Company/Why-South-Dakota-/Asset-Protection.aspx http://www.sdtrustco.com/About-South-Dakota-Trust-Company/Wh... This type of nonsense is a great example of the incredible harm done to the United States 40-50 years ago when the pro-segregation Democrats joined forces with the Western republicans (i.e. The ultra-conservative folks dependent on federal leases to extract minerals/oil/graze cattle) and took over the GOP.
- randycupertino 11y agoYes and thankfully the US congress just made it even easier for foreign $$ to invest in US real estate! http://www.wsj.com/articles/congress-eases-curbs-on-foreign-real-estate-investors-1450657972 http://www.wsj.com/articles/congress-eases-curbs-on-foreign-...