4 ms·
How foreign investors launder their money in New York real estate
- ttul 9y agoSee also: Vancouver
- hkmurakami 9y agoVancouver real estate doesn't look expensive enough for me to suspect money "laundering" at scale. It looks more like a capital offshoring effort by wealthy but not ultra wealthy mainland China citizens. NYC and London meanwhile have perfect vehicles for this since so many properties are mid 8 figures. For the Bay Area, I'm curious what the numbers would be like for Atherton / Woodside homes and SF luxury highrise condos.
- tmnvix 9y agoAnd Sydney... and Auckland...
- mankash666 9y agoThe headline asks a question, but the article doesn't answer it. More generally, shell companies don't always launder money. I suppose shell companies could be barred from buying residential real estate, but residency requirements proposed are ludicrous - the whole 8 month occupancy clause, for instance. What if I want to spend 6 months in SF?
- mrguyorama 9y agoIf you have enough money to outright purchase residential real estate in San Fransisco, just to use it for 6 months, you are exactly the person being targetted
- mankash666 9y agoYou make it seem criminal to own homes in NY & SF. It's unconstitutional to restrict the right to property.