4 ms·

They don’t provide any concrete evidence for how they classify “mom and pop” (to be fair i haven't had the time to read the original paper). It’s standard opera

They don’t provide any concrete evidence for how they classify “mom and pop” (to be fair i haven't had the time to read the original paper). It’s standard operating procedure to split investment properties between many subsidiaries to limit the financial splash damage. It’s mostly a legal fiction because the property managers are directors of multiple corporations managing dozens of properties, but the courts haven't cracked down on it yet. I’m suspicious of whatever statistics they use to classify investors. (I’m speaking only of the investors that buy to rent extract, I have no insight into the flippers)

tcbawo 1y ago
LLCs need to declare the beneficial owner(s), which is supposed to give transparency and KYC to corporate structures like that.
- rubyn00bie 1y ago
  Not when they’re funneled through states like Wyoming and Nevada which an enormous amount of them are… both have very good privacy laws protecting the owners identity. Often times there will be a local LLC which is owned by (at least one) separate out of state LLC in Nevada or Wyoming obfuscating who the true owners are. There’s a whole industry behind this.
  - paulryanrogers 1y ago
    Sounds like a federal law is needed to pierce these exploitive veils.
    - giantg2 1y ago
      It's actually not, because it's a non-issue. The privacy of a Wyoming LLC doesn't mean protection. Your name isn't on any of the public records documents, but a court order can still force the disclosure of the interested parties.
      - ythiscoyness 1y ago
        Having to go through getting a court order sounds like an issue for this non issue. Why should that be a thing? More cheesy obfuscation games to protect some random a-hole? These rich who don’t want to be on the hook for other’s healthcare sure make a lot of demands of everyone else. Covid just taught us we can stand to shed a few million and be fine. Purge the rich. If no one else is on the hook for my life story fuck theirs.
        giantg2 1y ago
        Not everyone has to be rich to want/need privacy. Maybe you had threats against your life and dont want your house and vehicle to be traceable to your name. Maybe you disagree with the automated license plate reader/tracker and this is one of the only legal ways around that.
      - throwup238 1y ago
        It’s only a non-issue only if you have legal standing and the wherewithal/funding to push through to discovery, which in this case is a really (in)convenient catch-22 if you’re a constituent who wants to institute reform. The fourth estate, the one that we ostensibly trust to hold power to account, again very conveniently, does not generally have that standing, FOIA excepted.
        giantg2 1y ago
        If one doesn't have standing, then what business do they have with it?
        throwup238 1y ago
        Public policy? Democracy? Accountability and transparency? You know, all that good stuff.
        giantg2 1y ago
        [flagged]
    - danaris 1y ago
      ...Which, sadly, means that it's almost certainly not going to happen for the foreseeable future.
    - conradev 1y ago
      That is in progress: https://en.wikipedia.org/wiki/Corporate_transparency#United_States https://en.wikipedia.org/wiki/Corporate_transparency#United_...
- dboreham 1y ago
  Not since the regime change in January.
giraffe_lady 1y ago
Shit even if not something like that, 5 homes in the middle quintile in my city would be around 2.4 million dollars. That's the entire net worth of a middle class family at the end of their earning years, including their house. The only people whose mom and pop have that kind of money to invest are rich folks. It's just as much a problem as the other thing in practical terms.

tcbawo 1y ago

LLCs need to declare the beneficial owner(s), which is supposed to give transparency and KYC to corporate structures like that.

rubyn00bie 1y ago
Not when they’re funneled through states like Wyoming and Nevada which an enormous amount of them are… both have very good privacy laws protecting the owners identity. Often times there will be a local LLC which is owned by (at least one) separate out of state LLC in Nevada or Wyoming obfuscating who the true owners are. There’s a whole industry behind this.
- paulryanrogers 1y ago
  Sounds like a federal law is needed to pierce these exploitive veils.
  - giantg2 1y ago
    It's actually not, because it's a non-issue. The privacy of a Wyoming LLC doesn't mean protection. Your name isn't on any of the public records documents, but a court order can still force the disclosure of the interested parties.
    - ythiscoyness 1y ago
      Having to go through getting a court order sounds like an issue for this non issue. Why should that be a thing? More cheesy obfuscation games to protect some random a-hole? These rich who don’t want to be on the hook for other’s healthcare sure make a lot of demands of everyone else. Covid just taught us we can stand to shed a few million and be fine. Purge the rich. If no one else is on the hook for my life story fuck theirs.
      - giantg2 1y ago
        Not everyone has to be rich to want/need privacy. Maybe you had threats against your life and dont want your house and vehicle to be traceable to your name. Maybe you disagree with the automated license plate reader/tracker and this is one of the only legal ways around that.
    - throwup238 1y ago
      It’s only a non-issue only if you have legal standing and the wherewithal/funding to push through to discovery, which in this case is a really (in)convenient catch-22 if you’re a constituent who wants to institute reform. The fourth estate, the one that we ostensibly trust to hold power to account, again very conveniently, does not generally have that standing, FOIA excepted.
      - giantg2 1y ago
        If one doesn't have standing, then what business do they have with it?
        throwup238 1y ago
        Public policy? Democracy? Accountability and transparency? You know, all that good stuff.
        giantg2 1y ago
        [flagged]
  - danaris 1y ago
    ...Which, sadly, means that it's almost certainly not going to happen for the foreseeable future.
  - conradev 1y ago
    That is in progress: https://en.wikipedia.org/wiki/Corporate_transparency#United_States https://en.wikipedia.org/wiki/Corporate_transparency#United_...
dboreham 1y ago
Not since the regime change in January.

giraffe_lady 1y ago

Shit even if not something like that, 5 homes in the middle quintile in my city would be around 2.4 million dollars. That's the entire net worth of a middle class family at the end of their earning years, including their house. The only people whose mom and pop have that kind of money to invest are rich folks. It's just as much a problem as the other thing in practical terms.