Thursday, January 14, 2016

U.S. to Track Secret Real Estate Buyers

Hidden buyers...

Secret owners in Manhattan's Time Warner condos.

Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and tracking secret buyers of high-end properties, Louise Story reports on nytimes.com.

It is the first time the federal government has required real estate companies to disclose names behind cash transactions, and it is likely to send shudders through the real estate industry, which has benefited enormously in recent years from a building boom increasingly dependent on wealthy, secretive buyers, she wrote.

For two excellent videos on hidden buyers in Manhattan, Connecticut and more:  http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html?_r=0

Photo: nytimes.com.

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