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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