Concerned that secretive purchases of luxury real estate are being used to hide ill-gotten gains, the federal government will require title companies to discover and report the true identities of all-cash buyers of high-end properties hidden behind an L.L.C. or other shell entity in Manhattan and Miami-Date County from March through August of this year.

And if Treasury officials find a pattern of suspicious activity, “they [will] develop permanent reporting requirements across the country,” according to the New York Times.

Comments from Plugged-In Readers

  1. Posted by EcceMorons

    God, yet one more problem for Hillary Clinton.

    That poor woman just can’t catch a break.

    • Posted by seriously

      YEAH! Feel the Bern, dude!

    • Posted by Chris

      What does this have to do with Hilary Clinton?

      • Posted by Elitist Pig

        What DOESN’T it have to do with her?

        • Posted by Brian M

          Could some of these ill-gotten gains be associated with filthy lucre from BENGHAZZI!!!!!??????

          Let the rumors start here!

          • Posted by Chris

            So, these fools are implying she was paid by the Libyan government or something like that to have the embassy attacked? Okay, guess the psych meds are tossed out the window and the tin foil hats are on tight now.

        • Posted by Chris

          Answering a question with another question is not an answer–even if you use CAPS.

          Are you implying she is impersonating a foreign person and hiding assets in real estate? If yes, say so, if not, then your comment just comes across as idiotic.

          • Posted by EcceMorons

            I’m making a joke about the 150 FBI agents who are currently investigating Hillary for possible “pay for play” donations to the Clinton Foundation and speaking fees to Bill while Hillary was Secretary of State as State was making financial decisions in favor of donators. It’s, like, a joke about current events. A joke. Know how those work? 🙂

  2. Posted by Jackson

    I do not see why this identity requirement for reporting ownership of LLCs should be an issue, especially if everything is copacetic. Since IRS records are private the owner’s name will still remain hidden from public view?

  3. Posted by Pfffttt

    Can’t believe it took them THIS long to finally catch on. Duh.

  4. Posted by Charlie in SF

    It’s a sign of confidence in our economy and legal system that wealthy people want to invest their money here. I notice they didn’t include San Francisco….yet

  5. Posted by tm

    about time!

  6. Posted by c_q

    so let me get this straight – if you have enough ill-gotten gains that you want to hide your identity for fear of getting caught stashing it in real estate, all you have to do is avoid buying in NY and Miami between March and August and you are still probably OK? this helps how?

  7. Posted by san FronziScheme

    They should give a hint to the Brits. London Real Estate is a giant money laundering instrument.

  8. Posted by SFRealist

    Good. This is a start.

  9. Posted by Amewsed

    Huh? I don’t understand the Hillary joke other than someone is feeling defensive and decided to take play the offense.

    Aren’t most of the high priced real estate in NYC purchased by foreign European, Middle-Eastern, Chinese, and Russian buyers? And in Miami, mostly by wealthy politicians from South America? I may be overgeneralizing here.

  10. Posted by NOPASF

    Well I think this kills one of the many frivolous arguments NIMBYs make against development. Obviously their crusade doesn’t sound convincing if they were to be honest about their anti-development purpose (preserve their view, decrease the amount of new housing stock being built so the value of theirs increases faster, and/or slow the change in the neighborhood political composition ). So stating things like, development is just a vehicle for money laundering, actually do work to some degree.

  11. Posted by ess

    If only the FBI had some means by which to map financial transactions.

  12. Posted by 4th Gen SF'er

    This is just another high tax scheme by the gov’t.

  13. Posted by Rillion

    Just read a small blurb in the WSJ that this is being expanded to include SF starting at the end of August.

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