New Disclosure Rules for Shell Companies in New York Luxury Real Estate Sales – The New York Times

Interesting article about Mayor de Blasio’s new disclosure rules for shell companies in New York. The new rules will ensure that buyers have to disclose their names, even when purchasing under an LLC, to help identify real estate owners who are avoiding city income taxes by claiming legal residency outside the city or country. The article says, “an estimated 89,000 of the city’s condos and co-ops — valued at $20 billion based on city tax assessment data but with an actual estimated fair market value of $80 billion — are owned by people who claim to be nonresidents of the city.”   New Disclosure Rules for Shell Companies in New York Luxury Real Estate Sales – The New York Times.

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