Manhattan’s billionaire condo buyers would lose the ability to keep their identities secret in real estate deals if a measure before Governor Kathy Hochul becomes law.
Limited liability companies have been listed in public records as the buyers of countless New York luxury apartments — almost all of the deals legitimate. But it’s also well-documented that the secrecy of LLCs makes them useful in concealing financial crimes. By the end of next week, Hochul must sign or veto a bill that would create a public database of shell companies, unmasking their rich, famous and sometimes criminal owners.
Advocates argue the measure would root out so-called bad actors who hide behind LLCs to launder money — such as financier Jho Low, whose penthouse at Manhattan’s Time Warner Center was seized in a US government corruption probe. But opponents say it’s a violation of owners’ privacy, and an unnecessary move that would duplicate a similar federal law taking effect on Jan. 1.
I work in this industry. I don't think this will actually happen, but I hope it does.
We know about so many financial crimes but do nothing because we have legal deniability, and the actual evidence is compartmentalized enough that no one person can blow the whistle. Plus, our company's entire business model is working with these suspect groups, so I'm sure there's a measure of willful ignorance at play.