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.
How disingenuous. Every state I have lived in has property owners as public record. While I believe there are reasons to be anonymous, being obnoxiously rich isn't one of them.