New law could unmask secret buyers of New York City real estate

Wall Street Journal | October 09, 2019

New law could unmask secret buyers of New York City real estate
A state bill signed into law by Gov. Andrew Cuomo in September may bring major changes to how the uberwealthy (or the ubersecretive) approach real estate transactions in New York City. According to the Wall Street Journal, the bill, sponsored by State Sen. James Skoufis and Assemblymember Ken Zebrowski, is intended to keep homeowners from purchasing real estate through limited liability companies a common practice for celebrities, the extremely rich, and those who wish to keep their transactions secret for privacy (and sometimes shady) reasons. Zebrowski told the WSJ that the bill “was designed to ensure compliance with building codes, especially in rental properties and properties with non-conforming uses such as illegal basement apartments.”

Spotlight

Russ Conser, former head of Shell's "Game Changers" program, describes how new ideas are like genes that can best form in "backwater ponds" -- that is, outside the mainstream. He spoke to attendees at ULI's 2013 Fall Meeting in Chicago, Illinois.

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Spotlight

Russ Conser, former head of Shell's "Game Changers" program, describes how new ideas are like genes that can best form in "backwater ponds" -- that is, outside the mainstream. He spoke to attendees at ULI's 2013 Fall Meeting in Chicago, Illinois.