For over a year, New York Times’ reporters examined the “hidden money” behind New York’s high-end real estate, finding many sources of foreign wealth — some with criminal backgrounds.
From the story:
“The Times found:
■ Nearly half of the most expensive residential properties in the United States are now purchased anonymously through shell companies.
■ The real estate industry does little examination of buyers’ identities or backgrounds, and there is no legal requirement for it to do so.
■ At the Time Warner Center, 37 percent of the condominiums are owned by foreigners. At least 16 foreigners who have owned in the building have been the subject of government inquiries, either personally or as heads of companies.”
Read the full series by The New York Times.