Hollywood Real Estate Owners Can’t Escape New York Law
Hollywood can no longer hide behind anonymous accounts and secret corporations as NY City governor Andre Cuomo enacted a law, revealing who's who behind the numerous 'limited liability corporations.' Hollywood Reporter said that the governor's aim is to reveal who's buying what in the world of high-profile luxury real estate.
The governor has since disrupted the usual process of secrecy surrounding New York City's highly-secretive celebrity buyers. The new state law will lower the threshold that buyers--purchasing through limited liability corporations (LLCs)--can withhold their identities.
The truth behind this is that it's supposed to prevent criminal operations tied with the real estate companies.
The dirty money from these companies come from Russian oligarchs, illegal arms dealers, and third-world dictators with still enough money to spare.
This has made brokers who are in the business of handling their clients' privacy to come up with new ways to hide their identities. The methods have so far included an overseer, another identity whose name and address is placed in lieu of the true buyer.
Perhaps, the celebrities have the right idea in mind as two House committees geared up to subpoena banks allegedly connected to Donald Trump. Japan Today reported that the House committees have called on Deutsche Bank and several other banking firms as the investigation on the current US president's finances is ongoing.
Adam Schiff, D-Calif, the House Intelligence Committee Chairman, prepared a statement with the explanation that these subpoenas are part of the ongoing investigations into allegations that the US political process--most notably, the recent election, where Trump won over Hillary Clinton--were tampered by foreign entities.
What the committee asked for wasn't revealed. However, the investigations are part of several where House Democrats are looking into a few aspects of the president's activities, including his personal and political sorties. Schiff personally revealed that he is looking into several foreign countries--Russia included--for possible tampering and what aid they might have extended Trump.
The LLC-baring law might have come at a very opportune time for the House Committee, as it would make their jobs a little easier. Luxury real estate is a very attractive case right now, and the laws appear to have been motivated by political intent. However, it is also motivated by the state's need for funds, most of which would appear to be going straight to the LLCs and not to intended recipients.