finance: Real estate purchases in NYC and Miami under scrutiny
- 03/04/16 06:33 AM
It has been announced that the Treasury Department’s Financial Crimes Enforcement Network will look for the individuals behind limited-liability companies' identity if they actually pay cash for their premium residential real estate. This measure will be effective in both Miami-Dade and Manhattan. Such measure is an attempt to stop money laundering, hence the request to name the true “beneficial owner” of the company. The risk is that it may discourage legitimate purchases or lower the interest in high-end sales on those markets.
However, most people tend to buy under LLCs for privacy purposes, not for illegal reasons. The concern is that it wouldn’t help … (0 comments)
finance: Why doesn’t home ownership for Hispanics rise despite their population increase in the U.S. ?
- 09/09/15 07:22 AM
The Hispanics represent the segment of the U.S. population that grows the fastest, yet they are more and more locked out of home ownership because of standards of creditworthiness. Being 17% of the population and forecast to become over 30%, the Hispanics are an economic and political power to count on. They could help regarding the sagging home ownership rate that is observed nationwide. It has not reached that level since the Cold War when it was 63.7%. It fell back to 63.8% in 2015. The issue for Hispanics, that had an ownership rate of 45.4% in 2014, is that they stay out … (0 comments)
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