The U.S. Treasury Department will soon propose a rule that would effectively end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains.
The long-awaited rule is expected to require that real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury’s Financial Crimes Enforcement Network (FinCEN).
The Treasury Department will soon PROPOSE a rule…
Bets on whether it goes through?
We’re going to need a few loopholes first.
Sure hope this doesn’t end up morphing into a law that fails its core objective and end up fucking over poor people somehow!
That’s the whole plan.
How about they just make it illegal for corporations to own houses?
Renting is the right choice for some people. Corporations have to obey stronger laws than mom and pops and are in my experience more likely to keep the houses updated.
Ding ding ding!
But think of the corporations! How will they continue to bleed the people dry with rent and artificially expensive homes??
No more corrupt oligarchs, just straightlaced god fearing American oligarchs like Blackrock and State Street 🥰
can we do Canada next please
This will have much less of an effect on housing prices than people wish. The core problem there is lack of supply, not a handful of foreign oligarchs.