Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-28-2016, 08:53 AM
 
Location: Downtown Los Angeles, CA
1,886 posts, read 2,099,341 times
Reputation: 2255

Advertisements

In an attempt to curb the illegal parking of ill-gotten financial assets, shell corporation buyers will have to reveal their identities to the US gov when buying luxury homes.

Personally, I like the measure but I don't see the $2M cap as a relevant threshold. If a buyer is looking to park their cash in the US, they can easily snatch up multiple <$2M homes.

Thoughts?

All-cash buyers of L.A. County luxury homes will have to reveal their identities - LA Times
Reply With Quote Quick reply to this message

 
Old 07-28-2016, 09:37 AM
 
6,089 posts, read 4,987,805 times
Reputation: 5985
Another government initiative that won't accomplish anything. There are plenty of reasons why high net worth individuals purchase homes through LLCs or other corporate entites rather than using their own names. Half of Hollywood does this.

That being said, it won't have an effect on 99% of the population who can't afford a home in the 7 digits all cash anyway. So this breech of privacy by the state will be forgotten or even forgiven without much noise.
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 09:47 AM
 
4,795 posts, read 4,823,491 times
Reputation: 7348
More Big Brother sticking their nose in people's private business. How would this law help me as a private citizen?
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 10:15 AM
 
Location: Altadena, CA
1,596 posts, read 2,059,032 times
Reputation: 3004
This is absolutely pointless. Most people who hide behind shell corp names are buying properties valued well north of $10 million, so this is just pissing the wind really.
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 10:36 AM
 
Location: Downtown Los Angeles, CA
1,886 posts, read 2,099,341 times
Reputation: 2255
Quote:
Originally Posted by ryanms3030 View Post
More Big Brother sticking their nose in people's private business. How would this law help me as a private citizen?
It's not intended to help the average citizen, but instead to "learn more about possible money laundering in the luxury market", which has been a hunch many of us have harbored since the luxury boom began. There's been an abnormal influx of Chinese investment in high value US properties where the owner does not occupy the space and uses an LLC to disguise their name. As CaliRestoration noted, high profile individuals have been using shell companies to purchase investment properties forever. It seems this scenario is now under increased scrutiny due to a slew of recent fraud/extortion allegations in the Chinese market.

Quote:
Originally Posted by MItoBH View Post
This is absolutely pointless. Most people who hide behind shell corp names are buying properties valued well north of $10 million, so this is just pissing the wind really.
The measure includes monitoring LLCs purchasing properties north of $10M, just not properties south of $2M.
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 11:30 AM
 
6,089 posts, read 4,987,805 times
Reputation: 5985
When Hillary Clinton can launder $25,000,000 of Saudi Royal money into the Clinton Foundation, these type of big brother laws fall flat with hypocrisy.
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 11:39 AM
 
Location: Los Angeles (Native)
25,303 posts, read 21,458,447 times
Reputation: 12318
Interesting.

This part is pretty ironic :

"Federal prosecutors alleged that among the assets purchased with the stolen funds were a stake in the 2013 film "The Wolf of Wall Street," a Beverly Hills hotel and four posh L.A.-area homes."

A crook using stolen funds to invest in a film about a crook.

I'm guessing the luxury home market realtors are not too happy about this change!
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 12:15 PM
 
4,213 posts, read 8,307,390 times
Reputation: 2680
Pretty decent idea. What would really fix things is for the US gov to seize all foreign assets (Russians, Chinese, etc). Why are blood money autocrats investing in OUR real estate and driving up OUR prices?
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 12:34 PM
 
Location: West Los Angeles and Rancho Palos Verdes
13,583 posts, read 15,662,103 times
Reputation: 14049
Quote:
Originally Posted by disgruntled la native View Post
Pretty decent idea. What would really fix things is for the US gov to seize all foreign assets (Russians, Chinese, etc). Why are blood money autocrats investing in OUR real estate and driving up OUR prices?
That's what happens when almost all your leaders are sock puppets of transnationalism.
Reply With Quote Quick reply to this message
 
Old 07-28-2016, 12:53 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,458,447 times
Reputation: 12318
Quote:
Originally Posted by disgruntled la native View Post
Pretty decent idea. What would really fix things is for the US gov to seize all foreign assets (Russians, Chinese, etc). Why are blood money autocrats investing in OUR real estate and driving up OUR prices?
I think this would be bad because then American citizens would be likely to think their assets are the next to be seized.
When assets are seized in a big level it usually doesn't inspire many people to want to invest in an area.
I agree with not having people using stolen money investing or living in the U.S though.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Los Angeles

All times are GMT -6. The time now is 02:37 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top