Excerpt in the window of print: A program begins in costly destinayions: New York and Miami.
Quote:
(a) "The initiative will start in two of the nation’s major destinations for global wealth: Manhattan and Miami-Dade County. It will shine a light on the darkest corner of the real estate market: all-cash purchases made by shell companies that often shield purchasers’ identities.
"It is the first time the federal government has required real estate companies to disclose names behind cash transactions
(b) "The use of shell companies in real estate is legal
(c) "The department will focus on sales that are both paid for all in cash and conducted using shell companies.
"The government is requiring title insurance companies, which are involved in virtually all sales, to discover the identities of buyers and submit the information to the Treasury.
"The government will put the information into a database for law enforcement.
(d) "In Manhattan, the initiative requires buyers in sales of more than $3 million to be reported; in Miami-Dade County, it requires reporting on sales of more than $1 million.
My comment: There is no need to read the rest of this NYT report.