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Re: What elephant?
Quote:
Originally Posted by ThurgreedMarshall
We had to change our laws, I believe, because this has been such a problem here. There was a huge article in the Times a few years back about it. Russians, Chinese, and Brazilians have been using high-end real estate in Manhattan to stash/hide their money. They used corporate entities to hide ownership, so I think the laws have changed to improve transparency.
Units in these ridiculous high-end buildings get sold and I constantly hear stories about how no one even lives in them. And the price inflation fucks with the real estate market here for sure.
TM
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If those people are buying apartments as investments, I don't understand why they don't rent them out.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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