LLC disclosure

Hmm, nothing much too new on this article it seems. Still $3mm limit for Manhattan, $1.5mm for Brooklyn.

Agree, they need to calm down on new taxes. It's already unbearable. Please remember what happened when NYC almost declared bankruptcy in the 70's!!

In NYC and Miami there has already been a piercing of that veil for a while when it comes to RE transactions:

https://www.brickunderground.com/buy/LLC-disclosure-law-expansion

Personally, I'm not sure it'll affect demand that much as LLCs are only economic for celebrities. From my experience and what lawyers also tell me, for your regular small investor it's much easier and cheaper to buy a personal umbrella insurance policy ... that plus your regular home owner insurance will protect you from nonsense lawsuits (i.e. tenants slipping).

The experts pretty much all agree on this these days:
https://www.hauseit.com/buying-property-in-nyc-through-a-llc/

In all seriousness, do you care that much that your name is indexed and publicly available? Is it worth the additional cost of maintaining the entity? The additional tax forms possible? Accounting fees? Not so sure...

"...as LLCs are only economic for celebrities."

And:
* those trying to obfuscate their ownership of assets, which would protect them in case their local government tried to repatriate stolen assets, or the wife wanted the mistress's pied-a-terre in the divorce
* those wishing to erect firewalls between business interests and investments so that creditors in one area can't access other assets (something that old sub-S corp structure used to facilitate).

Yes, 30yrs, this movement began a year or so ago but it seems to be expanding. If NYS decides to lower the threshold for disclosure below $3,000,000, institutes a pied-a-terre tax, and digs even deeper into airbnb violations, I wonder how detrimental this will be to the market. But maybe the rules already instituted have scared off investors.

JR1, I think these initiatives will have the biggest impact on foreign investors who do not wish to pay tax on their U.S. real estate income or have their home countries know about their overseas investments which may violate rules on cross-border transfers e.g. China.

Aaron2, I confess I do not know to what extent rich Americans are hiding assets from their spouses or creditors but I suspect as you do that it is not uncommon.

https://www.cbsnews.com/news/anonymous-inc-60-minutes-steve-kroft-investigation/