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 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.

    • 2d@kbin.social
      381·
      1 year ago

      Ding ding ding!

      But think of the corporations! How will they continue to bleed the people dry with rent and artificially expensive homes??

    • J12@lemmy.world
      263·
      1 year ago

      This would be the biggest game changer for our country. Let corporations own all the apartments they want but keep them out of single family housing. There’s no reason for corporations to hoard and sit on housing, letting them sit empty and raising the prices of the occupied ones. Single family Housing should not be an investment opportunity for corporations.

      Let’s bring down housing prices, and people will have a hell of a lot more money to spend on other things to keep our economy moving.

      Then after that let’s do Healthcare and Education.

    • mufasio@lemmygrad.ml
      1·
      1 year ago

      Just tax any home other than your primary residence at 100% of the assessed fair market value per year. Hell, make it 100000%. This includes apartments, condos, townhomes, mobile homes. It would solve a lot of problems real quick. Some “real estate moguls” might have to find a real job for once in their life but it will be good for them. I hear they like to hustle.

    • bluGill@kbin.social
      531·
      1 year ago

      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.

      • Sl00k@programming.dev
        7·
        1 year ago

        Just a single data point but as soon as a corporation bought my apartment complex they “attempted” to illegally increase my rent through hidden fee increases. They also “accidentally” sent me the wrong leases with the rents increased multiple times.

        If I need to sue a corporation for something like this, it’s going to be a lot of time and effort for me but nothing for them so they can essentially get away with the illegality. Mom and pops it’s a lot of time and effort for both of us so it’s in both of our best interests to do things by the book.

      • dogslayeggs@lemmy.world
        3·
        1 year ago

        Yes, renting is absolutely the right choice for some people. I completely agree. That is why I never said apartments shouldn’t exist or that people couldn’t own multiple homes to rent out. However, I think people who own multiple homes should be taxed higher on them.

        Housing should not be a retirement vehicle. It should be a basic human right.

        Also, I don’t think it’s true that corporations have to obey stronger laws than mom and pops. I’m pretty sure rental laws are just rental laws, and corporations just have lawyers who make sure they are following all applicable laws. I could be wrong, though.

        • bluGill@kbin.social
          1·
          1 year ago

          Taxes just come out of higher rent and push people who otherwise should rent to buying a house that isn’t right foe them

  • MicroWave@lemmy.worldOP
    16·
    1 year ago

    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).

    • UFO@programming.dev
      7·
      1 year ago

      Always amazed how blatant this is and yet the GOP only screams for Hunter Biden dick pics.

  • Mystech@lemmy.world
    13·
    1 year ago

    Uh-oh, looks like someone is going to have to buy Clarence Thomas another RV to get out of this one!

  • purahna@lemmygrad.ml
    121·
    1 year ago

    No more corrupt oligarchs, just straightlaced god fearing American oligarchs like Blackrock Blackstone and State Street 🥰