A state senator wants to expose the owners of New York’s LLCs

Brad Hoylman pushing for legislation that will force names, addresses to be disclosed

New York /
Sep.September 25, 2017 08:35 AM

Manhattan state Senator Brad Hoylman wants to unmask the shadowy owners behind limited liability companies, requiring them to disclose their names and addresses.

The Democrat announced legislation Monday that would provide more transparency in the world of state politics and real estate, the Associated Press reported.

Under the current campaign finance rules, individuals can use LLCs to sidestep contribution limits and make virtually unlimited donations to politicians. Real estate companies, which already have vast networks of LLCs already set up, are often among the top political donors to exploit the loophole.

Hoylman said that LLCs, which can also obscure the identities behind big real estate deals, can be used for money laundering, tax evasion or political corruption. State lawmakers are set to reconvene in January.

Hoylman was also behind the push for a pied-à-terre tax in 2014, and recently lobbied to have tenants in J-51 buildings informed if their landlords are overcharging them.

The Real Deal teamed up with ProPublica in January to show how the real estate industry used LLCs to pump millions of dollars into Albany in order to protect the valuable 421a tax incentive.

The Treasury Department in August strengthened its rules regarding disclosures for cash real estate deals above $3 million in Manhattan and $1.5 million in the outer boroughs. [AP via WSJ] – Rich Bockmann


Related Articles

arrow_forward_ios
Risa Heller and Jonathan Rosen launched NY Forever earlier this week. (Risa Heller, Berlin Rosen)
Civic boosterism gets big backing from real estate
Civic boosterism gets big backing from real estate
Lewis Road Residential Planned Development (Pine Barrens, iStock)
Big golf, resi project in East Quogue approved
Big golf, resi project in East Quogue approved
From left: BSA chairwoman Margery Perlmutter, DRAW Brooklyn founder Alexandros Washburn, New York City Council Member Carlos Menchaca with renderings of the project (Photos via the City of New York, LinkedIn and Arquitectonica)
How a Red Hook developer circumvented the City Council
How a Red Hook developer circumvented the City Council
The bus terminal was built in the 1950s and designed to serve one fourth of the riders it sees today. (Getty)
Port Authority to raze, replace “hell on earth” bus terminal
Port Authority to raze, replace “hell on earth” bus terminal
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Will Catsimatidis switch parties? (Getty)
Republican or Democrat? Catsimatidis picks his poison
Republican or Democrat? Catsimatidis picks his poison
Vijay Dandapani, president & CEO, Hotel Association of New York City (Getty)
Hotel owners ask NY for break on tax penalties
Hotel owners ask NY for break on tax penalties
NAR's Vince Malta (Photos via NAR; Pixabay; iStock)
NAR suspends federal political donations after Capitol attack
NAR suspends federal political donations after Capitol attack
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...