The Treasury Department reported on Wednesday that a sizable number of home purchases in Manhattan and Miami were made by shell companies, according to The New York Times' Louise Story. Because of that, the agency plans to begin tracking those deals in other cities.
The expansion of the effort to identify and track the people behind shell companies, begun in March, means that there will now be increased scrutiny of luxury real estate purchases made in cash in all five boroughs of New York City, counties north of Miami, Los Angeles County, San Diego County, the three counties around San Francisco and the county that includes San Antonio.
Story reports that the areas being added are places where shell companies buy luxury real estate.
The dollar values involved purchases of more than $500,000 or more in Bexar County, which includes San Antonio; $1 million in Florida; $2 million in California; $3 million in Manhattan; and $1.5 million in the other boroughs of New York City.