New York’s Rich Condo Buyers Risk Losing Secrecy Cloak of LLCs

Manhattan’s billionaire condo buyers would lose the ability to keep their identities secret in real estate deals if a measure before Governor Kathy Hochul becomes law.

Limited liability companies have been listed in public records as the buyers of countless New York luxury apartments — almost all of the deals legitimate. But it’s also well-documented that the secrecy of LLCs makes them useful in concealing financial crimes. By the end of next week, Hochul must sign or veto a bill that would create a public database of shell companies, unmasking their rich, famous and sometimes criminal owners.

Advocates argue the ...