timredmond : 48hills – excerpt
I’ve often wondered how much housing San Francisco is building for international criminals. And now it appears the feds are asking the same question.
A federal agency is now demanding access to the real names of cash-only buyers of luxury properties in cities that include New York, Miami, and now San Francisco and LA. “We are seeking to understand the risk that corrupt foreign officials, or transnational criminals, may be using premium U.S. real estate to secretly invest millions in dirty money,” FinCEN director Jennifer Shasky Calvery said when rolling out the program in Manhattan and Miami in January.
We know that many of the new market-rate high-rise buildings in San Francisco have been sold to people who don’t live there. Many of us have suspected that some of the more pricey units are getting snapped up by people who want to, in the words of the feds, “secretly invest millions in dirty money.”
So now will that information be made public? Because this mayor’s housing policy involves building a whole lot of units that most people who work in this city can never afford. And maybe our housing policy is supporting money-laundering. Because nobody at City Hall seems to be tracking whether those new highrise buildings are housing San Franciscans, new arrivals – or anyone at all… (more)