New rules aim to uncover real owners of NY properties

New York

SEEKING to increase transparency in the luxury real estate market, the administration of Mayor Bill de Blasio has imposed new disclosure requirements on shell companies buying or selling property in New York City.

The changes will help remove a "veil of secrecy" surrounding high-end real estate sales by requiring that the names of all members of a shell company buying or selling property be disclosed to the city, according to the finance commissioner, Jacques Jiha.