"Modest single-family homes, owned for generations by families, now are held by corporate vehicles with names that appear to be little more than jumbles of letters and punctuation – such as SC-TUSCA LLC, CNS1975 LLC – registered to law offices and post office boxes miles away. New glittering towers filled with owned but empty condos look down over our cities, as residents below struggle to find any available housing."
Yes, but that's definitely not the main point here. There is a seemingly huge money laundering operation at play.
And either FinCEN is not disclosing so it can get to the point of making charges or it's providing cover for those in power. Probably a combination of both, honestly.
What I've read and heard is that things like KYC/AML laws made real estate the preferred vehicle for money laundering. This coincides with the first housing bubble quite nicely and also explains why housing reinflated to bubble values after the financial crash.
Politically it's very hard to address this problem because it benefits existing homeowners (especially those who bought long ago) and developers. Those are two extremely powerful constituencies.
So much biased language in that quote. Could just be "Many entry-level single-family homes are now corporate-owned, while luxury condo towers have owned but unoccupied units."
