The New York Times ran a massive feature documenting the rise of foreign real estate investment in New York City, enabled by the anonymity of limited liability corporations.
The New York Times focuses on the Time Warner Center near central Park in New York as "the New York archetype of the global phenomenon, reflecting intertwined trends — the increasing sums of foreign money in high-end real estate and the growing use of shell companies."
"Behind the dark glass towers of the Time Warner Center looming over Central Park, a majority of owners have taken steps to keep their identities hidden, registering condos in trusts, limited liability companies or other entities that shield their names. By piercing the secrecy of more than 200 shell companies, The New York Times documented a decade of ownership in this iconic Manhattan way station for global money transforming the city’s real estate market."
The investigative work of the Times team reveals some of the unsavory characters using the New York luxury housing market to stash assets, but also points out the consequences of the trend. For instance, any argument in favor of a "trickle-down effect" is moot when property owners are rarely found in the country.
Moreover, the city implemented generous property tax incentives in its rush to attract billionaires: "As nonresidents, they pay no city income taxes and often receive hefty property tax breaks. A program aimed at new condo development doles out about a half-billion dollars in tax breaks a year, according to the city’s independent budget office. These savings are passed on to owners in the form of lower property taxes. The Time Warner Center was not part of the most lucrative tax break program, but many other buildings around Central Park have benefited."
The article includes a series of graphic visualizations, illustrating the trend of foreign investment in New York City as a whole, the country as a whole, and the Time Warner Center as a case study.
The long article, with a lot more investigative work and storytelling about some of the individuals that own property in Time Warner Center, includes at least one recommendation for what to do about it all: "A proposal from the Fiscal Policy Institute would impose a graduated tax on pieds-à-terre worth $5 million or more. The group estimates it would generate $665 million a year in revenue for the city, mostly from owners of the approximately 445 apartments valued at more than $25 million."
FULL STORY: Stream of Foreign Wealth Flows to Elite New York Real Estate

Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?

Cal Fire Chatbot Fails to Answer Basic Questions
An AI chatbot designed to provide information about wildfires can’t answer questions about evacuation orders, among other problems.

What Happens if Trump Kills Section 8?
The Trump admin aims to slash federal rental aid by nearly half and shift distribution to states. Experts warn this could spike homelessness and destabilize communities nationwide.

Sean Duffy Targets Rainbow Crosswalks in Road Safety Efforts
Despite evidence that colorful crosswalks actually improve intersection safety — and the lack of almost any crosswalks at all on the nation’s most dangerous arterial roads — U.S. Transportation Secretary Duffy is calling on states to remove them.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Appalachian Highlands Housing Partners
Gallatin County Department of Planning & Community Development
Heyer Gruel & Associates PA
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie