New York City’s luxury real estate market has a crazy list of loopholes for the wealthy: a tax abatement for affordable housing that somehow managed to benefit those living on Billionaires' Row; buyers who are permitted to mask their identities and potentially nefarious deeds behind anonymous LLCs; builders who have supersized skyscrapers through devious and bizarre designs, and as pointed out by a story in the Wall Street Journal on Thursday, owners who manage to pay relatively minuscule amounts of property tax. [ more › ]from Gothamist https://ift.tt/2VtMVAi
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