San Francisco's 'loss of the culture that made the city so great' results in couple buying multimillion-dollar 'suburban' home

[PsiPhiGrrrl]

@lectroid

Large sections of London and Manhattan have become very expensive ghost towns, full of multimillion dollar residential high-rises that no one lives in (not full time, anyway) owned by a three layers of shell corporation as a way to park/launder wealth and/or evade taxes by billionaires/criminals (as if there’s a functional difference).

Some cities are taking steps to discourage this practice. Changes at the federal level to prevent their old laundering methods from working in the future might also make a difference:

Vancouver Increasing Empty Home Tax to 3% in 2021

Which U.S. Cities Have a ‘Vacancy Tax’?

Substantial AML Reforms Enable Regulators to “Follow the Money”