As Russian forces lay siege to Ukraine, President Joe Biden warned oligarchs and enablers of the Putin regime this week that the U.S. will “find and seize your yachts, your luxury apartments, your private jets.”
Lawmakers in Albany are using the moment to go after one of the more popular means of masking assets in New York: limited liability companies, or LLCs.
Under legislation introduced this week by State Senator Brad Hoylman [photo] and Assemblymember Emily Gallager, any person seeking to purchase property through an LLC would be required to submit their identity to the state.
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There’s more information required to get a library card than there is to create an LLC.@EmilyAssembly and I have introduced a bill to change that and shine a light on these secretive LLCs to go after oligarchs and bad landlords.https://t.co/NBr2UlDJQ0
— Senator Brad Hoylman (@bradhoylman) March 5, 2022