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Are Boston’s Luxury Apartments Serving As Cash Cows?

A new report from the Institute for Policy Studies finds that more than a third of the units in Boston’s new luxury buildings are owned by limited liability companies and trusts — thus allowing their owners to remain anonymous. The report found that 64 percent of the owners in these buildings do not claim a residential tax exemption.

What does this mean? It means the owners are using these $3 million dollar units as either second homes or investment properties — turning them into what the report's authors refer to as "wealth-storage units." And the authors say some units have the signs that, in other jurisdictions, would trigger an investigation for possible money laundering.

Jim Braude was joined by Boston City Councilor Lydia Edwards, chair of the Committee on Housing and Community Development, and Chuck Collins, one of the report’s authors.

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