News

Legal-entity owners of U.S. luxury homes generally took twice as long to flip their properties and may have avoided selling them altogether after the Treasury Department imposed enhanced reporting rules on real estate in Manhattan and South Florida, according to an academic study. In a 45-page report, analysts at the University of Miami and Federal Reserve Bank of New York studied the early impact of the geographic targeting orders, or GTOs, which took effect in March 2016, and found the measures preceded a roughly 75-percent drop in the number of all-cash corporate acquisitions of Miami-area high-end residences in the year...