(2/3) Beyond facilitating crime and corruption, this flood of dirty money drives up housing prices for my constituents — pricing an entire generation of prospective home owners out of Boston’s housing market.
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(1/3) As the following report demonstrates, even the Boston real estate market is vulnerable to money laundering. Foreign kleptocrats from Russia, China, and elsewhere continue to park their illicit wealth in the U.S. property market behind anonymous business entities.
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(3/3) This is why I am a strong advocate for beneficial ownership reporting to crack down on anonymous shell companies.https://inequality.org/great-divide/toweringexcess/ …
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I am a South Boston resident and you know my dad, who was a IBEW 103 worker for 40+ years - this is Marty Walsh’s fault! He is pandering to unions for votes while ignoring the regular working people - even those union workers can’t afford to live in these luxury condos - 1/2
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.We’ve been saying this for years on the West Coast. The influx of foreign money, especially into what become vacant properties (money laundering), is the real reason for spiraling real estate price and the overall housing/homeless crisis.
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2/2 Just one example - Southie can barely field a hockey team because most families with two or more kids can no longer afford to live there - instead of helping those people Marty wants sanctuary cities and to disparage our President - it’s disgusting and it needs to stop!
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