On February 14, 2024, the Department of Treasury released an NPRM to combat the illicit finance risks from anonymous companies and all-cash real estate transactions. This rule would help local, state, and federal governments address the rapid and high-volume shifts in ownership of housing stock that are difficult to trace and track. As residential real estate ownership structures continue to evolve, local jurisdictions struggle to understand who owns their housing stock. This, in turn, has serious implications for tenants, prospective homebuyers, current homeowners, and local landlords who are impacted daily by absentee landlords that disrupt the fabric of our communities. 

On April 16, 2024, PolicyLink submitted the following comment supporting the Financial Crimes Enforcement Network (FinCEN) of the Department of Treasury in expanding Anti-Money Laundering requirements to a broader category of investment advisors and collecting and reporting residential beneficial ownership data. The proposed rule will support efforts to identify predatory actors in the housing market, develop policy to halt their activity, and shift the benefits of ownership and housing stability back to the people who need it most: households who live and work in our communities.

We look forward to continuing to support the administration in regulating the residential real estate market to advance housing justice for the 100 million.