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tfw your landlord is an LLC
“It reminds me of Moldova after the fall of the Soviet Union: oligarchs running wild, stashing their gains in buildings,” James Wright, an attorney and former Treasury Department bank examiner, told me. He now helps foreign governments combat money laundering. “Back then, you’d walk down the street, and people would say, ‘That building is a washing machine.’ Everyone knew it. Today, America is not that different.”
The Census Bureau reports that nearly 3 million U.S. homes and 13 million apartment units are owned by LLC, LLP, LP or shell companies – levels of anonymous ownership not seen in American history. The proportion of residential rental properties owned by individuals and families has fallen from 92% in 1991 to 74% in 2015.
With anonymity comes impunity, and, for vulnerable tenants, skyrocketing numbers of evictions. It wasn’t until reporters from The Guardian and The Washington Post began to investigate, for example, that residents living in hundreds of properties across the South learned that they shared a secret landlord, hiding behind names such as SPMK X GA LLC: Fox News personality Sean Hannity.
“Among the tenants Hannity’s property managers sought to evict,” The Post reported, were “a double amputee who had lived in an apartment with her daughter for five years but did not pay on time after being hospitalized; and a single mother of three whose $980 rent check was rejected because she could not come up with a $1,050 cleaning fee for a bedbug infestation.”