LLC loophole is loved by the real estate industry
The Durst Organization donated $150,000 to Patrick Maloney’s campaign for New York attorney general. Six LLC’s linked to the company were found to be the source of the contributions. Maloney is facing Letitia James in the Democratic primary.
Something to ponder… In New York, the law views each LLC as an independent entity, allowing contributors to avoid limits placed on individual and corporate donations. Such loopholes have drawn the ire of ethics advocates as it favors real estate companies who own multiple properties though different LLC’s.
This isn’t the only race the industry is playing in… The real estate community contributed more than $733,000 to Governor Cuomo’s re-election campaign in the first half of 2018.
Noteworthy donors included: Douglas Durst, James Nederlander, Peter Fine, Gary Barnett, SL Green, Maxwell Rovt, Lester Petracca, Jorge Madruga, and Amnon Shalhov.