In Today's#WTF Real Estate News:
As the Trumps Dodged Taxes, Their Tenants Paid a Price
Tenants in Trump family buildings had no idea why their rents shot up. The reason? They were the collateral damage of a hidden tax scheme.
They were collateral damage as Donald J. Trump and his siblings dodged inheritance taxes and gained control of their father’s fortune: thousands of renters in an empire of unassuming red-brick buildings scattered across Brooklyn, Queens and Staten Island.
Those buildings have been home to generations of strivers, municipal workers and newly arrived immigrants. When their regulated rents started rising more quickly in the 1990s, many tenants had no idea why. Some heard that the Trump family had spent millions on building improvements, but they remained suspicious.
The president and his siblings have long since sold their father’s buildings and moved on with their inherited fortunes. But for tenants, the insidious effects of the scheme continue to this day.
Read the article: https://www.nytimes.com/2018/12/15/us/politics/trump-tenants-taxes.amp.html
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