The government is cracking down!
Los Angeles has long attracted wealthy individuals willing to spend millions of dollars for a sprawling estate in the chaparral hills above the city or along its fabled coast.
But in addition to movie stars, financial executives and foreign billionaires, Los Angeles real estate has also attracted criminals seeking to launder ill-gotten gains by purchasing its tony mega-mansions.
Amid heightened concern that such individuals are using shell companies to hide stolen funds, the federal government is cracking down.
On Wednesday, the U.S. Treasury Department announced it will require buyers of luxury homes in Los Angeles and other California counties with pricey real estate to reveal their identities when laying out cash to purchase homes through secretive shell companies.
Andrew Khouri at LA Times lays it all out here