(DNAINFO) Trevor Kapp | January 13, 2016 — The city’s luxury real estate market is bracing itself after Wednesday’s announcement by the National Treasury Department that it will begin mandating the disclosure of identities of secret buyers of Manhattan homes costing $3 million and above.

Cash-only transactions conducted using shell companies like limited liability companies, or LLCs, will be under the microscope, the New York Times first reported.

The program, which will also include homes for $1 million and over in Miami, will run from March through August, the department said, explaining that it planned to evaluate the results before expanding the program nationwide and making it permanent.

The initiative was in part in response to the Times’ coverage of the increasing use of shell companies by foreign buyers who use U.S. real estate as a safe haven for their money.

Source: Manhattan’s High-End Market May Pause Due to Treasury Dept.’s New Mandate – Midtown – DNAinfo.com New York