so only 25K jobs per. Phased in over several years. Plus it's not like whatever real estate/office space they're occupying was going to be totally vacant so I think the impact to infrastructure and housing costs isn't going to be all that dramatic.
giving a huge tax break to a mega corporation
is not going down well in NYC
I predict this won't be going to LIC in the end
I'm pretty sure you're going to be wrong - tax breaks to mega corporations happen all the time here, especially when large number of jobs are being created.
the article you linked says hundreds of millions and $1.5B for 25k well paying (6 figures+) jobs isn't that much, though I do agree in principle that subsidizing these companies is idiotic.
if they bring something to the locale, if they end up paying more to the city or state than they received in breaks. If that happens, then I think the investment is worthwhile. If it's not, then it's not worth it to you and they should look and move or, if existing in your place already, re-locate to somewhere else. It's all just math.
giving a huge tax break to a mega corporation
is not going down well in NYC
I predict this won't be going to LIC in the end
I'm pretty sure you're going to be wrong - tax breaks to mega corporations happen all the time here, especially when large number of jobs are being created.
People in Queens are pissed. They are going to get pushed out of their neighborhoods. It's basically a luxury gentrification.
25,000 new, high-paid workers in LIC isn't going to affect Â
room was already 750K+. Can’t imagine the prices there now. In fact it might be cheaper in Manhattan. The effect will spill over to the blocks on the 7 line, probably more so towards Queens. Now those old condo’s in Forest Hils, Kew Garden will skyrocket.
But what kind of jobs is Amazon bringing? Are we talking new grads making 35K or executives?
RE: 25,000 new, high-paid workers in LIC isn't going to affect Â
I guess the 7 train improvement isn't on the docket
Quote:
The deal is a goodie bag for Amazon: It includes everything from a $325 million cash grant to a promise that taxpayers will help secure a helipad for Amazon executives.
and presumably a decent chunk of the jobs will go to people who already live here. Have to believe a city of 8 million and a metro of 20 million can absorb that. Of course the immediate area will be impacted but beyond that the newcomers will be spread out across the tri-state area like all NYC commuters.
The long term impact could be huge though if Amazon HQ2 along with Google's expansion in midtown make NYC a magnet for other tech giants looking to move some offices out of Silicon Valley over the next decade or so. Why they'd want to move to the second craziest housing market I don't know but if Amazon and Google are doing it...
I'm not a fan. LIC doesn't have the infrastructure to accommodate 25K more people coming for work on a daily basis. And, I can't get behind any sort of tax breaks, especially for a company this size.
I don't blame Amazon, I blame the locales bidding against themselves Â
There will likely always be cities lining up to offer juicy perks for the sort of footprint that Amazon is promising, so from that perspective it isn't surprising, but as many have mentioned it doesn't seem like Arlington or LIC needed the boost. I'm sure there are some local politicians that estimated bringing Amazon to these neighborhoods would be a feather in their cap but the reality appears to be quite the opposite.
Now, after reading a few articles about this decision Â
People in Queens are pissed. They are going to get pushed out of their neighborhoods. It's basically a luxury gentrification.
I was born and raised right next door to LIC and still have family and friends there. I remember when LIC was just a drug and hooker infested dump (aka the good ole days).
The people you're talking about being pissed are basically unimportant from a voting perspective. These neighborhoods have already gentrified, and just about all of the working class people who were there when I was growing up have been pushed out. The people who own homes there will generally be in favor of it as this is going to drive up prices. Many of the people who rent will look at it as a possible employer on their side of the 59th street bridge. There's not going to be some huge backlash that would prevent this from happening.
Mind you I'm not a fan of taxpayer subsidies to large corporations, whether said corporation is building a corporate campus or a football stadium, but my not being a fan of government spending has never stopped it from happening in the past.
RE: RE: RE: 25,000 new, high-paid workers in LIC isn't going to affect Â
our building is required to be delivered empty as of Jan. 1, 2022, but we may be moved out as early as 2019. This week, my office just began work to convert our warehouse space to office space so all 45 of our staff can sit in one room. Of course, the work began before anyone knew about this deal (or at least anyone at our level). So, this morning when a number of us questioned the decision to continue the renovations as a further waste of taxpayer dollars (at least $300K), given how soon we need to move, our boss took the very cavalier attitude that it's a drop in the bucket and continuing the reno was approved by several members of upper leadership. He was really not understanding why this would bother anyone, especially as taxpayers.
the article you linked says hundreds of millions and $1.5B for 25k well paying (6 figures+) jobs isn't that much, though I do agree in principle that subsidizing these companies is idiotic.
having amazon put headquarters in your city is going to create many new businesses and therefore more jobs and income to support and more tax generated. These 25000 workers need to eat sleep play clean etc
the article you linked says hundreds of millions and $1.5B for 25k well paying (6 figures+) jobs isn't that much, though I do agree in principle that subsidizing these companies is idiotic.
having amazon put headquarters in your city is going to create many new businesses and therefore more jobs and income to support and more tax generated. These 25000 workers need to eat sleep play clean etc
These 25,000 employees most likely eat, sleep, play, etc. in NYC or the vicinity. The impact of these jobs is being overstated, on my opinion. This is a neighborhood that has been seriously developing for about 15 years, and little has been done, to dste, to improve the infrastructure. I don't see that changing with this move and I don't see this creating an uptick in businesses created.
The city is heavily dependent on finance jobs. They've been trying to wean off of that dependence in a number of ways, but at the same time disruption to another segment that they're heavily reliant on (media, specifically print publications) has offset anything they've tried.
Since at least Bloomberg if not earlier, the city has been trying to get a tech hub going (not counting the early go with MetroTech). First on Broad St., most recently on Roosevelt Island. Adding a big tech 'anchor' tenant is the next step - and with Amazon and Google moving in, they hope that the number of finance jobs moving out of the city is offset by strong tech job growth.
Now, that doesn't mean I'm thrilled about handing Amazon a bunch of money to sign up, but I at least see the strategy. The lack of infrastructure upgrades is a general theme in NYC, it's not directly related to this, although you would like to see their plans include some sort of transportation and development upgrades as well as small business development opportunities for the area.
for retail spaces might be too high for small shops. Instead of more Mu Ramen you might see more TGI Friday’s instead. A young executive making 150k can afford to live in a 3500$ one bedroom anywhere along the 7 line and in the city, but most of those jobs will be to people with young kids who will live in the suburbs and commute to Grand Central. So I don’t think you will really see a significant hike.
I live in Hoboken, we didn’t see any change price-wise when E&Y moved to town, just more people taking forever to cross the street that you want to run over.
Amazon has chosen Virginia as the #AmazonHQ2 destination, thanks to plans for a revolutionary, #VirginiaTech graduate campus in Alexandria, VA. - ( New Window )
is not going down well in NYC
I predict this won't be going to LIC in the end
is not going down well in NYC
I predict this won't be going to LIC in the end
I'm pretty sure you're going to be wrong - tax breaks to mega corporations happen all the time here, especially when large number of jobs are being created.
why the hell should you give Amazon 1.5 billion in tax breaks
they are one of the wealthiest corporations in the world!
Van Bramer, Gianaris Rebuke Amazon’s Reported LIC Plans as Pressure Grows Against HQ2 - ( New Window )
Amazon Is Getting $1.5 Billion to Come to Queens. Now Begins the Fight Over if It’s Worth It. - ( New Window )
Quote:
giving a huge tax break to a mega corporation
is not going down well in NYC
I predict this won't be going to LIC in the end
I'm pretty sure you're going to be wrong - tax breaks to mega corporations happen all the time here, especially when large number of jobs are being created.
People in Queens are pissed. They are going to get pushed out of their neighborhoods. It's basically a luxury gentrification.
But what kind of jobs is Amazon bringing? Are we talking new grads making 35K or executives?
Average salary (according to Amazon) will be $48k. Hardly qualify is "high-paid". Economics 201.
Quote:
the real estate market? This instantly pushes rents and home values up in Manhattan and Queens (and, perhaps, LI suburbs). Economics 101.
Average salary (according to Amazon) will be $48k. Hardly qualify is "high-paid". Economics 201.
I thought I read that the average pay for the 25K new jobs will be $150K.
Will New York Fund Amazon Subsidies or Student Debt Relief? - ( New Window )
The long term impact could be huge though if Amazon HQ2 along with Google's expansion in midtown make NYC a magnet for other tech giants looking to move some offices out of Silicon Valley over the next decade or so. Why they'd want to move to the second craziest housing market I don't know but if Amazon and Google are doing it...
Amazon Is Getting $1.5 Billion to Come to Queens. Now Begins the Fight Over if It’s Worth It. - ( New Window )
That is just absurd to pay that to the wealthiest company owned by the worlds wealthiest man
People in Queens are pissed. They are going to get pushed out of their neighborhoods. It's basically a luxury gentrification.
I was born and raised right next door to LIC and still have family and friends there. I remember when LIC was just a drug and hooker infested dump (aka the good ole days).
The people you're talking about being pissed are basically unimportant from a voting perspective. These neighborhoods have already gentrified, and just about all of the working class people who were there when I was growing up have been pushed out. The people who own homes there will generally be in favor of it as this is going to drive up prices. Many of the people who rent will look at it as a possible employer on their side of the 59th street bridge. There's not going to be some huge backlash that would prevent this from happening.
Mind you I'm not a fan of taxpayer subsidies to large corporations, whether said corporation is building a corporate campus or a football stadium, but my not being a fan of government spending has never stopped it from happening in the past.
I thought I read that the average pay for the 25K new jobs will be $150K.
My mistake. The figure I saw represented the average cost NY would pay per job. Still, I'd be surprised if the average salary was as high as $150k.
Quote:
the article you linked says hundreds of millions and $1.5B for 25k well paying (6 figures+) jobs isn't that much, though I do agree in principle that subsidizing these companies is idiotic.
having amazon put headquarters in your city is going to create many new businesses and therefore more jobs and income to support and more tax generated. These 25000 workers need to eat sleep play clean etc
Since at least Bloomberg if not earlier, the city has been trying to get a tech hub going (not counting the early go with MetroTech). First on Broad St., most recently on Roosevelt Island. Adding a big tech 'anchor' tenant is the next step - and with Amazon and Google moving in, they hope that the number of finance jobs moving out of the city is offset by strong tech job growth.
Now, that doesn't mean I'm thrilled about handing Amazon a bunch of money to sign up, but I at least see the strategy. The lack of infrastructure upgrades is a general theme in NYC, it's not directly related to this, although you would like to see their plans include some sort of transportation and development upgrades as well as small business development opportunities for the area.
Not like Amazon could afford to pay the $1.5 billion.
M.T.A. Warns of Fare Increases and Service Cuts as Budget Crisis Looms - ( New Window )
https://deadspin.com/amazons-ransom-vs-stadium-deals-which-is-worse-1830467603 - ( New Window )
True statement.
I live in Hoboken, we didn’t see any change price-wise when E&Y moved to town, just more people taking forever to cross the street that you want to run over.