Feb 14, 2019
Why Amazon is Dropping Its NYC HeadquartersBy Jeremy Quittner
The e-Commerce giant faced months of opposition from local leaders.
After months of pushback from local politicians and community leaders, e-Commerce king Amazon announced it’s canceling plans for a second headquarters in New York City.
In November, Amazon said it would build two new headquarters—one in the Long Island City neighborhood of Queens, New York, and another in Arlington, Virginia. The Queens facility would have added about 25,000 high-paying jobs to New York City, and Amazon would have spent billions of dollars on a new, four million square foot facility, the company said in an earlier press release.
Amazon conducted a year-long search among hundreds of U.S. cities for its new spaces.
Why critics opposed Amazon’s NY headquarters
Amazon would also have received billions of dollars in subsidies that would have come from city and state tax revenues. Critics argued that since Amazon is one of the wealthiest companies in the world, it didn’t really need the money.
Additionally, opponents of the new headquarters reportedly said the influx of highly-paid Amazon workers could have made local housing less affordable, and might have further burdened local transportation infrastructure.
Nearly 70% of New Yorkers favored building the new headquarters in Queens, Amazon said in a blog post on Thursday, February 14. A recent poll conducted by the Siena College Research Institute suggests that the percentage of New York State residents supporting Amazon’s new facility is closer to 56%.
With Stash, you can get started investing for just $5. The Stash platform gives you access to dozens of funds and single stocks.
Why Inflation is Causing Anxiety for Americans
How to Close the LGBTQ+ Wage Gap in the U.S.
The Weekly Scan June 20, 2022
Black America: Addressing the Racial Wealth Gap
The Weekly Scan June 13, 2022
The Weekly Scan June 6, 2022