Markets

The Amazon deal is no win for New Yorkers

The Amazon deal is no win for New Yorkers

Here's how it all played out. Legislators in cities and states that Amazon passed over will be monitoring how the project unrolls.

However, not everyone was swept up in the excitement.

Google, for example, is also planning a major expansion in NY.

"We've delivered on those promises and more, and today, with Amazon committing to expand its headquarters in Long Island City, New York can proudly say that we have attracted one of the largest, most competitive economic development investments in USA history".

In total, the city offered incentives worth $US1.5 billion ($2.1 billion). Those jobs will also be paid on average $150,000 a year, Amazon said.

- Cash grant of up to $15 million based on $500 for each job created over the next 7 years.

Arlington is directly across the Potomac River from Washington.

Boston and MA never submitted a formal incentive package to Amazon, according to the state, but would not have come close to the combined roughly $2 billion that NY and Virginia will dole out in exchange for half of Amazon's HQ2.

What do the cities themselves get for all that effort?

Since Amazon's arrival, Seattle has become one of the nation's most expensive places, forcing lower-income residents to move to far-off suburbs.




Amazon's search for a second headquarters captured the attention of almost every economic development agency in the country, with more than 200 submitting bids to land what had originally been described as 50,000 jobs and billions in investment.

However, Amazon eventually made a decision to split the jobs and investment between two different locations.

Amazon is dividing the second headquarters evenly between New York's Long Island City and Arlington County's Crystal City neighborhoods, which are both located directly across from the major city centers.

While Amazon has touted the prosperity the headquarters would bring - pledging to make $5 billion in capital investments and create 50,000 jobs between the two headquarters - politicians voiced concerns that the influx of tech workers would fuel inequality and hurt lower-income populations. Also according to Kimmelman, tech workers, "increasingly.demanded the diversity and benefits of city life". Amazon has declined to comment. And Arlington is among the wealthiest counties in the United States (in 2016, the median income there was $US108,706). He was hopeful that HQ2 would come to New York City. That's because the 235 losing proposals-representing cities and regions from 54 states, provinces, and territories-turned over lots of valuable demographic data for free, data which Amazon can use to make all kinds of decisions about how to sell you and your neighbors in the future even more stuff you don't need. "We're well past that, and there's zero public justification for a package as rich as this".

Others with less money to offer took a more creative approach: the mayor of the Atlanta suburb of Stonecrest, Jason Lary, said he would create a new city from industrial land called Amazon and name Bezos its mayor for life. In different cities, Amazon has agreed to different things: to donate space for an incubator, space for a primary or intermediary public school, and to invest in infrastructure improvements.

As well, they think it's no surprise that the candidates that were most obvious all along won (and it's also been noted that Mr Bezos owns homes in both locations).

The decision to split what was deemed one of the largest economic development projects in recent history triggered a flurry of criticism about Amazon's original intentions but also fresh hopes. In fact, analytics firm mediaQuant estimates the bidding process earned the company $US148 million worth of media attention in just two months following its announcement.

And while HQ2 was initially pitched as being equal in size to the current Seattle headquarters, the fact it's been split in two means Seattle will now retain bragging rights as the single biggest.


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