Author Topic: Amazon HQ2 in LIC? Yay or Nay?  (Read 15092 times)

Offline JH3525

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #135 on: February 12, 2019, 12:07:49 PM »
Amazon will receive $3 Billion in subsidies from both NYC & NY State over a long period of time which I believe (not certain) is 10 years.  If so, this amounts to $300 Million Dollars a year based on 10 years.  The combined budget for both NYC & NY State for July 1, 2019 to June 30, 2020 is $268.2 Billion Dollars.  When you compare $300 Million to $268.2 Billion, the NY State & NY City offer is a bargain especially when you consider Governor Christie offered $7 Billion Dollars and the Governor of Maryland offered $6.5 Billion.  Just this morning, the new Governor of New Jersey is reaching out to Amazon in hopes that they will consider Newark. 

Offline jh35

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #136 on: February 12, 2019, 12:26:14 PM »
Amazon will receive $3 Billion in subsidies from both NYC & NY State over a long period of time which I believe (not certain) is 10 years.  If so, this amounts to $300 Million Dollars a year based on 10 years.  The combined budget for both NYC & NY State for July 1, 2019 to June 30, 2020 is $268.2 Billion Dollars.  When you compare $300 Million to $268.2 Billion, the NY State & NY City offer is a bargain especially when you consider Governor Christie offered $7 Billion Dollars and the Governor of Maryland offered $6.5 Billion.  Just this morning, the new Governor of New Jersey is reaching out to Amazon in hopes that they will consider Newark.

If it means nothing to the budget, why do they need $2.50 if someone drives to Manhattan?

Offline jh35

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #137 on: February 12, 2019, 12:44:14 PM »
Amazon will receive $3 Billion in subsidies from both NYC & NY State over a long period of time which I believe (not certain) is 10 years.  If so, this amounts to $300 Million Dollars a year based on 10 years.  The combined budget for both NYC & NY State for July 1, 2019 to June 30, 2020 is $268.2 Billion Dollars.  When you compare $300 Million to $268.2 Billion, the NY State & NY City offer is a bargain especially when you consider Governor Christie offered $7 Billion Dollars and the Governor of Maryland offered $6.5 Billion.  Just this morning, the new Governor of New Jersey is reaching out to Amazon in hopes that they will consider Newark.

If it means nothing to the budget, why do they need $2.50 if someone drives to Manhattan?

And, as the other thread points out, Cuomo also wants to have a train that connects to the 7 train from LGA. The 7 is already overcrowded.

Offline jh35

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #138 on: February 12, 2019, 01:02:30 PM »


The new Queensboro Plaza station

Offline francis

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #139 on: February 12, 2019, 02:45:35 PM »
Oh ..... i thought it was Roosevelt Avenue.

Offline abcdefghijk

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #140 on: February 12, 2019, 07:21:09 PM »

Offline jh35

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #141 on: February 12, 2019, 07:56:34 PM »
Apparently many new businesses get these tax breaks to entice them to New York. Not just Amazon. So the hysteria is even less rational...

http://gothamist.com/2019/02/12/nyc_tax_breaks_development.php?utm_source=WNYC+%2B+Gothamist&utm_campaign=5899360a6d-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_65dbec786b-5899360a6d-82261309&mc_cid=5899360a6d&mc_eid=c9f90b886d

Many companies gave concessions to the city too. Subway entrances built into new buildings, public spaces (with waterfalls, picnic tables), areas for schools, low cost housing. Not all companies are totally greedy and out to take everything they can get. Before corporations were people, some tried to be good citizens.

Offline toddg

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #142 on: February 12, 2019, 09:06:51 PM »
The great Kenneth T. Jackson puts Amazon's HQ2 in historic context: New York Needs Amazon

And here's further evidence that there's nothing unusual about the Amazon deal: IBM, SUNY Poly creating artificial intelligence center in Albany.
This is welcome news.  I have no complaints about it.   But that's $300 million for "hundreds" of jobs.  If "hundreds" means 500 jobs, then that would be $600,000 per job.  If "hundreds" means 1000 jobs, then that would be $300,000 per job.

Note that Amazon HQ2 would create 25,000 jobs within a decade and up to 40,000 jobs within 25 years.  Assuming the lower end of this range, the $3B subsidy would amount to $120,000 per job created.

Both of these projects are anchoring technology jobs here in New York State, which is absolutely critical for the long-term health of our economy.   I think we should have a vigorous debate about the details of the HQ2 campus, and ensure there are benefits to the community, but I'm with Professor Jackson: New York cannot afford to lose HQ2.

Offline Matt

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #143 on: February 12, 2019, 11:13:40 PM »
We are a city of 8.5 million people. 25,000 is less than 1% of an increase - and these won't all be new people, some of us live here already. Seattle's population is under 1 million. It's not fair to compare the two.

The article Todd shared is right on point. The city needs to continue to evolve and to diversify the types of businesses that operate here. We never recovered all of the finance jobs that were lost during the great recession, to work towards scaring Amazon and all of the associated jobs that would come with them is foolish. This city definitely has problems, but I think people should direct their anger and frustration elsewhere. More opportunity is a good thing.


Offline dssjh

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #144 on: February 13, 2019, 09:00:16 AM »
It does sound great on paper. but saying "Note that Amazon HQ2 would create 25,000 jobs within a decade and up to 40,000 jobs within 25 years.  Assuming the lower end of this range, the $3B subsidy would amount to $120,000 per job created" isn't entirely accurate. It's COULD create. it could ultimately create 5,000 jobs. or fewer.

the city and state were forced to make concrete guarantees as to what they're giving Amazon. Amazon should be forced to make concrete guarantees in return. then, it's a fair deal.

Offline JH3525

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #145 on: February 13, 2019, 10:00:37 AM »
dssjh:  If I remember correctly, the subsidies would be given to Amazon over a very long period of time based on actual performance/results and not promises. 

Offline itsit

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #146 on: February 13, 2019, 10:19:28 AM »
 Hearing that Newark is still interested in welcoming Amazon seems like the best move to me. They need it, they want it
and after hearing all of the complaining, they still have the welcome mat out. Also, it doesn't help to say anyone is hysterical
that doesn't want the Amazon deal. Am nowhere near hysterical but more like skeptical and it has just been hard to get a
clean read on both sides from pol (politicians) and the press.
 
We'll get tech jobs in NYC and Queens too, for sure but hopefully in numbers that don't feel so overwhelming to our
community and that are spread out over the NYC area. Funny that the Roosevelt Island tech center, school and housing
is less than one mile from this site and was handled so much differently even accounting for the difference in scale of
projects.
« Last Edit: February 13, 2019, 10:24:59 AM by itsit »

Offline abcdefghijk

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #147 on: February 13, 2019, 11:51:06 AM »
Young tech folk won't be coming to Jackson Heights. There will hardly be any change here. This fear about change is overblown.

That's why LIC is perfect.  It's close to Williamsburg and Manhattan and Astoria where the young tech people are and will be.

 

Offline JK resident

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #148 on: February 13, 2019, 12:02:04 PM »
Who would open a business in Newark?, known for its high crime rate and poverty? Chicago is also calling desperately. It’s too cold there. Austin or Tampa/Orlando are real options. Austin is already home to many technology companies. Housing is much cheaper than LIC. Even if you pay workers $120k after state city income taxes and astronomical housing costs, there will be little left for the workers to spend. If you want a car the garage will cost you $350 a month to park. High utilities costs add to the burden. The same $120k could get you a house in Fl or TX. The politicians are forgetting that the workers will be paying city and state income taxes. At 25k jobs, that means a lot of money at a time when many high income individuals are leaving NYC.

Offline JK resident

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Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #149 on: February 13, 2019, 12:08:07 PM »
Smart technology workers will come to Jackson Heights when they see what those new luxury rentals cost in LIC. $3000+ a month for a one bedroom. Many will figure out you could buy a coop or condo in JH and hop on the train for ten minutes.

Jackson Heights Life

Re: Amazon HQ2 in LIC? Yay or Nay?
« Reply #149 on: February 13, 2019, 12:08:07 PM »