Amazon Cancels New York Headquarters Plans

Amazon Cancels New York Headquarters Plans Affects Real Estate Market

Gustan Cho Associates are mortgage brokers licensed in 48 states

This BLOG On Amazon Cancels New York Headquarters Plans Affect Real Estate Market Was Published On February 15th, 2019

Amazon Cancels New York Headquarters Plans on Thursday February 14th, 2019. Many builders and real estate developers had plans for months in developing thousands of housing units. Over 25,000 high paying new jobs would have created a demand for higher priced housing throughout the state of New York and neighboring New Jersey and Connecticut. Amazon Cancels New York Headquarters Plans in Queens New York stunned both Governor Andrew Cuomo and New York City Mayor Bill De blasio. Main reason for Amazon Cancels New York Headquarters Plans in Queens was due to local opposition.

The Washington Post first reported last week that Amazon was having second thoughts in canceling the move to Queens New York. Yesterday’s announcement made the cancellation official. The company already has 5,000 plus Amazon employees in New York and will continue to raise that number in years to come. However, the second Amazon headquarters will not be located in New York. This affect over 25,000 high paying jobs and the economic real estate boom that these folks will have fueled to the economy.

Mayor Slams Amazon Cancels New York Headquarters Plans

The Blame Game Due To Amazon Cancels New York Headquarters Plans

Cuomo blames the New York State Senate Majority Leader Andrea Stewart-Cousins in Amazon changing its plans and leading the opposition group.

New York stands to lose billions of dollars in tax revenues form Amazon changing its plans. This move by Amazon would have brought 25,000 to 35,000 high paying jobs. It will have brought housing development, new sales, and income taxes. 

Amazon has selected Northern Virginia as its second corporate headquarters. Unlike New York politicians, politicians in Virginia has welcomed the corporate giant with open arms.

Issues Facing New York

Many people are leaving New York for other states with low property taxes. New York has lost 1.5 million residents from 2008 to 2017. New York ranks as the number one state in residents and businesses leaving the state to other states with lower taxes. Not only are residents leaving the state of New York, but so are businesses. Many New York businesses and corporations are locating to states with lower taxes. States with low property taxes such as Texas, Florida, Georgia, Indiana, Virginia, Kentucky, Colorado, Mississippi are welcoming both New York residents and businesses with open arms. New York has a shortfall of more than $2 billion dollars in taxes due to residents and businesses relocating to other states with lower taxes. 

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