How AOC Hurt Housing Market

How AOC Hurt Housing Market For New York Property Owners

Gustan Cho Associates are mortgage brokers licensed in 48 states

This BLOG On How AOC Hurt Housing Market For New York Property Owners Was PUBLISHED On February 21st, 2019

Many New Yorkers wonder How AOC Hurt Housing Market and homeowners in her district.

  • Alexandra Ocasio-Cortez is a newly elected Congresswoman
  • Alexandria Ocasio-Cortez is an energetic aggressive Congresswoman who seems like she wants to change the country and the world
  • She is very vocal
  • Many Democrats support AOC and think of her as a rising Democratic superstar that will make a name of herself
  • Other have higher hopes for Alexandra Ocasio-Cortez and think she will one day be President of the United States
  • AOC expressed interest in running for President in the very near future
  • Her congressional district borders Long Island City, New York, the city where Amazon was going to build its second world headquarters
  • Ocasio-Cortez and her staff still cannot believe how How AOC Hurt Housing Market in not just her district but the whole state of New York
  • The way AOC Hurt Housing Market for her constituents and other New Yorkers is she led most prominent politicians to oppose the Amazon “HQ2” deal
  • It is now official
  • Amazon decided to stop plans in locating its second headquarters to New York due to AOC
  • Alexandria is receiving criticisms not just from her constituents, but Governor Cuomo and many national politicians as well as the media

AOC continues to defend her voice in her dealings with Amazon. AOC seems like she is in a state of denial and that Amazon is not good for her constituents. 

How AOC Hurt Housing Market And Economy In New York

How AOC Hurt Housing Market is home prices in her district and Long Island City New York would have appreciated substantially. It is not a matter of how AOC hurt housing market, but the overall economy of New York and potential revenues to the state. Billions of dollars in tax revenues for the struggling cash strapped state is now lost. Amazon’s second world headquarters in Long Island City, New York was supposed to create 25,000 high paying jobs. New homes were planned by builders. Many corporations like Starbucks and national restaurants were planned on developing in the area. High rise buildings were planned. Real Estate Investors with rental units were expected to have a major demand in housing rental units. Higher rents mean appreciation of real estate values. The economic impact would have been extremely positive not just for the city and its surrounding boroughs but the entire state of New York. Ocasio-Cortez has cited rising rents as one of the major reason for her lobbying to oppose the Amazon plans. Many elderly homeowners would have had their home values spike up 20% to 35%.

Many local and business owners in the area where Amazon was supposed to build their second corporate headquarters were extremely excited with the news of Amazon setting up shop in their neighborhood. After the corporate giant changed its mind, many were heartbroken.

Housing Rental Market In New York

Long Island City and neighboring community rental market has been sluggish.

  • The median rent in Long Island City prior to Amazon’s announcement of their location to the city was $3,092
  • According to real estate housing experts, AOC claims that rents will go up is true in the future
  • Rental spikes will not take effect immediately

It will definitely help the sluggish housing rental market of Long Island City, Astoria, Sunnyside, and other neighboring communities. As for housing, Amazon building its second headquarters in Long Island City, New York would have created demand for housing. Current homeowners would have seen an appreciation of home values. Demand for new housing would have kept homebuilders busy. It would have created tens of thousands of jobs. Currently, New York is facing a $2.3 Billion Dollar shortfall to pay its bills. Amazon would have been the savior for New York. Governor Andrew Cuomo is furious at Alexandra Ocasio-Cortez. AOC is being widely criticized by fellow Democrats. Many high powered Congressional Leaders are making fun of her with name calling. Some liberals are going as far as accusing her being transplated by Republicans.

Importance Of Electing Competent Politicians And Impact To Homeowners

Having the wrong politicians represent constituents can have an impact on property taxes. Negative impact on property taxes affect real estate values. Many far left Democrats believe in high taxes. High property taxes will not just affect property values but it is often difficult to sell homes with high property taxes. Many counties in Illinois have property taxes that are north of $10,000 per year on a $200,000  home. Illinois politicians continuously raise property taxes to pay for the shortfall on pensions, city projects, and other deficits. There is no reason why a town, county, or state to be broke. It is not how much you take in taxes but how much you spend. Just increasing taxes is not the solution to being profitable. You need to control on how much you spend. Homeowners should pay attention on the politicians they are voting for on their next election. A person’s home is their biggest investment. Don’t have inexperienced, incompetent, young politicians represent you and your family. Vote for the best candidate to represent your interests.

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