(Spencer Soper – Bloomberg)
Amazon.com Inc. said it’s axing plans to build a new corporate campus in New York City, bowing to fierce opposition from some residents and politicians and denying the city what the mayor and governor had called its biggest ever economic win.
New York Governor Andrew Cuomo and New York City Mayor Bill de Blasio lobbied hard to bring the deal to the city, with the governor even jokingly offering to change his name. They touted the promise of as many 40,000 jobs in the city over the next two decades with an average salary of US$150,000.
But local opposition was fierce from the beginning. Lawmakers resented being excluded from negotiations for the deal, and decried the US$3 billion in government subsidies offered to a company run by the world’s richest man, while the city itself is facing budget cuts. Community groups feared rising rents in the neighbourhood would push out long-time residents, and that the influx of workers would strain an already overburdened subway system. Click here to read more.
- Amazon is Not Getting the Welcome it Expected From Queens (The Economist)
- Political Backlash for HQ2 Prompts Amazon to Pull Plug on NYC Campus (UPI)
- Amazon Pulls Out of Planned New York City Headquarters (New York Times)
- Amazon Drops Plan to Build Headquarters in New York City (Washington Post)
- How Amazon’s New York Playbook Backfired (Axios)
- Why Toronto Could be Back in the Game (Yahoo Finance)