Where did Amazon go wrong? After staging a highly public auction that drew bids from hundreds of cities, the company attempted to craft uncrackable deals with its chosen cities that would avoid community input until most of the details were worked out. In New York, that may have ultimately led to the agreement’s demise.
Shortly after Amazon’s announcement that it is scrapping plans to build a headquarters in New York, Maryland Gov. Larry Hogan said that his administration has had discussions with and is planning to meet with the company on the topic of moving into Maryland.
The D.C. region’s largest residential real estate network is putting its heft directly at the feet of would-be workers at Amazon’s future second headquarters.
The House voted 83-16 on Monday in favor of the measure, which would create $550 million in “post-performance” incentives for the technology giant, based on job creation.
The bill would establish a fund for state incentive payments for 25,000 high-paying jobs Amazon has promised to create in Arlington County.
Home sales rose 5.4 percent in December compared to a year ago, buoyed by a 28 percent year-over-year increase in both Arlington and Alexandria. “The buzz HQ2 has created will definitely impact our market for years,” one realtor says.
“Because those spikes came at times when there was a big announcement and it was so large, I think people were curious about what is Crystal City, what are these neighborhoods like,” Cheryl Young, senior economist at Trulia, told WTOP.
Should Washington expect a dramatic acceleration in home price appreciation once Amazon starts marching its army of HQ2 employees into Northern Virginia?
Prices of houses and condos that sold throughout Northern Virginia, Maryland and the District were largely up in October compared to a year ago, but the number of sales was almost universally down.
In Amazon’s home of Seattle, housing prices have skyrocketed. But when Amazon moves to Crystal City, Alexandria officials say affordable housing won’t disappear.
The Democratic governor argues the state will come out far ahead when billions of dollars in new tax revenues from the company is factored in.
The places that didn’t make the cut are bearing the rejection with a mixture of reflection, disappointment and some optimism. But while they’re missing out on the economic boost — for now — they’ve also dodged having to give away billions of dollars in tax incentives.
Online searches for homes in the Long Island City — long an industrial area in the Queens borough of New York — soared 248 percent last week, real estate brokerage Redfin said.
“We’re proud that Amazon has recognized all the tremendous things Virginia has to offer,” said Virginia Gov. Ralph Northam following the announcement that Amazon’s new headquarters will come to Northern Virginia.
Much of the New York City neighborhood selected by Amazon for one of its new headquarters is in a federal “opportunity zone,” a designation created by President Donald Trump’s tax overhaul that offers developers potentially millions of dollars in capital gains tax breaks to invest in high-poverty, low-income areas.
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