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“We got a story for you and i think it s overblown. But i want want to talk to you about this new york city offered amazon more than three of a billion dollars. More than was previously known this court in the wall street journal. Even offered to pay some employee salaries to coax the tech giant to locate its hq to in the city.
This according as i said to that report in the journal over the weekend. Lots of people making hay of it and joining us now to make some hay of it themselves and discuss joanne lippmann. Distinguished journalism. Fellow at the institute for advanced study.
At leaves. Here media reporter at the new york times. Both our cnbc contributors overstated understate. Interesting that this was it was even bigger than we originally what they ve all she knew.
But when i say overstated to me at least this is one of those things you do to get people to the table. If you will and also at a time when hq to the or hq to was going to one city not to two so it was a bit of a dip. But the reason i say that is because instantly the critics jumped on the story and said look at how irresponsible they were willing away the farm to you know to lure in big business. Right the bigger point to its euler in big business.
You just get a bigger tax base that s the whole point you re not giving away three plus billion. Dollars..
You re getting potentially twenty plus billion. And i can write a fight for me. But maybe joanne no you re not story. I m sorry look newark was offering seven billion dollars right.
So maryland was offering more than new york. I think you know the the tomato. But by the way the critics therefore say look amazon was willing to to come here for a lot less anyway. So really the money had nothing to do with it well that that that s what aoc in the context.
More recently of amazon based they re setting up shop at the hudson yards and they re gonna hire fifteen hundred more people they were gonna do that as andrews pointed out manhattan is not the same as city and fifteen hundred is not twenty or thirty thousand employees. Most in the most interesting part of that story to me was that so much of the incentive was to try and actually get amazon to come out of new york city and particularly state. Central new york. You know central new york your cornell grad.
You know you know you look in at rochester. You re looking at the hudson valley. And that was very interesting to try and bring amazon beyond new york city in new york city it s already becoming a tech. Hub i mean we ve already got something like 20000.
Tech workers when you go against the woke crowd and when you re right about something finally. Yeah thank you you feel so why do you feel so uncommon and the critics are so loud in your ears..
That you think that maybe i don t how could either want to not be a watch on you should argue argue you just mentioned the 20000. Tech workers. Here. I mentioned a new york.
Times. Piece. Earlier today that i saw that said that these. 20000 people are reading it again that the 20000.
Facebook. Google. High tech workers around new york city with these high paying jobs are actually detrimental to new york city because they re exacerbating income inequality and making the city less affordable for the pennies. Yes.
I think that that s a that is an argument to be don t want high paying jobs to come to new york city. I don t i think that infrastructure is so crazy the same room you re you know you re connecting so many bizarre dots of some kind we want high paying jobs in new york city okay one of you that s called progress. The issue. Though that s missing in that argument about high paying jobs is if you re going to have high paying jobs you need infrastructure.
So that everybody s boat can get lifted. And you need to figure out a way..
Why does it you need to figure out a way so the teachers policemen firemen. Don t have to live across the bridge okay and thirty and fifty miles away from. Here you actually suppose you have a bigger tax base from the 20000. Workers.
With the high paying jobs to do some of those things. If you don t have how do you do it they know you are and you re against a lot of other things don t don t start putting up change. How do you know i m against rent control because i am. But how do you know but my point is that if you re gonna have this so.
If you re gonna make the argument of money to spend if you need money to spend money did you see the new moves that san francisco is taking now against airbnb because they have decided that airbnb is part of the problem with the housing issue. There because it people will hold onto a lot of properties. They can make a fortune by renting those properties out on airbnb. So i think the new requirements are that it has to be your primary or your primary or secondary residents everywhere.
And i had not thought about how that must be adding to it and not it s certainly not that it s alone for why you see this out of control housing cost. But it certainly adds we have a house upstate in hudson valley and the local newspaper. The lead stories about airbnb. They want to do the exact same economy you reamed that poor congressman.
That said that that long island city was not going to be affordable for anyone if amazon got there and you were telling him that was ridiculous. They don t ridiculous well then where are you then what all right then what s the how are you gonna make sure at the same time you have to figure out ways to create affordable house or government figure out ways to do everything we ranked elite..
Frankly on affordable housing you do i don t know of another solution for that i wish i did we re building things like million dollar car is it that hard to get here time from queens. I mean it everybody everybody has to look if you re if you re okay with the fireman and the policeman and everybody else not living where i m not sure how that creates a real that creates a much bigger problem. They re allowed to move too far away right creates another another issue about community. Which is to say that you know if you want a cohesive community.
You need people to be able to live there of all day you need enough of them as well but you already have that issue you already have the income inequality issue. I do think the argument for bringing these high paying jobs to new york city is it will increase the tax base and you can use that for education and you can by the way if they re not all high paying jobs you need all do what i know i do it you re like sure what else is fine right. There. Yeah.
Right you re like oh. The apply to the golden globes from palm springs on a private jet are you willing to sell your multi gazillion dollar place here to make up more for it or rent it out to half of it to some people that some firemen and policemen or you go. That s not what i m looking to do right now multi million dollar plan. You ve got bill gates just to contribute all his money to the government commute.
It s willing to go where there s a lot of laid out new jersey and freedoms. That makes sense if you care about if you care about teaching. You say you care about education. You can t you need to find them affordable housing.
You ” ..
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Joanne Lipman, journalist and distinguished journalism fellow at the Institute for Advanced Study in Princeton, and Ed Lee, corporate media reporter for the New York Times, join “Squawk Box” to discuss a new report that New York City offered Amazon $800 milion more than previously known in tax credits and grants for the interent retailer to build its second headquarters in the city.
Amazon signed a deal to lease more than 335,000 square feet of space in Manhattan s new Hudson Yards neighborhood, office realty group SL Green Realty announced Monday. The Wall Street Journal first reported the deal on Friday.
The deal comes less than a year since Amazon announced on Valentine s Day it would halt plans to build its new headquarters in the Long Island City neighborhood of Queens, New York. Amazon and lawmakers who brokered the deal behind closed doors faced pushback from local activists and city council leaders who criticized the nearly $3 billion in performance-based incentives offered to the company in exchange for bringing 25,000 jobs to the area.
To those who opposed the exchange of tax breaks for jobs, the new Hudson Yards space is something of a victory.
Won t you look at that: Amazon is coming to NYC anyway – *without* requiring the public to finance shady deals, helipad handouts for Jeff Bezos, u0026 corporate giveaways, Rep. Alexandria Ocasio-Cortez, a New York Democrat who represents the region where Amazon planned to build its HQ2, tweeted Friday following the Journal s report.
But the new lease will bring just a fraction of the jobs Amazon promised as part of the HQ2 deal. The company will have over 1,500 employees at the new site, according to the Journal. Amazon had made clear it would continue to grow in New York even after it pulled out of its HQ2 project there. The new Amazon jobs will also be located in Manhattan, not the developing neighborhood of Long Island City in Queens.
An Amazon spokesperson told CNBC that the new office space will open in 2021 and house employees from its consumer and advertising teams. The spokesperson also said the office is part of the company s previously announced plan to add jobs organically in many U.S. cities, including New York City.
Even so, in a separate tweet, Ocasio-Cortez argued the 25,000 job Amazon promised was a 10-20 year fantasy rather than a firm commitment.
New York State Senator Michael Gianaris, who represents the Long Island City district, echoed Ocasio-Cortez s statements in an interview with CNBC s Andrew Ross Sorkin Monday.
The argument is that Amazon was coming to New York, they were always coming to New York, and they will continue to come to New York because that s where the talent pool is, that s where their competitors are hiring talented people, Gianaris said, noting Facebook and Google s expansions. If those jobs are coming anyway, which I believe they are, then we are in fact saving that money for use on other things.
Sorkin pushed back on Gianaris argument, pointing out the jobs will not be coming to his district with this new deal and recalling that the tax incentives were based at least in part on the numbers of jobs Amazon ultimately brought to the area. Gianaris said he d still expect Queens residents will end up working for Amazon even though it s not setting up shop in the borough and added that Amazon never made a binding commitment to bring jobs to the area.
Even though the jobs won t come to his district specifically, Gianaris said Long Island City is doing just fine without Amazon. While growth is not happening in such a splashy way as the HQ2 project would have seen, it is continuing at an organic pace, he said.
Shortly before Amazon formally ended its HQ2 plans in New York, Governor Andrew Cuomo, a Democrat, pleaded with the public and described what he saw as a huge loss if Amazon pulled out of the deal.
There is no business that brings 25,000 jobs anymore. They don t exist. I spend days trying to bring a business that has 100 jobs or 200 jobs, he said. Every project has local opposition. … People just oppose change.
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