Published: Sat, February 09, 2019
Markets | By Otis Pena

Amazon reconsidering NYC location, according to report | Digital

Amazon reconsidering NYC location, according to report | Digital

"Unlike in Virginia-where elected leaders quickly passed an incentive package for a separate headquarters facility-final approval from NY state is not expected until 2020".

The shares initially dipped when the Washington Post report was posted Friday but then quickly gained back some of the loss.

It looks like Rep. Alexandria Ocasio-Cortez (D-N.Y.) (shown above left) might have her way after all - Amazon is reconsidering building its second headquarters in New York City, according to a report from The Washington Post.

It noted that the company's plan to build its HQ2 campus in Long Island City (located across the river from Manhattan in Queens) had faced opposition from local activists and politicians.

The source said New Jersey officials have told Amazon that Newark would be the most logical spot to relocate, since so many of Amazon's officials involved in the move already are familiar with the area. Whether it's building a pipeline of local jobs through workforce training or funding computer science classes for thousands of New York City students, we are working hard to demonstrate what kind of neighbor we will be.

Basically, the whole thing could be summed up as "nice Amazon deal, New York".

China still General Motors' biggest market
In the same vein, SSgA Funds Management Inc increased its Square, Inc. shares by during the most recent reported quarter. General Motors Company (NYSE:GM) has an ABR of 1.64 which is the combined stock view of 11 analysts poll results.

According to a December Quinnipiac University poll, 57 percent of New York City residents support Amazon's arrival in the region, compared to just 26 percent who oppose the deal, Fox Business reported.

"The question is whether it's worth it if the politicians in NY don't want the project, especially with how people in Virginia and Nashville have been so welcoming", a person with knowledge of Amazon's plans told the Post. One point of contention could be Amazon's opposition to labor unions.

"Chicago has a lot to offer, and Mayor Emanuel will continue his efforts to recruit companies to Chicago until his last day on the 5th Floor in City Hall, and probably for long after that", the mayor's office said in statement that was careful not to mention Amazon.

"I don't think, in the end, there's a lot of public servants want to be responsible for losing 25,000 to 40,000 jobs", de Blasio said. But the mayor said he was "not sorry at all" that the city and state didn't go higher than $2.25 billion.

Under the current plan, which was negotiated by Gov. Andrew Cuomo and Mayor Bill de Blasio, the headquarters would bring in roughly 25,000 to 40,000 new jobs. NY is known for being a solidly pro-labor city and the e-commerce giant has been the focus of several protests. Local union leaders have repeatedly claimed the online retail giant is "anti-worker" and "anti-union" and called conditions in Amazon factories around the county "deplorable". Each project in NY and Virginia is expected to create 25,000 jobs.

Amazon is likely threatening this pullout to concentrate minds among NY politicians, in an effort to pin blame on them for "losing" Amazon. What benefit the company would actually get was unclear.

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