Amazon Nixes NYC HQ Plans
[{"id": "egh02hr", "text": "Seems fishy. If 70% of NYers wanted this as their release said and the mayor and gov wanted it, why would Amzn pull out.", "replies": [{"id": "egh1h27", "text": "They don't want protests every single day?", "replies": [{"id": "egh1zn0", "text": "Amazing. People were driving around LIC in busses buying investment property sight unseen the weekend after they announced. These investors are fucked. ", "replies": [{"id": "eghmy4z", "text": "That's capitalism baby", "replies": [], "depth": 4}, {"id": "eghz5n7", "text": "The first thing I thought when I heard this. ", "replies": [], "depth": 4}, {"id": "egi4agi", "text": "Ehh prices hadn't skyrocketed yet and LIC is still an up and coming area. In fact, I'd bet anything another company builds an HQ there in the next couple years.", "replies": [{"id": "egilfbc", "text": "Condos were overbuilt and the market was soft until amazon announced. Overnight, inventory started trading 50% higher, on pure speculation. Now that\u2019s gone, and I suspect there will be many   contracts that fall out due to failed appraisal tests. Lots of foreign buyers who paid all cash that will lose their asses. I don\u2019t think you understand how real estate works. ", "replies": [{"id": "egj3lll", "text": "What you're saying likely applies to much of the rest of the country, but you clearly don't know LIC, and I suspect you don't know much about the motivations of foreign buyers in NYC who pay all cash.\n \nI'll address the 2nd part first. Foreign, all cash buyers are not buying in the city with the primary purpose of renting them out. Most co-ops have rules against buying to rent anyway, and co-ops account for ~70% of inventory in NYC. They are paying all cash to effectively trade their local currency for USD (do you have any idea how many apartments are sitting empty in NYC??) and they're buying in NYC because even in downturns (at least downturns over the last 20-30 years) real estate prices have held relatively steady. And while yes, over the last 3 months many probably shifted their focus to LIC due to Amazon, to say that they will \"lose their asses\" demonstrates your misunderstanding as to why they're actually buying to begin with. Also, you really think most foreign buyers who pay all cash couldn't afford to take the hit?\n \nNow on to LIC -- most of the residential inventory (and current construction) are rentals, *NOT* condos. That's partly because rents were *already* comparable to Manhattan, so why would developers sell when they can command high rents? In fact, only ~10% of resi units completed in the area since 2015 were condos and while that has gone up a little, current construction is still only ~20% condo. So, no, condos were not overbuilt in LIC. I think I can stop here because your first sentence is just not accurate (and I didn't check any sources, but I suspect your second sentence is also off, if not wholly inaccurate).\n  \nWill some speculators be effected by Amazon's pull-out? Sure. But you're *highly* exaggerating the situation. In fact, I feel like *I'm* exaggerating by even calling it a \"situation\"!\n  \nBut all that aside, as I said in my previous comment -- LIC was already well on its way before Amazon announced and I bet another company announces an HQ there in the next 2 years. But I guess we'll have to wait to see if I'm *also* right about that part ;)", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "egh3k4r", "text": "Because public opinion is such a small factor. They need the local government on their side for their tax breaks and to prevent them from interfering in petty ways.\n\nIt's sad, but one fortunate market will reap the benefits because they put their community first instead of politics.", "replies": [], "depth": 2}, {"id": "eghmg0i", "text": "Because NY wasnt cool with Amazon being anti union for its warehouse workers.", "replies": [], "depth": 2}], "depth": 1}, {"id": "egh1jzx", "text": "Think deeper....", "replies": [{"id": "eghbpu6", "text": "To quote Curly Howard:  \u201cI'm tryin' to think, but nothin' happens!\u201d", "replies": [], "depth": 2}], "depth": 1}, {"id": "egh1l49", "text": "Like Quato said \u201copen your mind\u201d", "replies": [], "depth": 1}, {"id": "egh65bk", "text": "Think deeper. Something still doesn\u2019t add up. Open your mind - Quato", "replies": [], "depth": 1}, {"id": "egkydfj", "text": "All those imbecilic politicians were all worried about about the tax breaks Amazon was gonna get, but they're *really* gonna stroke out when they find out tons of investors will be living tax-free for years with those gigantic losses and carry-forwards.", "replies": [], "depth": 1}]