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And the city is already desirable. Google and Apple are building huge campuses in New York in the Upper West Side and Hudson Yards respectively, and they aren't

And the city is already desirable. Google and Apple are building huge campuses in New York in the Upper West Side and Hudson Yards respectively, and they aren't getting paid two billion taxpayer dollars to do it.

dajohnson89 8y ago
If i understand correctly, almost half of that sum is from pre-existing tax incentives.
rlanday 8y ago
Google's currently in Chelsea and is expanding in Hudson Square, not the Upper West Side.
- epc 8y ago
  Google has taken over some space (unclear how much) in Starret-Lehigh and Alphabet/Sidewalk have space in Hudson Yards. The new offices down by Houston are years away.
brianwawok 8y ago
Are you sure? Deals seem pretty common
throwawaysea 8y ago
Of the potential ~$3B NY subsidies (this is what it is projected Amazon can claim, not what is promised), I believe only $505M is specific to Amazon (capital grant from state). The rest is from pre-existing programs including Excelsior, ICAP, and REAP. Chances are, Google, Apple, and the rest are all going to be taking advantage of these programs. https://www.governor.ny.gov/news/governor-cuomo-and-mayor-de-blasio-announce-amazon-selects-long-island-city-new-corporate https://www.governor.ny.gov/news/governor-cuomo-and-mayor-de... > To bring this transformational, multibillion-dollar project to New York, the State offered a package of performance-based incentives totaling $1.705 billion. The package includes a $1.2 billion in tax credits through the Excelsior Jobs Program, which is directly tied to Amazon's commitment to create 25,000 new jobs and no less than $2.3 billion investment over ten years as well as a $505 million capital grant that is directly tied to Amazon's commitment to invest $3.6 billion and create up to 40,000 new jobs over 15 years. > Under pre-existing as-of-right programs authorized by law, Amazon is eligible for a partial property tax abatement through ICAP and an annual credit of $3,000 for twelve years per eligible employee under REAP, a program available to all companies to encourage job growth outside of Manhattan. REAP benefits for Amazon's 10-year expansion are projected at $897 million through 2038, and ICAP will abate approximately $386 million.

dajohnson89 8y ago

If i understand correctly, almost half of that sum is from pre-existing tax incentives.

rlanday 8y ago

Google's currently in Chelsea and is expanding in Hudson Square, not the Upper West Side.

epc 8y ago
Google has taken over some space (unclear how much) in Starret-Lehigh and Alphabet/Sidewalk have space in Hudson Yards. The new offices down by Houston are years away.

brianwawok 8y ago

Are you sure? Deals seem pretty common

throwawaysea 8y ago

Of the potential ~$3B NY subsidies (this is what it is projected Amazon can claim, not what is promised), I believe only $505M is specific to Amazon (capital grant from state). The rest is from pre-existing programs including Excelsior, ICAP, and REAP. Chances are, Google, Apple, and the rest are all going to be taking advantage of these programs. https://www.governor.ny.gov/news/governor-cuomo-and-mayor-de-blasio-announce-amazon-selects-long-island-city-new-corporate https://www.governor.ny.gov/news/governor-cuomo-and-mayor-de... > To bring this transformational, multibillion-dollar project to New York, the State offered a package of performance-based incentives totaling $1.705 billion. The package includes a $1.2 billion in tax credits through the Excelsior Jobs Program, which is directly tied to Amazon's commitment to create 25,000 new jobs and no less than $2.3 billion investment over ten years as well as a $505 million capital grant that is directly tied to Amazon's commitment to invest $3.6 billion and create up to 40,000 new jobs over 15 years. > Under pre-existing as-of-right programs authorized by law, Amazon is eligible for a partial property tax abatement through ICAP and an annual credit of $3,000 for twelve years per eligible employee under REAP, a program available to all companies to encourage job growth outside of Manhattan. REAP benefits for Amazon's 10-year expansion are projected at $897 million through 2038, and ICAP will abate approximately $386 million.