Amazon Backtracks – Suspends Decision To Build HQ2 In Queens

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This is not investment advice. The author has no position in any of the stocks mentioned. has a disclosure and ethics policy.

Well folks, things just took an interesting turn in the Amazon headquarter saga. The online retailing behemoth is looking for new cities to build its headquarters in, and now it looks as if New York is out of the race. In an official blog post Amazon (NASDAQ:AMZN) has formally announced its decision to not build its new headquarters in New York - stating that it is "disappointed to have reached this conclusion". Take a look below for more details.

Amazon Announces Decision To Not Build Its Headquarters In New York; Decision Expected To Not Bring As Much As 25,000 Jobs To The State

Amazon's decision to build its headquarters in New York was strongly supported by the state's governor Andrew M. Cuomo (D). However, recent politics in the state board ensured that any such decision wouldn't go easy. And while both Governor Cuomo and Mayor de Blasio came out in strong support of the deal, others such as Alexandra Ocasio-Cortez came out against it.

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Well, it looks as if all this opposition has caused a change of heart at Amazon (NASDAQ:AMZN). In a blog post today, the company has announced its decision to forgo New York as a location for its headquarters. The post does not give any major reasons behind this decision. It instead focuses on how Amazon would have looked forward to establishing a presence in the state.

Amazon's been busy campaigning its decision to New Yorkers, but folks were not convinced as evidenced by campaigners against the headquarter deal going door-to-door to warn people against the possible negative outcomes. New York has offered Amazon (NASDAQ:AMZN) as much as $3 Billion in incentives for the latter to build its headquarters in Queens.

In its blog post, Amazon directly blames 'some politicians' as being uncooperative. Here is the excerpt from the post:

"While polls show that 70% of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City."

You can read the full post here. After Amazon's decision, the deal's critics will have to convince more people how a loss of 25,000 jobs is worth not facing the negative consequences of HQ2 being built in Queens. Thoughts? Let us know what you think in the comments section below and stay tuned. We'll keep you updated on the latest.

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