NBC (NOVEMBER 14, 2018) – Greg Willett, chief economist at RealPage, a property management software company, said rental prices in Long Island City had been relatively stable but that he expected prices to rise with Amazon’s entry.
“The most immediate impact of Amazon’s announcement likely with be an increase in rent growth, since apartment owners and operators know that sizable future demand is on the way,” Willett said. “Neighborhoods within easy commutes of the Amazon locations also should see prices rise.”
In addition to traffic congestion and a New York City subway system in dire need of repairs, questions have been raised about the lack of details surrounding the package of incentives that influenced Amazon’s split decision. New York Governor Andrew Cuomo even joked earlier this month that he would be willing to change his name to “Amazon Cuomo” if New York won HQ2.
Read more at: NBC.