Lets clear up some @AOC disinfo:
Those billions in tax credits ONLY came to fruition if Amazon met the specific goals set forward by Gov Cuomo and NYC:
ny.curbed.com/2018/11/16/180…
Those billions in tax credits ONLY came to fruition if Amazon met the specific goals set forward by Gov Cuomo and NYC:
ny.curbed.com/2018/11/16/180…
That included a massive construction project: "Amazon will build a campus of at least 4 million square feet...But rather than going through the city’s extensive land use review process, known as ULURP, the state will take the lead and override local regulations"
Lets note that @AOC never, ever talks about the loss of construction jobs...which would have been significant.
"The agreement comes with a number of incentives: Specifically, Amazon will receive $897 million from the city’s Relocation and Employment Assistance Program (REAP) and $386 million from the Industrial & Commercial Abatement Program (ICAP)." This would have been upfront. But...
"It will receive an additional $505 million in a capital grant and $1.2 billion in “Excelsior” credits if its job creation goals are met. That brings the total amount of public funds granted to $2.988 billion—in other words, the city and state will pay Amazon $48,000 per job."
In short, AOC is right that to get to 25k jobs would have taken about a decade. She is wrong that the money would have been given regardless. Furthermore, the money that was given upfront would have been for construction...which would have created other jobs.
And what does @AOC also not mention? The LOSS IN TAX RECEIPTS: "Amazon will generate $27.5 billion in revenue over 25 years, a 9:1 ratio of revenue to subsidies—an arrangement Cuomo called “the highest rate of return for an economic incentive program the state has ever offered.”
