Amazon Abandoning Queens Could Boost Housing Market
Amazon’s reconsideration of establishing headquarters in Queens, N.Y., may actually help the housing market there. Its November announcement that it was moving to the New York City borough has not sparked a bump in housing prices.
Instead, prices have remained relatively flat, reports HousingWire. Its story says home price growth in Queens has been slow but may pick up now that Amazon is reconsidering its decision. Some Queens politicians have come out in opposition to the relocation due to concern over the economic incentives Amazon is receiving from the New York City government.
In an interview with HousingWire, a Realtor.com analyst said Amazon’s abandonment could potentially benefit Queens' current residents in the long run. “Uncertainty over whether Amazon will establish an HQ2 in Queens is likely to slow the pace of sales and price growth in Long Island City and surrounding neighborhoods in the short-term as speculators temper their enthusiasm for a quick return on their investment,” Realtor.com Chief Economist Danielle Hale said.
Queens is a tough housing market for locals. Those making the average income of $67,700 can reasonably afford less than 12% of the homes currently on the market.