Amazon H2Q: Plans for NYC Headquarters Scrapped, Virginia Still a Go
Amazon (NASDAQ:AMZN) announced that its H2Q — meaning its second headquarters — is no longer happening in New York City, although the Virginia plans for a headquarters are still happening.
The e-commerce site had previously said that it would split its new headquarters between Long Island City, New York and Northern Virginia following its announcement that it would be building its second headquarters. However, the company will no longer be following through with its New York H2Q due to political opposition and protesting.
Amazon wrote about the controversial decision on its blog, noting that the company’s goal was to build new headquarters with positive, collaborative relationships with state and local elected officials who would be supportive over a long period of time. However, the online retailer was unable to garner as much support as it sought out.
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“While polls show that 70 percent 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,” Amazon wrote.
The new headquarters would have brought in roughly 25,000 jobs to New York City, but certain politicians and public protestors showed their displeasure with the project, which would have brought in $3 billion in tax incentives to Amazon.
AMZN stock is down about 0.8% on Friday.
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