Amazon’s New Queens Home Counts as ‘Distressed’ Under Trump’s Tax Law: Report
New York’s Long Island City—the home of one of Amazon’s new headquarters—is designated under federal tax law as an “opportunity zone,” which gives developers tax credits designed to generate investment in struggling low-income communities. The problem with that, according to a Wednesday report from The New York Times, is that this stretch of Queens isn’t a low-income area—it’s an upscale slice of the neighborhood that has been driving gentrification in lower-income parts of the city.
