New Yorkers Save $3 Billion on Amazon Corporate Welfare Scheme
New Yorkers had to witness the state’s latest economic development scheme fail on a national stage. It should be obvious to the Governor that bribing companies to do business in New York simply doesn’t work. But that didn’t stop him from trying to lure Amazon to New York City.
More than one year ago, Amazon announced a Bachelorette-style competition to find its second headquarters. More than 238 cities applied for the promise of up to 50,000 jobs and a $5 billion capital investment.
New York spared no expense for its Long Island City proposal, offering $3 billion worth of city and state corporate giveaways. There was immediate pushback from the LIC community, as this closed-door bribe didn’t bother to consult New Yorkers or City lawmakers.
Citizens and politicians on the left and the right united against subsidizing one of the wealthiest companies on the planet. Ultimately, Amazon chose to pull out of the deal stating, “the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will be supportive over the long-term.”
The tech giant’s decision has caused a major rift between the Governor and the Democratic majority in the Legislature. Instead of taking responsibility for yet another failed economic development scheme, the Governor is blaming lawmakers who spoke out against this handout.
New York spends more on economic development than any other state. In fact, it gives out more in subsidies and incentives than the next three states combined. This spending is done without transparency and it is directly linked to the rampant corruption plaguing Albany.
Secret deals using taxpayer money do not create real opportunity for New Yorkers. If the Governor really wanted to change New York’s economy, he could start by easing the burden on small businesses. But even with this national embarrassment, it’s doubtful whether the Governor will finally learn his lesson.
Join Reclaim New York Initiative today and fight to end corporate welfare in the Empire State!