Amazon looking for new headquarters...listen up because Chicago is a top contender. (Lincoln: tax, costs)

[mattywo85]

Originally Posted by Manterro

Amazon is making a lot of money and honestly doesn't need Illinois tax credits to execute its business plan.
Last year's sales were $136 billion, a 27 percent increase from the previous year, while annual net income was $2.37 billion — way up from the prior year's $596 million.

Exactly!! And IL gets a piece of that tax pie.

[Bluefox]

Originally Posted by Manterro

"On Wednesday, Amazon announced a national search for a second corporate headquarters location, and Mayor Rahm Emanuel is reported to be planning to aggressively pursue a deal."

“Taxpayers should watch their wallets as the trophy deal of the decade attracts politicians to a hyper-sophisticated tax-break auction. We fear that many states and localities will offer to grossly overspend to attract Amazon, even though the business basics – especially a metro area’s executive talent pool – will surely control the company’s decision.”

In tax giveaways to corporations like Amazon, Illinois loses | Chicago Reporter

Between 2010 and 2016, Amazon's investments in Seattle added approximately $38 billion to the metro's economy. 38 billion. In six years. If you can't see the big picture, that's on you. I don't live in Chicago so I suppose it doesn't affect me.

[Manterro]

Originally Posted by Bluefox

Between 2010 and 2016, Amazon's investments in Seattle added approximately $38 billion to the metro's economy. 38 billion. In six years.

Can't argue with those numbers. That's big money.

[ForYourLungsOnly]

Originally Posted by Bluefox

Between 2010 and 2016, Amazon's investments in Seattle added approximately $38 billion to the metro's economy. 38 billion. In six years. If you can't see the big picture, that's on you. I don't live in Chicago so I suppose it doesn't affect me.

Exactly. It amazes me how people can't see the big picture.

[Vlajos]

Originally Posted by ForYourLungsOnly

Exactly. It amazes me how people can't see the big picture.

But come on, 50,000 jobs over 10 years is going turn Chicago into San Francisco!!!!!!

Only the rich will be able to afford to live here... Or something like that

[BRU67]

Originally Posted by Vlajos

But come on, 50,000 jobs over 10 years is going turn Chicago into San Francisco!!!!!!

Only the rich will be able to afford to live here... Or something like that

It'll just continue to morph into two cities, with one part reassembling San Francisco and the other Detroit. The price difference in real estate from Englewood to Lincoln Park, Andersonville or what have you is already absolutely incredible, and will continue to grow. The 50k Amazon jobs will almost exclusively benefit wealthy Chi-Town.

[Bluefox]

Originally Posted by BRU67

It'll just continue to morph into two cities, with one part reassembling San Francisco and the other Detroit. The price difference in real estate from Englewood to Lincoln Park, Andersonville or what have you is already absolutely incredible, and will continue to grow. The 50k Amazon jobs will almost exclusively benefit wealthy Chi-Town.

That's probably true to some extent but I think it will definitely catalyze gentrification, probably on an unprecedented level for Chicago. It happened in Seattle, even crappy suburbs here are getting gentrified to the nth degree.

Will Englewood still be Englewood? Yes. But the near south and especially west sides would be prime territory.

[Vlajos]

Originally Posted by Bluefox

That's probably true to some extent but I think it will definitely catalyze gentrification, probably on an unprecedented level for Chicago. It happened in Seattle, even crappy suburbs here are getting gentrified to the nth degree.

Will Englewood still be Englewood? Yes. But the near south and especially west sides would be prime territory.

Right, it will force people to look at other options. And there are plenty in Chicago.

[oakparkdude]

Originally Posted by BRU67

It'll just continue to morph into two cities, with one part reassembling San Francisco and the other Detroit. The price difference in real estate from Englewood to Lincoln Park, Andersonville or what have you is already absolutely incredible, and will continue to grow. The 50k Amazon jobs will almost exclusively benefit wealthy Chi-Town.

Tax revenue from 50k new Amazon jobs would pay for a lot more cops, mental health clinics, schools, transit, etc. I suppose you can make the argument that none of those resources would be deployed in the poorer parts of town. Aside from direct benefit to municipal coffers, more wealthy employees in a downtown location means more support jobs (maintenance, food services, secretarial, etc) which will partially be filled by people living in non-wealthy parts of Chicago.

[BRU67]

Originally Posted by oakparkdude

Tax revenue from 50k new Amazon jobs would pay for a lot more cops, mental health clinics, schools, transit, etc. I suppose you can make the argument that none of those resources would be deployed in the poorer parts of town. Aside from direct benefit to municipal coffers, more wealthy employees in a downtown location means more support jobs (maintenance, food services, secretarial, etc) which will partially be filled by people living in non-wealthy parts of Chicago.

That's probably true though I think it will be better if instead of relying on social services programs, which are clearly not working, we start angling our state and municipal policy to try to draw jobs into this area which pay a decent wage and offer dignity to people without a master's degree. But I suppose that's kind of a moot point since every time I mention it, everybody tells me that this isn't coming back.

So I guess an offshoot of this would be that we would have slightly better funded social programs. For what that's worth. And I do agree some support jobs will be created. But I think the bulk will be a highly compensated young professionals who will migrate to the the north and near west and south sides.