Amazon’s withdrawal from New York ‘had little effect’ on housing market: Beige Book

Amazon’s (AMZN) shock transfer to scrap plans to construct out a headquarters in New York City has executed little to influence the native housing market, in response to a report Wednesday from the Federal Reserve.

“Residential rents across the District have picked up somewhat since the last report but remain roughly on par with a year earlier,” the Federal Reserve Bank of New York reported within the Fed’s newest Beige Book. “In New York City, the prevalence of landlord concessions appears to have receded somewhat and rents have risen modestly, as rental vacancy rates have remained low.”

“The recent withdrawal of Amazon’s planned expansion in northwestern Queens has reportedly had little effect on the area’s housing market,” the report learn.

The New York Fed’s commentary was delivered within the central financial institution’s Beige Book, a compilation of anecdotes detailing present financial situations throughout the 12 Federal Reserve Districts forward of the Federal Open Market Committee’s (FOMC) March assembly.

Amazon on Valentine’s Day broke off its plans to construct a brand new headquarters in Long Island City amid a flurry of opposition from some state and native officers and constituents.

The Long Island City rental gross sales market initially bought a lift when the Seattle, Washington-based tech large introduced final fall that it had chosen the New York neighborhood for certainly one of its new main hubs. But the shock abandonment of those plans then led some to imagine that consumers’ curiosity would wane and that asking costs within the space would mood because the tech large backed out of growth plans and took with it a possible 25,000 high-paying positions from the area.

This publish is creating.

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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