“This is a stunning development, with Amazon essentially giving in to vocal critics,” said Mark Hamrick, an analyst at Bankrate.com. "For those who didn’t want Amazon to bring the promised 25,000 new jobs and added economic vitality to the area: Be careful what you wish for."
Prospective employees, small businesses and state and local governments looking forward to tax revenues, as well as the broader community, will miss out from improved growth prospects, Hamrick said. The decision could also prompt other businesses to think twice before setting up shop or expanding in the region.
"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 said.
This article provided by Bloomberg News.