A Tale of 2 Headquarters: New York City Divided by Amazon Debate

Protesters gathered at City Hall as the New York City Council held its first public hearing about Amazon's HQ2.
Publish date:

On Tuesday, Dec. 12, protesters took to City Hall to show their disapproval about Amazon's (AMZN) - Get Report second headquarters, which is slated to move to Long Island City. 

The City Council held its first public hearing on the plan with some members of the council expressing anger over the deal signed by New York Gov. Andrew Cuomo despite of a lack of public debate on the issue.

Protesters also took to social media. The hashtags #HQ2scam and #NoAmazonNYC trending on Twitter.

TheStreet's Tony Owusu reported on the news

In New York, the incentive package to lure Amazon to the area offered more than $1.5 billion of incentives, which included $1.2 billion in "performance incentives" for creating jobs as well as a cash grant of $325 million. Those incentives were offered by New York state plus hundreds of millions more from New York City, the New York Times reported.

Some of the more colorful details of the deal probably haven't helped matters -- for instance, New York officials reportedly offered to allow Amazon CEO Jeff Bezos, the world's richest person thanks to Amazon stock, a helipad at the Queens site to sweeten the deal. In return for the subsidies, Amazon said in a press release that community benefits will include a donated space on Amazon's campus for a tech and arts incubator, donated space for a new public school, and unspecified investments in improvements to infrastructure and new green space.

Amazon is a holding in Jim Cramer's Action Alerts Plus charitable portfolio.