What will Amazon HQ2 mean for rents in Long Island City? AssignmentPlace Your Order Now
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What will Amazon HQ2 mean for rents in Long Island City? Paper
What will Amazon HQ2 mean for rents in Long Island City? Essay
Long Island City is inhabited by people of the middle class who are struggling to live in the area because of the increasing cost of living. Many people in the city live in rented houses that are highly charged, and the house rents are expected to hike up when Amazon sets its second headquarter in the town. The possible reason for the rent to hike is due to an increase in housing demand that cannot be satisfied by the available houses. When the demand of the houses (product) is higher than the supply, it leads to a shortage that in turn has a significant effect on the renting price. The fact that not all people will be absorbed into the Online Company, most of the residents of the city will no longer afford the regular housing since their income will remain fixed (Segarra par 3).
Amazon moving to the Long Island City may have positive impacts on the economy of the areas, as well as the lives of some people in the society. The people who will be absorbed in the company will have a source of income and thus improving their living standards. The companies affiliated with Amazon may also benefit from it since it will be easier for them to market and advertise their business using Amazon’s online platform. The real estate brokers may also benefit from the venture because as more people move into the city, the demand for real estate will be very high and thus they can charge high prices. Real estate demand will lead to the exhaustion of the famous estates in the town, which will open up other underdeveloped areas in the town. Therefore, Amazon will bring tremendous development in the Long Island City. ......GET A PLAGIARISM FREE COPY