Amazon HQ2 is bad news for NYC’s renters

November 14, 2018
Published in Yahoo
The arrival of Amazon’s HQ2 in Long Island City is a boon for real estate developers, many of whom have gone all-in on the burgeoning neighborhood with large-scale residential developments. And, while rent for condos in LIC will doubtless rise after Amazon’s announcement, the market was already strong, with more than 11,800 new homes expected to come to market between now and 2020. As Eric Benaim, CEO of LIC-area real estate firm Modern Spaces, told Yahoo! News, “Apartments are going to be absorbed a lot quicker,” but, fundamentally, the HQ2 announcement will provide strong investment opportunities for buyers and brokers alike.
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