Posted on 02/14/2019 7:28:38 PM PST by DoodleBob
This may be disappointing news for the tablet-toting software buffs that populate San Francisco, but their hometown is no longer the top tech city in the world, according to a new report. It’s being outranked by an East Coast rival, New York.
The northern California metropolis has long held its title, largely thanks to giants like eBay, Netflix, Apple and Fitbit storing their headquarters there. But its high cost of co-working is sending firms and their talent eastward, notes a study from the commercial real estate agency Savills.
Manhattan and Brooklyn already have their fair share of big names in tech, however. The boroughs are home to the likes of IBM, Etsy, Jet.com and Seamless, with Google expanding there as well. But it was Amazon’s decision to put its new HQ2 homebase in Long Island City, Queens, that solidified New York City’s placement at the top of the list.
(Excerpt) Read more at forbes.com ...
It’s the high cost.
And the smell.
And we’re just talking Pelosi.
Oh yes, and the sh**.
Absolutely. You can tell by the way they welcomed Amazon with open arms and celebrated the tens of thousands of good paying jobs coming their way
..... oh wait.
I think America is no longer the tech leader.
Frankly. Trump needs to be very strong, with China.
Too late for Amazon.
BTW, isn’t Forbes now Chinese?
Bool Sheets.
Tell that to FAANG (Facebook Amazon Apple Netflix Google). Not to mention Microsoft IBM Intel Qualcomm Nvidia and on and on and on...
Where was the computer you are posting on right now, made?
(Not America)
I keep thinking that a tech company could forgo the multi-billion dollar campus and instead pick a place with much cheaper land and build a more modest campus with surrounding mansions - Sure, you only make $70k a year, but here’s your mansion where you can simply stroll to work. Would you like your home in the Tudor section, or the more contemporary styles over there...
I like NYC. However, the SF Bay Area has many advantages over NYC. Number one is the weather. No snow or freezing temps, always mild climate between 60 to 90 degrees F. Then there is the close proximity of other tech companies, universities, and being a port city facing Asia. Many stereotypes about SF being dirty, but that is only a few neighborhoods while there are plenty recreational areas that are pleasant. Silicon Valley is still very much a world tech leader and will be for quite a while.
NYC has been doing well gaining jobs since about 2009. I think this Amazon thing might be a turning point, with bad things to come.
“it was Amazon’s decision to put its new HQ2 homebase in Long Island City, Queens, that solidified New York City’s placement at the top of the list.”
Well, um, about that reasoning...
I think that’s Fortune magazine.
The motto of Forbes magazine is “The Capitalist Tool”. Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. It was sold to a Hong Kong-based investment group, Integrated Whale Media Investments.
https://en.m.wikipedia.org/wiki/Forbes
Article is out of date already, as they cite Amazon putting the headquarters in New York as tipping the balance to New York.
Three disadvantages that effect NYC more than most competing cities are 1) the city is almost 400 years old; much of the infrastructure, while not THAT old, needs replacement or maintenance that is extremely costly, 2) it has huge pension liabilities, similar to the disadvantage suffered by older US car makers in comparison to their foreign competitors, which will require increasing amounts of money going forward - with no real return (they are retirees, after all), and 3) it is now dealing with masses of the unemployed, unemployable GREAT -grandchildren of workers who migrated there half a century to work jobs in industries that have since disappeared.
All three of these factors played a role in the pressure put on Amazon, and the outcome - while it seemed unexpected to the NYC players involved - was the only one that makes sense for a company accountable to shareholders. If you have a 401K plan, you’re probably a part-owner of Amazon.
The beauty of tech companies is that you aren’t limited in many of the ways older industries were; much of the work can be done “remotely” (unfortunately, even in India or Red China).
I live a dozen miles west of NYC, and I believe there was a reason Cuomo and DeBlasio were willing to give so much for Amazon to come. The city has been losing “good” jobs for decades (remember how the high number of vacancies in the World Trade Center eased the stairway congestion on 9/11?), and more and more people simply won’t - or can’t - deal with the ridiculously high costs of the area. There has been an evacuation of TALENT from the whole NYC metro area, and I see more and more Asians imported to fill the gap for white-collar jobs (not that they are needed, but companies won’t let the usual supply-and-demand laws apply in terms of workers).
Any company looking to move to the area knows they are just sugar daddies to all those foreign faces holding signs protesting Amazon; those parasites need someone to pay all their bills, and Amazon has respectfully declined.
Both cities are aborting and taxing themselves to death.
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