Stadium Discussion

[northernburbs]

Not true. They were gonna get reimbursed $3-500M back in construction costs. That little item has been conveniently left out of many discussions.

Thats shit compared to the $900 million in state taxes annually on the income and the sales tax on $ spent in local shops.

 

[adam]

Now that we made it to this page. I suggest 770 Eastern Parkway as the stadium site. Amen.

 

[Ulrich]

Thats shit compared to the $900 million in state taxes annually on the income and the sales tax on $ spent in local shops.

You may consider it shit, but don’t leave it out to make a point that ends up being a false statement.

And it’s $500m guaranteed money the company gets - however there’s zero guarantee that the employees would spend at a rate creating $900m in NY/sales tax, because it’d take a ton of sales tax to offset the income tax from 25k employees.... $900M/25k=$36k per employee which is way more than any of them would ever be paying in state/local tax, which would be about $8-10k if they don’t have deductions.

 

[northernburbs]

You may consider it shit, but don’t leave it out to make a point that ends up being a false statement.

And it’s $500m guaranteed money the company gets - however there’s zero guarantee that the employees would spend at a rate creating $900m in NY/sales tax, because it’d take a ton of sales tax to offset the income tax from 25k employees.... $900M/25k=$36k per employee which is way more than any of them would ever be paying in state/local tax, which would be about $8-10k if they don’t have deductions.

Thats over how many years? the 900 million is year after year! how do you not get this

 

[Ulrich]

Thats over how many years? the 900 million is year after year! how do you not get this

How do you not get that the $900m is a projection and not guaranteed? If a $150k person has zero deductions, they owe the state about $8500/year. That goes down if they have an IRA and/or own an apartment or have any other deductions. So then to come up with $900m in tax revenue, those same 25k new employees, not ones that leave other jobs in the city to take these positions, would have to each spend enough money to create $27,500 in sales tax (as stated above 900m/25k=36k per employee). At 8.5% sales tax (4% state & 4.5% city), each of the 25k employees would need to spend $323.5k per year on purchases, with is more than twice the average salary. So yeah, don’t see that $900M being generated. And I doubt you’re suggesting Amazon as a company would be paying part of it, since they have a history of positioning themselves below the threshold to owe taxes.

 

[Kjbert]

Not surprised to hear you are a republican. There is an affordable housing crisis everywhere people want to live.

Why is it an issue I am a republican?

There is not an affordable me housing crisis everywhere people want to live. That’s a bullshit line you pulled from your ass.

 

[Kjbert]

How do you not get that the $900m is a projection and not guaranteed? If a $150k person has zero deductions, they owe the state about $8500/year. That goes down if they have an IRA and/or own an apartment or have any other deductions. So then to come up with $900m in tax revenue, those same 25k new employees, not ones that leave other jobs in the city to take these positions, would have to each spend enough money to create $27,500 in sales tax (as stated above 900m/25k=36k per employee). At 8.5% sales tax (4% state & 4.5% city), each of the 25k employees would need to spend $323.5k per year on purchases, with is more than twice the average salary. So yeah, don’t see that $900M being generated. And I doubt you’re suggesting Amazon as a company would be paying part of it, since they have a history of positioning themselves below the threshold to owe taxes.

Why are we even debating this guy?

 

[Revfugee]

the fact that Amazon wanted to come here pay our taxes and put up with the Politics of NY

But in fact they didn’t want to put up with even the slightest bit of the politics of NY. They had the support of the two most powerful politicians in NY amd 70% of the population, and when they hit some uncertainty in the Senate they took their ball and went home. That doesn’t point to an organization that is committed to follow-though on its promises.

 

[ferrarinycfc]

Nobody’s displaced now.

All those cities fought for Amazon, and yet Amazon isn’t going to a plan B with any of them because they always wanted the talent found in NYC. Hence why Amazon has publicly said they’re gonna continue to increase their workforce across the boroughs.

Bingo.

Also on a general note, just ask the people in Silicon valley how the cost of living is now because of the tech industry.

 

[northernburbs]

Why is it an issue I am a republican?

There is not an affordable me housing crisis everywhere people want to live. That’s a bullshit line you pulled from your ass.

You mentioned you were a republican you ass. I just thought you a fool.
You don't think there is an affordable housing crisis

 

[Jon]

Remember that time we talked about stadiums in here?

Good times...

 

[northernburbs]

But in fact they didn’t want to put up with even the slightest bit of the politics of NY. They had the support of the two most powerful politicians in NY amd 70% of the population, and when they hit some uncertainty in the Senate they took their ball and went home. That doesn’t point to an organization that is committed to follow-though on its promises.

I spent years on the NYS Democratic committee and years as a town and county chair and vice chair. This was about a few senators not getting credit for something that was really big. Thats all.

 

[413Blue]

But in fact they didn’t want to put up with even the slightest bit of the politics of NY. They had the support of the two most powerful politicians in NY amd 70% of the population, and when they hit some uncertainty in the Senate they took their ball and went home. That doesn’t point to an organization that is committed to follow-though on its promises.

In their defense, they came to an agreement with the mayor and governor, based upon that agreement Amazon chose to commit to LIC instead of elsewhere. Later, it quickly became apparent that the deal they reached was not going to be upheld.
You really can't blame Amazon for backing down, all blame should be placed on Cuomo and BDB for promising something they couldn't deliver.

 

[Revfugee]

In their defense, they came to an agreement with the mayor and governor, based upon that agreement Amazon chose to commit to LIC instead of elsewhere. Later, it quickly became apparent that the deal they reached was not going to be upheld.
You really can't blame Amazon for backing down, all blame should be placed on Cuomo and BDB for promising something they couldn't deliver.

Or Amazon for biting off more than they could chew...

Still not clear to me they couldn’t have delivered. For example Cuomo could have vetoed the Gianaris appointment. Looks to me like Amazon didn't have the stomach to do development business in NYC if they coudn’t call all the shots the way they do in Seattle and elsewhere. And stopped working with both Cuomo and BDB to save he deal. I’m no BDB fan but if they ghosted him and Cuomo when things got tough (As is being reported) then that's on Amazon.

Bringing it back home, this thread grows and grows bexause it is extremely difficult to develop in a crowded, already thriving city. When we finally do get our stadium, everyone should remember that NYCFC will have succeeded when Amazon chose not to.

 

[FredMertz]

How do you not get that the $900m is a projection and not guaranteed? If a $150k person has zero deductions, they owe the state about $8500/year. That goes down if they have an IRA and/or own an apartment or have any other deductions. So then to come up with $900m in tax revenue, those same 25k new employees, not ones that leave other jobs in the city to take these positions, would have to each spend enough money to create $27,500 in sales tax (as stated above 900m/25k=36k per employee). At 8.5% sales tax (4% state & 4.5% city), each of the 25k employees would need to spend $323.5k per year on purchases, with is more than twice the average salary. So yeah, don’t see that $900M being generated. And I doubt you’re suggesting Amazon as a company would be paying part of it, since they have a history of positioning themselves below the threshold to owe taxes.

Also, as I’ve tried to explain to no success previously, you can’t assume every dollar spent is incremental. Many (most) of those employees are already here, already spending money.

It’s like thinking a new stadium will be filled with incremental employees, when it’s just moving jobs from one site within the city to another.

 

[Kjbert]

You mentioned you were a republican you ass. I just thought you a fool.
You don't think there is an affordable housing crisis

Why am I a fool?

 

[LostAnvil]

 

[NickA]

Thats shit compared to the $900 million in state taxes annually on the income and the sales tax on $ spent in local shops.

What local shops? They'd all be priced out. It would be one corporate owned shop after another. It would be gentrification at its finest.

 

[northernburbs]

What local shops? They'd all be priced out. It would be one corporate owned shop after another. It would be gentrification at its finest.

wrong

 

[northernburbs]

Why am I a fool?

In their defense, they came to an agreement with the mayor and governor, based upon that agreement Amazon chose to commit to LIC instead of elsewhere. Later, it quickly became apparent that the deal they reached was not going to be upheld.
You really can't blame Amazon for backing down, all blame should be placed on Cuomo and BDB for promising something they couldn't deliver.

Not on Cuomo. he had the states best interests in place