The influx is sure to swell already-high home prices and apartment rents and could overwhelm public transport systems.
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WASHINGTON: The awarding of Amazon's second headquarters to two affluent localities has fanned intense speculation around a key question: For the winning cities, will the economic payoff prove to be worth the cost? Amazon's decision will bring to Arlington, Virginia, and the Long Island City section of New York a combined 50,000 jobs and $5 billion in investment over the next two decades. Amazon says it's receiving $1.525 billion in incentives and subsidies from New York state and $573 million from Virginia and Arlington County. That works out to $61,000 in incentives provided to Amazon for each job in Long Island City and roughly $23,000 for each job in Arlington.Amazon said it will also apply for existing incentive programs that could add nearly $1 billion to the subsidies from New York.That would support nearly 50,000 jobs in the state, Fuller said, in addition to those at Amazon.At the same time, Tim Bartik, a senior economist at the Upjohn Institute, cautioned that with unemployment so low in both cities, many of the jobs Amazon will bring will likely go to people who don't now live in either Arlington or New York.
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