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Originally Posted by the urban politician
I have many relatives in the Bay Area. Seemingly more so than in LA, the people there are unusually googly (no pun intended) eyed about NYC. I'm not quite sure where this fascination comes from--perhaps a need to feel that their business is as legitimate and globally important as anything on Wall St.
When the smoke clears and the cost to maintain such a huge campus comes to bear, I have a hard time believing they will maintain such a huge workforce in NYC when they can achieve the exact same results employing thousands of people elsewhere. I'm not saying they will come to Chicago, but perhaps somewhere down south.
But in the meantime, I'm wagering that they are far from being done expanding in Chicago--you can really ramp up hiring in Chicago without it being so costly.
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The same fascination there's been for like 100+ years with NYC. There's a romanticism that people think the streets are lined with gold and it's the only place in the US (actually many believe world) to do X, Y, and Z. Great place, but also a lot of not great things about it just like everywhere. Again it's all about perception and marketing. NYC, no matter the reality, has a draw. Most people, who aren't multi millionaires or making $300K+ by themselves lower their living standards to live here - at least in Manhattan and part of Brooklyn. They are absolutely willing to as the place has a draw and also a way of changing peoples' living expectations at times.
Amazon did something interesting by picking Long Island City (Queens) instead of Manhattan. Still it's not cheap - we just moved to LIC and our 1 bedroom is still $3500/mo. Albeit it's pretty nice, but still not cheap and something the average Amazon employee on their own can't afford (I don't think). Will be interesting. Companies can definitely get the talent they want whether it's already here or people willing to move here, but also the employee living situations at some places is rather funny for those who want to live in Manhattan. There is a reason why parts of Brooklyn, Queens, and New Jersey have emerged in the last decade or so. And people are totally fine with putting up with a 1+ hour commute each way, so NYC will continue to get companies as long as that's the case.