Economics
Amazon's Potential NYC Home Bolstered by Trump's Tax Breaks
- Much of Long Island City is designated as ‘opportunity zone’
- Real estate investors could get generous capital-gains breaks
Long Island City was preparing for its breakneck development to pick up speed even before news that Amazon.com Inc. may move in.
Earlier this year, much of the neighborhood was designated as an “opportunity zone,” a classification that comes with a suite of generous tax benefits for real estate developers. If Amazon selects the neighborhood for a major new North American campus, as is widely expected, it’ll bring thousands of new, highly paid employees to the area and create a unique and irresistible combination for New York City builders.