new york 1 - Boston and NY share share high-tech losses as Amazon and GE bail on the same day.
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Boston and NY share share high-tech losses as Amazon and GE bail on the same day.

So we all know how Boston and NY have always been sports rivals, always fighting for bragging rights and domination(Though, who does not like those). Well the two mega-cities had something in common recently, something they never expected, “the two cities lost two major tech-company deals” on the same day. Although they both lost the tech deals for an entirely different reasons. For NY it was Amazon” while for Boston it was “GE fortuned“.

Boston and NY share share high-tech losses as Amazon and GE bail on the same day. | Amazon, Boston, GE fortunes, HQ2, investment, new York, NY

Remember Amazon said sometime in the past that it had plans to put its HQ2 in Long Island City. Ya, now that ain’t gonna be happening anymore, it seems they had some(pointless) political misunderstanding with the NY government. Amazon said the NY authorities had the audacity and the guts to question it employment practices even though polls show that 70% of New yorkers were in support of the project, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City,” Amazon said in a statement.

Well on the other hand that of Boston wasn’t so political It was more that GE decided to build its headquarters in the Fort Point area of Boston at a time when it was doing reasonably well. Since that time, the company has gone through a couple of CEOs and the stock price has plummeted. It has sold or spun off divisions including its Industrial IoT business.

Boston and NY share share high-tech losses as Amazon and GE bail on the same day. | Amazon, Boston, GE fortunes, HQ2, investment, new York, NY

It has not been on a positive trend for some time, and it resulted in the announcement today that the company plans to sell the new Boston headquarters and pay Massachusetts the $87 million it received in incentives to come there. While the Boston Globe reports the company will still have a presence in Boston, it won’t be generating the 800 jobs it once promised and won’t be in the shiny new building in Fort Point.

Well i guess this are not the first deals to go south this year, remember that of faxconn in Wisconsin, well i guess this should serve as a lesson to most government to think twice before making some reckless descisions.

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