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Re: 1600 jobs moving to newport jersey city
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Home away from home
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The advantage to the state of having new jobs "created" within the state is the perception that the state will then have a positive net gain on income taxes and sales taxes as well as creating a halo effect of generating more secondary jobs.
However, since New York and New Jersey have been aggressively wooing corporations with tax subsidies and credits and cash bonuses, the result is corporations negotiate between the states driving up the cost in subsidies. In many cases, some corporations have no interest in moving, but threaten to move to get these subsidies from one state or another. Meanwhile, since very few of these jobs are actually new to the region, neither state is going to see very much new income since most of their workers will already live in the region. A better plan would be for New Jersey officials and New York officials to work together to bring new corporations from outside the region here, and work towards keeping existing corporations here with a minimal cost to both states. Moreover, because of the huge disparity in office rents between Manhattan and Jersey City-Hoboken, there could very well be a natural symbiotic relationship where Manhattan collects the front offices and the C level executives and Jersey City fills the cheap office space with corporate drones. Ultimately such a relationship benefits both states by reducing the over costs of doing business within the region, add minimal strain to infrastructure (because it keeps offices out of the outlying suburbs where there isn't mass transit), and doesn't require either state to keep under cutting each other.
Posted on: 2009/9/7 15:32
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Re: 1600 jobs moving to newport jersey city
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I believe he's referring to the "subsidy package worth well over $70 million."
That's $43,750 per a job for 1600 local jobs.
Posted on: 2009/9/6 21:02
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Re: 1600 jobs moving to newport jersey city
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Quote:
What is giving away the farm?
Posted on: 2009/9/6 20:13
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Re: 1600 jobs moving to newport jersey city
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2006/6/13 17:16 Last Login : 2017/2/3 3:59 From Hamilton Park
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The six figure employees are staying in Manhattan.
Posted on: 2009/9/6 16:46
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I live by the river.
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Re: 1600 jobs moving to newport jersey city
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Maybe some of these 6 figure employees will complain loudly about the crowding/delays with PATH and that will help out regular JC commuters.
As always the govt shells out dough to get these people here, but they don't think about the logistical considerations.
Posted on: 2009/9/6 12:10
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Re: 1600 jobs moving to newport jersey city
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These battles over jobs is needless and silly and costing both NY and NJ. Officials in both states really need to work together to stop giving away the farm anytime a corporation plays one state off the other.
Posted on: 2009/9/6 5:52
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Re: 1600 jobs moving to newport jersey city
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Home away from home
Joined:
2006/6/13 17:16 Last Login : 2017/2/3 3:59 From Hamilton Park
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Quote:
Now, Depository Trust appears to have reached a decision to keep its headquarters and roughly 700 employees at its current home at 55 Water Street, according to the officials and executives, who declined to be identified because the company has not formally announced its decision. As ever. The powers that be like the idea of saving money by having their workers in JC, but God forbid they should be here.
Posted on: 2009/9/5 20:54
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I live by the river.
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1600 jobs moving to newport jersey city
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i am sure some people will get offended over the incentive money, but overall i think 1600 high paying jobs to jc is pretty good, for the shops/real estate etc.. in the area.
http://www.nytimes.com/2009/09/04/nyr ... ry.html?_r=3&ref=nyregion
Posted on: 2009/9/5 20:41
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