Well before Amazon announced its plans to pursue a second headquarters in Long Island City, the Queens neighborhood was among the fast-growing real estate markets of NYC. Major players in the real estate industry set their foot on the once-crumbling industrial neighborhood and secured millions of dollars to finance massive commercial and industrial projects. Yet, Amazon’s snafu announced last week still stunned the LIC real estate market.
Amazon announced Tuesday the locations for its second headquarters, naming Long Island City, New York, and Arlington, Virginia, as the winners of its year-long search. HQ2 is expected to bring 50,000 jobs and more than $5 billion in investments, and while this will be a boost to the local economies, some are critical of the tech giant’s impact on property values and infrastructure.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.