How was this a fiasco? They got $762 million to do what they were going to do anyway.
We are thrilled to have them. We would much rather contend with growth problems than a loss of tax revenues, reduced property values, list employment, or low quality jobs. We have subsidize part of their expansion, but the growth will pay back that investment in 5-7 years. We can live that ROI.
EDIT: cleanup/clarification
... And before tech, video media.
... And before video media, radio.
... And before radio, railroads.
... And before railroads, newspapers.
... And before newspapers, ship captains.
... And before ship captains, cathedrals.
... And before cathedrals, banks.
... And before banks, kings.
If you're the currently atop the economic pyramid, you inevitably splurge on real estate.
The royal We?
Your comment would read better if you didn't claim to speak for some group - presumably anyone living within a few miles of the HQ2 site. I'm sure that many people could be found there that strongly disagree with your confident predictions:
> We have subsidize part of their expansion, but the growth will pay back that investment in 5-7 years.
[0] https://patch.com/virginia/arlington-va/northern-virginia-co...
HQ2 is a great case study on why we ought to have the Land Value Tax. Under this regime, wherever Amazon chooses to put their HQ would have all the same market mechanics occur (prices would still rise with the market) but the increase in prices would be seized as tax revenues and not as a windfall for landlords who had nothing to do with why Amazon chose to put HQ2 there. The region could then use this to e.g. build public housing, improve infrastructure, create functional transit hubs to allow people to disperse a bit while still remaining part of the community, etc.
Are you implying that Arlington does not have a real estate tax based on property value?
Otherwise it seems you are saying that Arlington should arbitrarily seize all profits from landlords because landlords are evil boogiemen.
It's worth noting that under this regime, any actions the landlord does take to increase the value of their particular use of the land is theirs to keep. Build a better apartment building that can demand higher rent? All upside is yours. Build a better storefront that entices higher end tenants? All the upside is yours once again. Seems like capitalist justice to me: you're entitled to what you've produced (value of things on the land) and the community is entitled to what it has produced (value of the land itself).
This feels extremely hand-wavy and borderline wishful thinking. Land value isn’t fully separable from improvements. (My land and improvements are both more valuable when my neighbors improve their properties. My neighbors benefit the same from me. I fail to see why we should be double taxed for the value we create.) Even is separable, it’s not at all clear that landlord profit could be separated this way, because landlords don’t rent out land.
As an Arlingtoninian, I remain skeptical that a response of the appropriate magnitude will occur in the region. Those who aren't fortunate enough to have a well-paying job will be forced further outside of the beltway, further worsening their commutes. Affordable apartment buildings will continue to be overhauled and become "luxury", demanding an extra $300+ in rent a month. Well-maintained medium small businesses that were barely breaking even will be forced to shutter as banks and upscale gyms take their spots. This has happened in the region, and will only accelerate with HQ2.
> loss of tax revenues, reduced property values, list employment, or low quality jobs
AFAIK, Arlington was turning around their office vacancy rate before HQ2. Admittedly, it was more focused on the Rosslyn-Ballston corridor, but still...
Could it be better? Yes but I don’t think it’s better anywhere else.