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Would Amazon HQ2 hurt Boston housing?

by Pamela Peterson

Boston is still in the race for housing Amazon’s second headquarters. The city is currently one of 20 contenders cities for the Amazon technology headquarters, also known as HQ2. The headquarters would be built at Suffolk Downs in East Boston and would bring about 50,000 jobs to the area.

While some city residents are pushing for the East Boston area to be named the location for the new HQ2, others fear the new opportunity would increase prices for current residents.

According to the Wall Street Journal, residents in the East Boston area are afraid of possible effects from the new tech headquarters. The tech based jobs and salaries brought on by Amazon would likely increase housing costs, harming residents who don’t make as much. Because Boston is already on the higher side for home buying and even renting, current residents are afraid this would lead to higher living expenses and could ultimately force some long time residents to move away, according to the report.

As a representative for East Boston, City Council members Lydia Edwards  joins those concerned for the state of Boston if it was to be named the new headquarter location.

“We’re not desperate for Amazon. This is the time to be discerning for our future,” Edwards told the paper.

Boston isn’t the only city who fears the potential impact that would come along with Amazon, according to Brooking Institutions Fellow Jenny Schuetz.

“I think a lot of places on Amazon’s shortlist, it’s likely to drive up real-estate values and put pressures on specific neighborhoods,” Schuetz told the Wall Street Journal in the report.

The city, by all accounts, is still moving forward to secure the new employer. Amazon has already announced this month an expansion of its local footprint, including a move into a 430,000 square-foot office in WS Development’s Seaport project.

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