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January 6, 2020 08:34 am

Is Big Tech Turning New York City Into America's Second Silicon Valley?

When Facebook decided it wanted to move 6,000 workers into Hudson Yards in New York, "existing tenants were told to move," reports the New York Times, as "part of a rush by the West Coast technology giants to expand in New York City."The growth in New York is occurring largely without major economic incentives from the city and state governments. Officials are mindful of the outcry last year over at least $3 billion in public subsidies that Amazon was offered to build a corporate campus in Queens... Amazon's announcement last month that it would lease space in Midtown for 1,500 workers renewed a debate over whether incentives should be used to woo huge tech companies to New York... At Google's New York office, highly skilled workers now outnumber their colleagues in sales and marketing. Of the nearly 800 job openings that Amazon has in the city, more than half are for developers, engineers and data scientists. "Every line of business and every platform is represented quite healthfully," said William Floyd, Google's head of external affairs in New York, the company's largest office except for its Mountain View, Calif., headquarters. "Not everyone wants to be in California.'' Oren Michels, a tech adviser and investor who sold Mashery, a company based in San Francisco, to Intel in 2013, said that New York City had become a refuge for tech workers who did not want to be surrounded solely by those working in the same industry. "You have younger engineers and those sorts of people who frankly want to live in New York City because it's a more interesting and fun place to live," he said. "San Francisco is turning into a company town and the company is tech, both professionally and personally...." Since 2016, the number of job openings in the city's tech sector has jumped 38 percent, an analysis for The Times by the jobs website Glassdoor found. In November, New York had the third-highest number of tech openings among United States cities, 26,843, behind just San Francisco and Seattle. It is not only the biggest tech firms that are growing in New York. From 2018 through the third quarter of 2019, investors pumped more than $27 billion into start-ups in the New York City region, the second most in that time for any area outside San Francisco, according to the MoneyTree Report by PwC-CB Insights. (Nearly $100 billion was invested in start-ups in the Silicon Valley area in that period....) The major tech firms are expected to grow to the point that they are among the largest private tenants in New York in the coming years, rivaling longtime leaders like JPMorgan Chase.

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