New York Lacks ‘Growth Engines’ for Tech, JPMorgan’s Schwartz Says

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The actual-estate enterprise has hailed New York City as the next Silicon Valley but no longer absolutely everyone is satisfied.
“I don’t recognize what agencies are clearly thriving right here — like the increase engines they’ve in San Francisco,” stated Doug Schwartz, leader investment officer of America’s real property at JPMorgan Asset Management, at an industry convention Tuesday.
As an example, Schwartz pointed to a recent assembly JPMorgan held about 5G wi-fi generation, the new mobile networks that promise a revolution in connectivity. His colleagues listed the maximum hit companies in a presentation, and now not one in all they changed into based in New York, he said.
“It’s difficult to look ahead and cross, all right, in 30 years, how is New York going to take advantage of all that exchange?” Schwartz said. “I just don’t see it.”
Amazon.Com Inc. Dealt a large blow to New York’s tech-giant fame whilst it sponsored out in February following public backlash over predicted tax incentives and strains on housing and transportation. Other agencies, which includes Apple Inc. And Google, both based at the West Coast, have introduced plans to increase within the kingdom in current months.

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