The Amazon pullout of Seattle continues. The corporate giant announced on Tuesday that it is going to build a 43-story tower in Bellevue.
It will be Amazon’s tallest building anywhere in the world, and it will be the tallest building in Bellevue, which has more than a few skyscrapers. Several thousand employees will be able to work there. So it looks like this is another part in the saga of Amazon leaving Seattle. All of this is because we have a city council and a mayor who have gone fanatic about socialism. They keep pushing anti-business policies.
What this means for the downtown Seattle real estate market is that when the economy inevitably starts to turn, it will be cataclysmic. When you have one company that takes up so many thousands of square feet of downtown real estate, and that company moves out, real estate prices will fall.
I don’t know when this is going to happen, but I am very confident in my analysis; Seattle will fall harder than any other city in the country. This is because Seattle has been the craziest in its Leftist run-up during this boom economy that we’re enjoying right now.
We already have so many businesses on the brink of survival because of the minimum wage because of all of the controlling policies the city government keeps imposing. When the businesses start toppling, you’re going to see all the support industry in downtown Seattle — the food service, etc. — fall hard, too.
The Amazon pullout of Seattle is another dramatic sign that when the people who drive our economy, our tax revenue, our job creation are out because of our politics, it’s time to change our politics. I know we’ll never get to the point of having Republicans on the Seattle City Council, but we have got to stop electing socialists. More than 50 percent of the money Kshama Sawant has raised for re-election has come from outside of Seattle. What does that tell you? The socialist-Marxists around the country are so hell-bent on keeping a foothold in a major American city that they will donate to a Seattle City Council race. That’s where her support is — it’s not coming from within the city.
Keep letting the Amazon pullout happen and watch how hard the crash will be.