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Taking a breather. Taking a breather. Photographer: Pete Kiehart/Bloomberg By Tyler Cowen +Follow March 7, 2023, 2:00 PM UTC Listen to this article 4:22 Share this article Copied Gift this article Subscriber Benefit Bloomberg subscribers can gift up to 5 articles a month for anyone to read, even non-subscribers! Learn more Subscribe Sign In Follow the authors headshot of Tyler Cowen Tyler Cowen is a Bloomberg Opinion columnist. He is a professor of economics at George Mason University and writes for the blog Marginal Revolution. His books include "The Complacent Class: The Self-Defeating Quest for the American Dream." @tylercowen + Get alerts forTyler Cowen Amazon.com Inc.'s pause of its plans to expand its second headquarters in Northern Virginia reflects some deep underlying trends -- not just for metropolitan Washington, where I live, but for regional development more generally. First, with the end of the US Federal Reserve's zero interest rate policy, many developments are being canceled or postponed. Long-term projects are less profitable than they used to be, and capital is harder to come by. As the major technology companies lose market value, their urban and suburban refurbishment plans become less of a priority. LIVE ON BLOOMBERG Watch Live TVListen to Live Radio Popular in Opinion * Chris Bryant Your Next Holiday Flight Will Cost a Fortune * Aaron Brown TINA Is Still the Only Wall Street Acronym That Matters * Mohamed A. El-Erian Powell's Comments Unleash Unsettling Volatility * Leonid Bershidsky Putin and Saddam Hussein Have a Lot in Common * Matt Levine Bed Bath & Beyond Stock Is On Sale Terms of Service Trademarks Privacy Policy (c)2023 Bloomberg L.P. All Rights Reserved Careers Made in NYC Advertise Ad Choices Help PxPixel