Year: 2019
Type: report
Abstract: Will the Opportunity Zone program, America's largest new place-based policy in decades, generate neighborhood change?We compare single-family housing price growth in Opportunity Zones with price growth in areas that were eligible but not included in the program.We also compare Opportunity Zones to their nearest geographic neighbors.All estimates rule out price impacts greater than 1.3 percentage points with 95% confidence, suggesting that, so far, home buyers don't believe that this subsidy will generate major neighborhood change.Opportunity Zone status reduces prices in areas with little employment, perhaps because buyers think that subsidizing new investment will increase housing supply.
DOI: 10.3386/w26587
Authors: Jiafeng Chen, Edward L. Glaeser, David Wessel
Language: English
Topic: Housing Market and Economics
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2998175117