Do opportunity zones create opportunities? The impact of opportunity zones on real estate prices

James Alm (), Trey Dronyk‐Trosper and Sean Larkin

Real Estate Economics, 2024, vol. 52, issue 1, 214-238

Abstract: The Tax Cuts and Jobs Act of 2017 allowed governors of the 50 states to designate low‐income areas as “qualified opportunity zones” (QOZs). This designation entitled investors in these QOZs to significant tax incentives, with the goal of creating economic opportunities in these areas. In this article, we estimate the impact of QOZ designation on several dimensions of economic development—residential and business real estate prices—using data from Florida for the period 2016–2020 and controlling for endogenous QOZ designation in several estimation approaches. All estimation results indicate little consistent and robust evidence that QOZ designation had a positive impact on sales prices for single‐family homes, commercial lots, or vacant lots.

Date: 2024
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https://doi.org/10.1111/1540-6229.12434

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Working Paper: Do opportunity zones create opportunities? The impact of opportunity zones on real estate prices (2023)
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