Bloomberg / June 24th, 2019
Bloomberg reports: The opportunity zones created by the Tax Cuts and Jobs Act of 2017 have all been set up, and the money has started to flow. When will we know if they’re working as promised to bring new growth and prosperity to distressed communities all over the U.S.? Well, maybe never — the opportunity zone is the latest refinement of a development approach previously known in the U.S. as the enterprise zone and the empowerment zone, and attempts to suss out the economic impacts of those have delivered notoriously muddled results.
Still, we can at the very least say that the opportunity zones — 8,762 economically disadvantaged census tracts where investors receive favored capital gains tax treatment — are getting some investment. Real Capital Analytics, which tracks commercial real estate transactions, just released data comparing activity in opportunity zones and in census tracts that met the criteria for inclusion but weren’t chosen by their states’ governments…
View the full article on Bloomberg: The Last Great Neoliberal Experiment Comes to a Neighborhood Near You.