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- Title
Do opportunity zones create opportunities? The impact of opportunity zones on real estate prices.
- Authors
Alm, James; Dronyk‐Trosper, Trey; Larkin, Sean
- 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.
- Subjects
FLORIDA; ZONING; REAL property; PRICES; HOME prices; VACANT lands; TAX incentives; ECONOMIC opportunities; INVESTORS; FREE ports &; zones
- Publication
Real Estate Economics, 2024, Vol 52, Issue 1, p214
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/1540-6229.12434