NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Jiafeng Chen

Department of Economics
Littauer Center
1805 Cambridge Street
Cambridge, MA 02138
USA

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Harvard University

NBER Working Papers and Publications

December 2019The (Non-) Effect of Opportunity Zones on Housing Prices
with Edward L. Glaeser, David Wessel: w26587
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.
 
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