NATIONAL BUREAU OF ECONOMIC RESEARCH
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The (Non-) Effect of Opportunity Zones on Housing Prices

Jiafeng Chen, Edward L. Glaeser, David Wessel

NBER Working Paper No. 26587
Issued in December 2019
NBER Program(s):Public Economics

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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Document Object Identifier (DOI): 10.3386/w26587

 
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