The (Non-) Effect of Opportunity Zones on Housing Prices / Jiafeng Chen, Edward L. Glaeser, David Wessel.

Format:

Book

Author/Creator:

Chen, Jiafeng.

Contributor:

National Bureau of Economic Research.

Glaeser, Edward L.

Wessel, David.

Series:

Working Paper Series (National Bureau of Economic Research) no. w26587.

NBER working paper series no. w26587

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2019.

Summary:

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.

Notes:

Print version record

December 2019.