Critics of the community redevelopment effort argue that real-estate speculation could drive gentrification.
Buying a home in an Opportunity Zone would barely put a dent in your wallet in most cases — a sign of just how far behind these communities have fallen.
The Opportunity Zones program was designed to spark new development and an influx of capital into these areas. In particular, businesses can get major tax breaks for investments in these zones, including a 0% capital-gains tax if they hold the investment for at least 10 years. On a regional basis, the Midwest had the highest share of Opportunity Zone tracts where the median home price was less than $150,000 , followed by the South and the Northeast .
The vast majority of Opportunity Zones have lower-than-average home prices, which reflects the program’s mission, said Todd Teta, chief product officer at Attom. “The zones are designed to be in or alongside economically distressed neighborhoods,” Teta said in the report. “But the differences between these and other areas in most parts of the nation are stark. The numbers provide key benchmarks for how much room there is for these areas to grow and how much new investment they need.
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