Cherry‐picking industrial properties in opportunity zones
研究了美国机会区税收激励计划对工业地产价格的影响，发现只有拥有大量闲置土地的地产出现溢价，且集中在就业和人口增长快的区域，但整体交易量未增加。
Abstract We examine the impact on industrial property prices following the launch of US opportunity zones—a location‐based tax incentive program intended to attract investment into low‐income communities. Using a national sample of commercial real estate transactions, we document significantly higher transaction premiums, when matched with comparable transactions in eligible tracts that were not included in the program. Consistent with development options that are incentivized by the program, we find that premiums are concentrated at properties with the largest amounts of excess land available, and we observe no evidence of spillover effects to properties that do not possess similar optionality. Among the designated opportunity zones, significant transaction premiums appear in areas that previously demonstrate high employment and population growth. Overall, we do not find evidence to suggest that the aggregate share of commercial real estate transaction volume to opportunity zones has increased following the legislation.