Where is the opportunity in opportunity zones?
研究了美国机会区域计划对房地产市场的双重影响：投资者税收优惠和预期土地增值，发现税收优惠被有效定价，合格房产价格上涨7-20%，空地涨幅高达37%，但预期土地增值效应有限。
Abstract In December 2017, the U.S. Congress passed into law the Opportunity Zone (OZ) program. As an OZ, designated low‐income census tracts provide considerable tax breaks to property investors, intending to attract investments and spur economic growth. As the success of the program is dependent on investors' responses, we analyze market reactions in a difference‐in‐differences framework. We identify two potential effects on property markets: tax breaks for investors and expected land value appreciation. Our results show that tax breaks are priced efficiently. Qualified properties increase by 7–20% in price, while vacant land increase up to 37%. In contrast, we find limited signs of expected land value appreciation.