JUE Insight: The (non-)effect of opportunity zones on housing prices

Will the Opportunity Zones (OZ) program, America's largest new place-based policy in decades, generate neighborhood change? We compare single-family housing price growth OZs with areas that were eligible but not included program. also to their nearest geographic neighbors. Our most credible estimates rule out impacts greater than 0.5 percentage points 95% confidence, suggesting that, so far, home buyers don't believe this subsidy will major change. OZ status reduces prices little employment, perhaps because think subsidizing investment increase supply. Mixed evidence suggests may have increased residential permitting.