8,000 "Opportunity Zones" targeting disadvantaged US neighborhoods (secretary, jobs, tax)
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Billions of dollars have started piling into new real-estate funds targeting disadvantaged U.S. neighborhoods, as investors line up to capitalize on a section of last year’s tax overhaul.
The tax bill created more than 8,000 tax-advantaged “opportunity zones.” They range from parts of New York, Los Angeles and Washington, D.C., to rural areas and the entire U.S. territory of Puerto Rico. On Thursday, Treasury Secretary Steven Mnuchin predicted the zones will attract over $100 billion in private capital.
That's great news for better paying jobs in those areas.
In order to attract economic development in these areas, the tax law gives benefits to most equity investments in the zones, including real-estate development and operating businesses such as restaurants, stores and technology startups.
That's great news for better paying jobs in those areas.
"Disadvantaged"? More like, "Suffering from the consequences of decades of bad choices." Broken families, gangs, drugs, no value attached to education or success, "role models" that are criminals or welfare recipients... There is no amount of outside investment that can fix those issues.
Looking at the map of my city, they just created a gentrification target area. It was going to happen eventually but this should accelerate the timeline. It will be interesting to see how relocation of the inner city populations to the suburbs over the next couple of decades plays out.
I actually didn't know about this but thanks for bringing it everyone's attention. Here's a brief explanation and map.
The most infuriating zone I found is Ocracoke Island, NC. Its a barrier island made out of sand that is in the path of many Atlantic Hurricanes. The government should being doing everything in its power to discourage investment on barrier islands. (and just for good measure, both Mexico Beach, FL and Panama City, FL are also included. Rebuilding and rebuilding and rebuilding is good for the economy, right?)
"Disadvantaged"? More like, "Suffering from the consequences of decades of bad choices." Broken families, gangs, drugs, no value attached to education or success, "role models" that are criminals or welfare recipients... There is no amount of outside investment that can fix those issues.
How many liquor stores and hair weave places can a community support?
How many liquor stores and hair weave places can a community support?
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