机会区域的机会在哪里?

IF 2 3区经济学 Q2 BUSINESS, FINANCE

Real Estate Economics Pub Date : 2023-02-15 DOI:10.1111/1540-6229.12429

Alan Sage, Mike Langen, Alex van de Minne

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引用次数: 2

摘要

2017年12月，美国国会通过了机会区(Opportunity Zone，简称OZ)计划。作为OZ，指定的低收入人口普查区为房地产投资者提供相当大的税收减免，旨在吸引投资并刺激经济增长。由于该计划的成功取决于投资者的反应，我们在差异中差异的框架中分析市场反应。我们确定了对房地产市场的两个潜在影响:对投资者的税收减免和预期的土地价值升值。我们的研究结果表明，税收减免是有效定价的。合格物业的价格上涨了7-20%，而空置土地的价格上涨了37%。相比之下，我们发现预期土地价值升值的迹象有限。

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Where is the opportunity in opportunity zones?

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.

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来源期刊

Real Estate Economics Multiple-

CiteScore

4.00

自引率

13.60%

发文量

期刊介绍： As the official journal of the American Real Estate and Urban Economics Association, Real Estate Economics is the premier journal on real estate topics. Since 1973, Real Estate Economics has been facilitating communication among academic researchers and industry professionals and improving the analysis of real estate decisions. Articles span a wide range of issues, from tax rules to brokers" commissions to corporate real estate including housing and urban economics, and the financial economics of real estate development and investment.