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