Opportunity zones were created in the tax overhaul of 2017, offering capital gains advantages to investors as a way to encourage new businesses, housing, and jobs.
President Trump has hailed their success. But critics say the biggest beneficiaries are billionaire financiers and warn that a small number of the most attractive zones are attracting the bulk of the money.
A study by the White House Council of Economic Advisers, obtained by the Washington Examiner and due to be published on Monday, estimates that $75 billion has been raised by funds set up to invest in the zones — money that would likely have been directed elsewhere without the breaks.
"The CEA estimates that opportunity zone designation alone has caused a 1.1 percent increase in housing values," it says. "Greater amenities and economic opportunity behind the housing value increase will be broadly enjoyed, and for the nearly half of OZ residents who own their homes, the increase provides an estimated $11 billion in new wealth."