Are Opportunity Zones Working?

When Congress created Opportunity Zones in 2017 as part of the Tax Cuts and Jobs Act, the promise was compelling: use tax incentives to redirect private capital into distressed communities that had been overlooked by investors. Seven years later, with the program recently made permanent by Congress in 2025, a crucial question remains: is it actually working? New research analyzing over 70,000 property transactions across the United States reveals that Opportunity Zones are delivering measurable impacts on real estate markets—with important nuances about where and how the policy succeeds.