The proposed loophole-ridden rules let investors to reap tax benefits for investments outside of the Opportunity Zones, compounding the program’s tendency to invest in booming areas that drive up housing costs and displace lower-income residents of color.
The 22 community, housing, civil rights, consumer and other organizations believe that HUD must carefully assess the risks and benefits of the Opportunity Zone investments. The Opportunity Zone program poses substantial risks to lower-income households and households of color that already face rapidly rising housing costs and a declining availability of affordable housing options
24-Group Organizational letter on the need to collect data on Opportunity Zone tax break that could reduce affordable housing options, displacing lower-income families of color.
AFR Education Fund comment on the need to collect data on Opportunity Zone tax break that could reduce affordable housing options, displacing lower-income families of color.
Private equity owns over a million U.S. apartment units. Tenants pay a price when corporate landlords buy their buildings. In some cases, private equity buyers have pushed out lower-income tenants – through rent hikes, eviction threats, and more – to flip buildings into high-rent properties to sell for big profits.