By Venroy July
June 6, 2019
With the passage of the Opportunity Zones legislation, many have justifiably expressed concern that the legislation will be used to subsidize gentrification. Enacted as a part of the tax overhaul, the legislation provides significant tax benefits for investment in low income or low income adjacent communities across, many of which are in predominantly black and brown neighborhoods.
Considering the country’s history of housing discrimination, redlining, and restrictive covenants, the law’s requirement of capital gains to participate has been seen as yet another tactic to exclude black and brown participation from the economic benefits that will inure through investment in these neighborhoods Notwithstanding that reality, with some creativity and collective action, here are a few ways that the Opportunity Zone legislation may be utilized for the benefit of black and brown communities: