Viewpoint: Opportunity Zones Should Deliver More Than Profit and Tax Breaks

Wednesday, May 29, 2019

By Marvin Krislov, Al Puchala

Opportunity zones are a new incentive to direct investment capital into underserved communities that need it. They were created by the federal Tax Cut and Jobs Act of 2017, and 514 census tracts throughout the state have been designated as such by Gov. Andrew Cuomo. All five boroughs of New York City have them, including parts of Chinatown and Harlem and large swaths of the Bronx.

In Queens, waterfront areas such as Long Island City and Astoria are opportunity zones, as are Downtown Brooklyn and parts of South Brooklyn and areas around the ferry terminal and Bayonne Bridge on Staten Island.

Photo courtesy of Jason Mrachina.

Source: Crain's New York (link opens in a new window)

business development, impact investing, poverty alleviation, urban development