Opportunity Lost: Revamping Trickle-Down Economics In Detroit
Opportunity zones (OZs) were created in 2018 as a way to incentivize development in distressed communities. Like its neoliberal predecessors, OZs offer tax cuts to the wealthiest members of society and in return, they roll over their capital gains into funds that invest in low-income communities. However, controversies have surrounded the placement of these zones in wealthier areas and little is known about whether OZs have helped their intended low-income population. Using interviews and demographic analysis, this paper examines the impact of OZs on Detroit and why there has been such a perceived lack of results. This study finds that the lack of known development resulting from OZs is mainly due to flaws in the program’s legislation that have hindered development deals, driven investment into areas where it is less needed, and forgone essential reporting requirements.