CHPC created an interactive map of NYC’s Opportunity Zones and conducted analysis to understand which types of housing stock are located within them.
What are Opportunity Zones?
Opportunity Zones are a federal community development program meant to encourage long-term investment in low-income communities. The program provides investors with a tax incentive to reinvest their unrealized capital gains in Opportunity Funds, which are dedicated for investment in designated Opportunity Zones.
Overview of Opportunity Zones in NYC
New York City’s designated Opportunity Zones are comprised of 306 census tracts across the five boroughs. CHPC’s interactive map shows where the zones are located relative to political boundaries, along with public housing developments that fall within them.
The city’s Opportunity Zones are overwhelmingly residential, and the majority of housing stock within them is regulated for affordability. Over 3 out of 4 lots inside the zones are classified as residential in use, and more than 8 out of 10 fall into residential zoning districts. Meanwhile, nearly 4 out of 10 housing units inside the zones are rent-stabilized, while many others are located in public housing developments or governed by subsidy programs like 421-a. Overlap between the city’s Opportunity Zones and public housing stock is especially significant – more than 40% of NYCHA’s portfolio falls within the designated zones.