Four Tracts in San Mateo County Qualified as Opportunity Zones
Opportunity Zones are an economic development tool designed to spur economic growth in distressed economic neighborhoods by giving tax breaks to investors interested in investing in these neighborhoods. On April 18, the U.S. Department of the Treasury released the first list of designated tracts, and it includes one tract in Daly City (6002), one in East Palo Alto (6121), and two tracts in North Fair Oaks (6102.01 and 6105). The Treasury will now have to create the regulations for this program, but the timeline is still unclear. Get Healthy SMC and its partners are tracking this policy due to the potential of this tool to create economic opportunities but also exacerbate the gentrification of low-income neighborhoods if the regulations are not properly designed to advance inclusive and healthy development. The City Councils of East Palo Alto and Redwood City requested the CA Department of Finance to remove the tracts in their jurisdictions from the list of nominated tracts for fear that this program may intensify gentrification in their communities. Stay tuned for more updates!