Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Matthew Magilke

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OCLC Record Number



This study uses real estate data and a distress index to test the success of the “Opportunity Zone” program in California. Part of the Tax Cuts and Jobs Act that was passed on December 22, 2017, this program offers sizable tax incentives to investors who reinvest their capital gains into distressed neighborhoods across the country. I analyze changes in home values and monthly rents to determine if designated opportunity zones have seen increased investment as a result of the program. Additionally, I use a distress index to examine whether this tax program has merely encouraged investment into already- gentrifying areas or if its benefits have extended to the most distressed and low-income communities. My study concludes that within California, opportunity zone real estate has successfully seen a boost in investment and that this increased investment has extended to even the most distressed areas in the state.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.