President Donald Trump Creates ‘Opportunity Zones,’ A Longtime Dream of Jack Kemp

[Swordsmyth]

President Donald Trump has fulfilled another populist promise by creating new Opportunity Zones in urban and rural areas, where developers will receive tax cuts and incentives to build up some of our most run-down neighborhoods.
President Trump credited Senator Tim Scott for his cooperation in Congress, and BET head Bob Johnson also spoke at the White House event with Dr. Ben Carson and pastor Darrell Scott where the president announced the executive order. There are now 9,000 neighborhoods designated as Opportunity Zones. NBC News (https://www.nbcnews.com/politics/donald-trump/trump-kushner-lefrak-could-potentially-benefit-federal-opportunity-zones-n946821) — apparently mad that Trump is helping poor people — ran a hit piece saying the Trump Organization might enjoy some of the tax breaks. What a sad mainstream media narrative! Populist Republican Jack Kemp, deceased, whom Paul Ryan pretends to idolize, wanted to create so-called “economic freedom zones” for many years, and Rand Paul has also pushed the idea.
Trump railed against “geographic disparity” in our country’s economic opportunities in his signing ceremony at the White House.

More at: https://bigleaguepolitics.com/president-donald-trump-creates-opportunity-zones-a-longtime-dream-of-jack-kemp/

[Zippyjuan]

https://www.nbcnews.com/politics/donald-trump/trump-kushner-lefrak-could-potentially-benefit-federal-opportunity-zones-n946821


Trump, Kushner, LeFrak could potentially benefit from federal 'opportunity zones'

WASHINGTON — The Trump Organization, the family real estate interests of presidential son-in-law Jared Kushner and Trump friend Richard LeFrak, a New York developer, could all benefit from a new federal program that has designated "opportunity zones" in "economically distressed" areas around the country and offers tax benefits for developers.

Kushner's family already owned real estate on the Jersey Shore, but spent an extra $13.15 million in Long Branch after the area was deemed an opportunity zone by the Treasury Department in April according to Bloomberg News. The Trump Organization was already planning a hotel redevelopment in Greenville, Mississippi, with a partner, but that project is in an area that was declared an opportunity zone in April and could now be eligible for the tax break.

The Trump Organization's partner in Mississippi, Suresh Chawla, told NBC News his firm was unaware of the designation and not planning to participate.

Kushner also has existing properties in two Maryland opportunity zones, while the Trump Organization owns a New Jersey golf course inside another. Kushner's family company and the Trump Organization did not respond to requests for comment.

Richard LeFrak has a $4 billion, 183-acre massive development called SoLe Mia in North Miami that is now right in the middle of a zone. As a new project it could also qualify. Lefrak's spokesperson did not respond to a request for comment. LeFrak is a longtime associate of Trump's who has spent time with him at Mar-a-Lago. According to the New York Times, Trump asked LeFrak to build the border wall.

President Donald Trump will tout the program in an event to be held at the White House Wednesday.

The program, created by the 2017 tax bill and run by the Treasury Department, allowed state governors latitude to name 8,700 areas as opportunity zones. All the zones were certified by Treasury in April 2018. The excitement in the investor community has been balanced by a growing unease among housing and economic development experts that the program lacks government oversight.




Critics have noted that some of the designated zones were already on the upswing, and they say a generous program meant to steer billions to low-income neighborhoods might instead concentrate investments in gentrifying communities like Brooklyn and Miami.

For example, a two-bedroom condo in Brooklyn Heights with a private garden selling for more than $700,000 is in a zone and — according to the Treasury — in an "economically distressed" community. The median home sale price in Brooklyn Heights, which is one subway stop from Manhattan's Financial District, is now more than $2.3 million, according to Trulia.


But there's no indication the government will collect or publish who is investing, what kind of investments are taking place or who the program will impact, according to the Treasury Department, the legislation does not require it.

More at link.

[Swordsmyth]

https://www.nbcnews.com/politics/donald-trump/trump-kushner-lefrak-could-potentially-benefit-federal-opportunity-zones-n946821







More at link.

All Americans might benefit.

[Zippyjuan]

All Americans might benefit.

Might. Most won't.

[phill4paul]

and they say a generous program meant to steer billions to low-income neighborhoods might instead concentrate investments in gentrifying communities like Brooklyn and Miami.

Gentrification! Omegerds, Nooooe!!!!

gen·tri·fi·ca·tion
/ˌjentrəfəˈkāSH(ə)n/Submit
noun
the process of renovating and improving a house or district so that it conforms to middle-class taste.

We'd rather live in blight and get free government handouts that don't improve our lives but makes us thinks Democrats care about us.

[Zippyjuan]

Gentrification! Omegerds, Nooooe!!!!

gen·tri·fi·ca·tion
/ˌjentrəfəˈkāSH(ə)n/Submit
noun
the process of renovating and improving a house or district so that it conforms to middle-class taste.

We'd rather live in blight and get free government handouts that don't improve our lives but makes us thinks Democrats care about us.

Gentrifying meaning those areas are already being taken over by rich people and not in need of further tax assistance. Developers have already moved in. The enterprise zone designation was supposed to go to still poor areas to help them improve.

[Swordsmyth]

Might. Most won't.
"Might"


Trump, Kushner, LeFrak could potentially benefit from federal 'opportunity zones'

Good policy is good policy, you can't oppose it because it MIGHT benefit someone.

[phill4paul]

Gentrifying meaning those areas are already being taken over by rich people and not in need of further tax assistance. Developers have already moved in. The enterprise zone designation was supposed to go to still poor areas to help them improve.

You just love taxes, don't you Zippy? C'mon, admit it. The rich don't pay enough for the social welfare programs that give fish, but don't teach how to.

[Zippyjuan]

You just love taxes, don't you Zippy? C'mon, admit it. The rich don't pay enough for the social welfare programs that give fish, but don't teach how to.

The claim of the program was to help improve poor areas of the country. It is not being used for that purpose. If the goal of the program is to help rich developers, it is working fine.

[phill4paul]

The claim of the program was to help improve poor areas of the country. It is not being used for that purpose. If the goal of the program is to help rich developers, it is working fine.

The majority 4/5ths is being use to help improve poor areas per your article. Curse those rich developers that provide employment!!!!!!

[specsaregood]

I suspect Randal was influential in this; IIRC it was a big part of his own presidential campaign platform.