Fiscal incentives are frequently used to stimulate property development in distressed communities but the efficacy and impacts of this approach have been contested. In this study, a theory of real estate production was utilised to evaluate the Opportunity Zones (OZ) policy in the USA. Qualitative data collected from interviews and fieldwork are analysed to understand how the property development scene of a predominantly African-American neighbourhood had been affected by the OZ designation. Interviewees, including black local developers, represented diverse types and scales of real estate production. It was found that new investment capital was flowing into Bronzeville but not into projects proposed by small, local developers and community organisations. This was largely for two reasons: first, the less experienced and resource-constrained players had insufficient resources and expertise to connect with the OZ-induced investors. Second, when they were connected, their projects were deemed highly risky and thus unattractive. The perception of risk was likely amplified in Bronzeville, a historically marginalised black neighbourhood. For tax-based urban revitalisation policies to increase marginalised communities’ access to capital, appropriate public interventions must be accompanied to level out the playing field for the under-resourced and historically marginalised players of real estate production. One such intervention might be to create and support a network of financial intermediaries that specialise in connecting capital to projects proposed by black developers, other non-profit developers and community organisations. Without such measures, policies such as OZ are likely to exacerbate existing inequalities rather than uplifting disadvantaged communities.

Development planning agencies seek professionals who understand the real estate process, which has led to an interest in real estate development courses within planning programs; however, educators are skeptical of conflating the two because real estate development is often at odds with the economic development field’s focus on social equity. How should economic development planning educators approach real estate? This article extends the discussion of four panelists at the 2019 Association of Collegiate Schools of Planning (ACSP) conference. A pedagogical approach promoting social equity and economic opportunity along with meaningful returns on real estate investment is one panelists deemed critical.

Despite the wealth of academic research on large-scale urban developments, a comprehensive meta-analysis of the literature is yet to exist. On the one hand, theories on urban change and development have offered useful frameworks for explaining the processes and outcomes of large-scale developments. On the other hand, in-depth case studies have provided profound insights into specific examples. Nevertheless, how the case studies relate to the theoretical debates is unclear. In response, this article undertakes a systematic review of the theories and case studies on large-scale developments and identifies the multitude of ways in which case studies relate to theories.

Communities worldwide are increasingly introducing regulatory measures to protect independent businesses from chain stores, but the efficacy of these attempts is largely debated. Moreover, effects are likely to vary by the characteristics of the local economy, a consideration overlooked by existing studies. Using a sample of U.S. cities with unique community characteristics, the authors examine Formula Business Restrictions (FBR), a type of an American land use regulation that restricts the entry of “formula businesses.” The authors find that the passage of FBR led to a higher number and percentage of employees working in mom-and-pop businesses, which was primarily achieved by protecting existing ones from downsizing. This positive effect occurred over time with increasing magnitude. The authors also find heterogeneous effects on different sectors: FBR had strong positive effects on the retail sector, but not on the service sector. Findings suggest that chain store entry barriers can be beneficial for mom-and-pop businesses when designed carefully.

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