Bisnow’s First Draft Live is a weekly series featuring live conversations about the critical stories impacting the commercial real estate industry right now — from market volatility and economic uncertainty to the growing influence of artificial intelligence. First Draft Live is a companion to The First Draft, Bisnow’s daily, flagship CRE newsletter. Register here to get The First Draft in your inbox. Subscribe to First Draft Live on Apple and Spotify, or scroll down to view in your browser.
Opportunity zones are back, baby, and thanks to the One Big Beautiful Bill Act, they are permanent, tougher and aimed squarely at rural America.
The original opportunity zone program drove more than $100B into real estate and business investment, but it also fueled gentrification, lacked guardrails and faced political blowback.
On this week’s First Draft Live, Steve Glickman, co-author of the original OZ program and CEO of Statt, joined us to break down what to expect with OZ 2.0. The new rules slash eligibility, restricting it more tightly to lower-income tracts and doubling rural incentives. But the timeline could create a “dead zone” that puts deals on ice until 2027.
Will OZ 2.0 fix what 1.0 missed — or will it chill investor appetite when CRE needs it most?
To answer these questions and more, we asked Glickman about who is poised to win, how governors will redraw the map, and whether new rules will spur rural investment without gentrification.
Glickman said the program has been a wild success, especially at spurring much-needed housing. OZ projects cost taxpayers $20K a unit on average, well below public housing, which can surpass $100K a unit.
“You’re talking about bang for the buck that is unparalleled,” he said.
Glickman said the new rules will make OZ 2.0 even better, though how much it drives rural development all comes down to designating sites at “the nexus between need and investability.”
Watch the full conversation with Glickman here:
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Every Friday at 12:30 p.m. ET, we go live with industry experts for a sharp, timely conversation on the week’s most impactful topic — inspired by our daily newsletter, The First Draft. Whether it’s CRE capital trends, policy changes, or sector-specific activity, we break down what it means for your business right now.
We’ve hosted some of the industry's top voices — and there's more to come. Bring your questions, join the conversation or catch the replay within 24 hours if you can't attend live.
Interested in speaking? Contact Director of Global Production Elizabeth Baker at liz.baker@bisnow.com.
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