The regulations released yesterday give important clarity to investors in Opportunity Zones, particularly those looking to invest in the kinds of operating businesses that create meaningful economic opportunity for residents of Opportunity Zones. Treasury also took important steps to preempt abuse – speculators won’t be able to buy up land for parking lots or safe deposit boxes.

Unfortunately, this rule from Treasury fails to address public transparency and accountability in a meaningful way. Treasury was tasked with facilitating a new market for investments in low income communities, but markets don't operate efficiently in the dark. Basic public reporting would enable more effective capital matching and more proactive partnerships between communities and investors. It would also give us a chance to know in real time if the policy is succeeding, or if we need to refocus with additional resources for communities or modifications to the policy.

For the time being, it will fall to private actors and local communities to try and discern the impact of this policy. In the absence of a complete national picture, we run the risk that bad headlines will continue to overshadow any bright spots. We have already seen negative stories put a chill on investment and give rise for calls for repeal. But far more importantly, the residents of Opportunity Zones are at risk of being left out of the conversation altogether, and the places of greatest need and greatest opportunity for transformation could be passed over.

The best we can do for now is to double down on efforts to highlight best practices. Stories from places like Alabama and South Central Los Angeles show what can be achieved if community engagement and impact are priorities. Hopefully policymakers can learn from those lessons and going forward they will give other communities the opportunity and resources they need to succeed.