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A real estate investment firm co-founded by President Donald Trump's son-in-law and adviser, Jared Kushner, is betting big on the administration's Opportunity Zone tax breaks but isn't that interested in steering its investors to the poorest, most-downtrodden areas that the program seeks to revitalize.New York-based Cadre, in which Kushner still holds at least a $25 million passive stake, made it clear to potential investors in recent marketing materials that it doesn't plan to look for development deals in most of those zones because of their "unfavorable growth prospects". Cadre is a high-profile example of how early investor interest in the program appears focused on the places that need it the least: zones that qualified for the tax breaks despite already drawing substantial investment or are undergoing obvious gentrification.Another Opportunity Zone includes part of The Willows neighborhood of Menlo Park, California, less than 3.2 kilometers from Stanford's campus, where the tech boom has driven home prices to $1,500 per square foot, 10 times the national average.Fundrise, another Opportunity Zone fund that is trying to raise $500 million for investments, is targeting many of the same areas as Cadre, ranking its "Top Ten" targets for Opportunity Zone investing based on which have the fastest-rising housing costs.Even some of the program's strongest proponents have acknowledged that not all the Opportunity Zones are equally needy.
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