Location, location, location! Property rights definitely preclude and influence economic development, as gentrification is a pivotal aspect of changes that occur in America today. Gentrification is the transformation of lower-income districts into middle-class ones. These changes occur as property gains value due to shifting demographics and economic realities.
Historically, low-income areas have found themselves at the mercy of unfair zoning laws and restrictions that, in effect, segregate in accordance with property value. These zoning laws affect where individuals are zoned for K–12 schools. In that way, these zoning laws definitely have an effect on economic development, because access to a quality K–12 education affects access to college education, which in turn affects access to higher income later in life. Effectively, a lack of access to quality K–12 education contributes to socioeconomic stagnation, maintaining generational poverty.