It’s official! Amazon’s much-anticipated second headquarters are coming to Arlington County, Va., and Queens, N.Y., and with it the promised infusion of $5 billion dollars’ worth of investments, the creation of more than 50,000 jobs, and scores of new high-income residents across the two regions. A torrid end to a year-long search that saw communities across the country engaged in a subsidy arms race, vying to be crowned the coveted second “campus” location.

Now, as the confetti settles and those living in and around the future HQ2 sites begin to reflect on how their lives and communities will change. Questions are now being raised over whether the shrouded incentives used to lure Amazon AMZN, +1.58% to Virginia and New York will be worth the hefty taxpayer bill, just how much local officials promised, coupled with a growing recognition that the behemoth could also take advantage of a federal tax benefit program meant for economically distressed communities known as Opportunity Zones.

Passed as a part of the $1.5 trillion 2017 tax law, the Opportunity Zones (OZ) program is promoted as an innovative, market-driven initiative created with the purpose of using certain tax breaks to attract private investment into chronically under-resourced, high-poverty communities to help revitalize their local economy via job creation, development, and growth.

Differing slightly from past initiatives, the OZ program prioritizes longer-term investments by promising potentially large tax reductions for private investors that sell certain assets and park the profit within designated communities over several years.

Unfortunately, neither the original statute nor the newest guidelines outline explicit protections for OZ residents against known risks like accelerated gentrification with displacement, nor are there clear accountability measures or community safeguards against investor-backed projects.

Whereas it was clear that the Treasury’s proposed new rules sought to ease investor apprehension by shoring up the promise of substantial financial returns, the guidelines failed to meaningfully reassure local stakeholders residing in “OZ hotspots” — a disproportionate share of whom are residents of color — that the coming investment projects will be structured and regulated in a way that prioritizes equitable community gains and that they, themselves, will remain in place to enjoy the neighborhood improvements.

Similar to the concerns raised around the Opportunity Zones designated near both of Amazon’s HQ2 campuses, there are other locations that directly call into question the initiative’s application of “distressed” and the number of selected OZ areas that actually meet the marketed definition.

One such census tract (#32003002962) is located in Las Vegas, Nev., and is the future home of the NFL’s Oakland Raiders when they relocate to the area for the 2019-20 season. The census tract was able to receive the OZ-designation only because it borders a qualifying, notorious Las Vegas strip located right across the highway from the Mandalay Bay and Luxor hotels.

As history reveals, the road to most brand-new sports facilities is paved with broken community benefits promises and on the backs of taxpayers. The stadium of the soon-to-be Las Vegas Raiders will be no exception and is even slated to go down in the history books as the priciest construction yet, with the bill expected to exceed $2 billion.

Yet another classic case where a new stadium is bringing development that was already in the works and which will now enjoy additional tax-free perks as a result of its OZ status that could have been more meaningfully utilized elsewhere.

A second questionable OZ designation is in Pine Hill, N.J., (census tract #34007608504) home of President Donald Trump’s private golf club. Similar to Las Vegas, the tract qualifies as an OZ because of the poor economic conditions of the community surrounding the golf course. But, again, given how the Opportunity Zone program was designed, new developments, such as hotels, will likely be concentrated on or adjacent to Trump’s property and could be developed tax-free.

If we are to believe the oft-touted purpose of the Opportunity Zones program, OZs are economically insecure, left-behind places where money has long struggled to flow due to factors like uneven economic recovery, disinvestment, and poverty.

In contrast, throughout its search, Amazon has long stated that it was only interested in locations “with strong local and regional talent — particularly in software development and related fields — as well as a stable and business-friendly environment” for its more than 50,000 awaiting employees.

By that criteria alone, designated OZs shouldn’t be in areas that are already good candidates for development, such as the future site of Amazon’s HQ2 campus, areas that currently house exclusive private golf clubs, or where a brand new, expensive state-of-the-art stadium has already broken ground.

And yet, the reality is that these are all places recently selected as Opportunity Zones where significant private money was already flowing to — lucrative investments that are sure to multiply come Jan. 1, 2019, resulting in both a likely siphoning of money away from the economically struggling areas who need it the most.

Reinforcing the adage that “haste makes waste,” both the ambiguity and speed at which the Opportunity Zones initiative was drafted and passed into law is already leading investors to search for the most profitable locations that will provide the highest financial returns without much regard for the socioeconomic needs of the existing community.

As it stands, the Opportunity Zones initiative runs the risk of being yet another gigantic giveaway to corporate behemoths, billionaire sports owners, and a private golf course tycoon who also happens to be the sitting president of the United States.

If investors are serious about helping left-behind communities recover, they must set out to actually find these localities and meaningfully partner with local stakeholders to fund tangible, community-benefit projects.