Hi Terry, I've seen this referenced a lot lately too. I think to a person who does not know anything about 1031 exchanges this would sound very attractive but the 1031 exchange does have some considerable upsides to it that the "opportunity zones" do not.
For a Qualified Opportunity Fund, you can only defer your tax until December 31, 2026....or whenever you sell the property. A 1031 you can defer it much longer.
A 1031 you can also invest in "like kind" real estate - so even commercial can qualify and just about any location too. Not so with the "opportunity zones". Opportunity zones are only in select areas AND it must be in residential property.
However, investments into Opportunity Zones may come from the sale of ANY investment property...whether real estate or investments in the stock market. That's a pretty big deal.
There's lots of good information out there and I'll include 2 links below that might be able to help with the understanding of opportunity zones. Thanks!
https://fundrise.com/education/blog-posts/what-are-opportunity-zones-and-how-do-they-work#maps
https://www.wealthforge.com/insights/the-difference-between-opportunity-zones-and-1031-exchanges