Skip to main content We are grateful to Fahad Algifari, Andrea Cerrato, Hongrui He, Shih-Hsuan Hsu, Luigi Roncoroni, John Ruf, and Serena Xu for excellent research assistance. We thank Drew Breunig, Nicholas Shailas, Stephanie De Leon, Elizabeth Cutrone, and the team at Precisely PlaceIQ for data access and helpful conversations. We thank Cody Cook for sharing his block-level income estimates. We thank Keith Chen, Pierre Magontier, and numerous seminar participants for helpful feedback.