This has been tried for decades under many different names and it has never worked. This is just “social engineering” applied to business. It’s “industrial policy lite” — instead of picking which industries to subsidize, government picks which areas to subsidize.
There’s a reason companies expand in already successful areas — nicer places with more amenities where people want to live, better housing, a workforce that is educated and dependable, more universities and colleges for continuing education, better transportation, etc.
A much cheaper, faster and more effective way to get people working is to reduce government welfare by 50%. Works every time it’s tried.
We have a park in the center of our city that was infested with homeless. A beautiful park with a canal running through it that normal people were afraid to use. The city decided to ‘upgrade’ the area by helping develop living areas around the park instead of just industrial. Was touted for years as the way to live and rebuild areas. They finished it and now all the housing is crap too. Because they filled it with crap people. The area is no better after all that money spent.