This study examines how student achievement changes following a transfer to a newly opened school. Using comprehensive data on students and teachers from Michigan schools that opened or closed between the 2010-11 and 2018-19 school years, the study employs event study models to evaluate changes in student outcomes as the local supply of schools evolves. The analysis reveals initial disruptive effects of transferring to a new school, particularly in math and English/Language Arts, with achievement levels recovering over a three-year period. These findings highlight the need to consider the high financial costs of school construction and maintenance alongside equity and opportunity concerns, given that students of color and lower-income students are disproportionately represented among those attending newly opened schools. The study includes discussions on the resource allocation and equity implications of these results, with supplemental data on school openings, closures, and their contextual impact.