Brill, F. orcid.org/0000-0002-5438-7605, Raco, M. and Ward, C. orcid.org/0000-0002-1768-1725 (2023) Anticipating demand shocks: patient capital and the supply of housing. European Urban and Regional Studies, 30 (1). pp. 50-65. ISSN 0969-7764
Abstract
‘Patient capital’ is presented by many policymakers as a panacea to address domestic (and sometimes city-level) gaps in financing urban development, particularly housing, that emerged in the post-2008 credit crunch. In this article, we analyse the complexities of patient investors’ entry into residential markets in London and their response to the first major, and unexpected, crisis of demand: the COVID-19 pandemic and immediate falls in market demand. We focus on how patient capital and the firms invested in the professionalised rental market, build to rent (BTR), have responded. We highlight three main responses: (1) advancing their lobbying efforts to secure a more supportive political environment; (2) protecting their income streams by offering new payment plans and adaptability to prevent void rates; (3) turning to a ‘reserve army’ of renters backed by the state – so-called Key Workers (KWs). We argue these demonstrate a continual and co-evolutionary dimension to policy promoting patient capital and the need for patient planning to govern patient investment in housing systems. Our findings are in ‘real-time’ and highlight the importance of structural uncertainties and the breakdown of long-term assumptions in shaping investment decisions.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2022. This article is distributed under the terms of the Creative Commons Attribution 4.0 License (https://creativecommons.org/licenses/by/4.0/) which permits any use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub.com/en-us/nam/open-access-at-sage). |
Keywords: | Housing; London; patient capital |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 20 Sep 2024 09:53 |
Last Modified: | 22 Sep 2024 04:45 |
Status: | Published |
Publisher: | SAGE Publications |
Refereed: | Yes |
Identification Number: | 10.1177/09697764211069837 |
Related URLs: | |
Sustainable Development Goals: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:217434 |
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