Fields, D.J. and Uffer, S. (2014) The financialisation of rental housing: A comparative analysis of New York City and Berlin. Urban Studies. 0042098014543704. ISSN 0042-0980
Abstract
This paper compares how recent waves of private equity real estate investment have reshaped the rental housing markets in New York and Berlin. Through secondary analysis of separate primary research projects, we explore financialisation’s impact on tenants, neighbourhoods, and urban space. Despite their contrasting market contexts and investor strategies, financialisation heightened existing inequalities in housing affordability and stability, and rearranged spaces of abandonment and gentrification in both cities. Conversely cities themselves also shaped the process of financialisation, with weakened rental protections providing an opening to transform affordable housing into a new global asset class. We also show how financialisation’s adaptability in the face of changing market conditions entails ongoing, but shifting processes of uneven development. Comparative studies of financialisation can help highlight geographically disparate, but similar exposures to this global process, thus contributing to a critical urban politics of finance that crosses boundaries of space, sector and scale.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2014 Elsevier. This is an author produced version of a paper subsequently published in Urban Studies. Uploaded in accordance with the publisher's self-archiving policy. Article available under the terms of the CC-BY-NC-ND licence (https://creativecommons.org/licenses/by-nc-nd/4.0/) |
Keywords: | financialization; rental housing; private equity; finance |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Geography (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 18 Feb 2016 14:40 |
Last Modified: | 21 Mar 2018 03:16 |
Published Version: | https://dx.doi.org/10.1177/0042098014543704 |
Status: | Published |
Publisher: | SAGE |
Refereed: | Yes |
Identification Number: | 10.1177/0042098014543704 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:95307 |