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The financialisation of rental housing: A comparative analysis of New York City and Berlin

The financialisation of rental housing: A comparative analysis of New York City and Berlin 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Urban Studies: An International Journal of Research in Urban Studies SAGE

The financialisation of rental housing: A comparative analysis of New York City and Berlin

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References (76)

Publisher
SAGE
Copyright
© Urban Studies Journal Limited 2014
ISSN
0042-0980
eISSN
1360-063X
DOI
10.1177/0042098014543704
Publisher site
See Article on Publisher Site

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.

Journal

Urban Studies: An International Journal of Research in Urban StudiesSAGE

Published: May 1, 2016

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