Financialisation and Real Estate

Haila, Anne

doi:10.1002/9781119316916.ch26

Cited by 2 publications

(1 citation statement)

References 46 publications

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“…From the secondary circuit to varieties of financial capital: Taking stock of diverse investment practices Since David Harvey's (1982) seminal re-conceptualization of land ownership under capitalism, urban political economy has been interested in understanding the conditions under which capital switches to the "secondary circuit" of land and property investment as opportunities for accumulation dwindle in manufacturing and related sectors (Haila, 2020). Scholars in this tradition have long called attention to how property has become enmeshed in circuits of financial capital as mortgage lending and institutional ownership of buildings took off in the last few decades of the 20th century, thus enabling land to be increasingly treated as a "pure financial asset" or a "quasi-financial asset" (Beauregard, 1994;Coakley, 1994;Gotham, 2006;Harvey, 1982).…”

Section: Introductionmentioning

confidence: 99%

Unpacking corporate ownership in property markets: A typology of investors and the making of an investment value chain in Brazil

Sanfelici

Magnani

2023

Environ Plan A

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Over the past few decades, a growing number of studies have analyzed the social, spatial, and economic consequences of the sharp rise in corporate ownership of property assets. These studies have shown that financial(ized) rationalities, preferences, and techniques increasingly shape the investment behavior of corporate landlords, with notable effects in cities and regions. Less attention has been given, however, to the heterogeneity of actors that are bundled together under the umbrella of corporate landlords, as well as to the investment strategies these different actors pursue. In this paper, we aim to fill this gap by analyzing the investment behavior of three corporate and financial investors in Brazil's commercial property markets: pension funds; listed property firms; and real estate investment trusts. Drawing on institutional and evolutionary approaches to economic geography, we build a typology of investor types in Brazil's commercial property markets which shows that the investment preferences of these actors are largely shaped by three key variables: their organizational rules and routines; their ownership structure; and differential access to financing. In addition, we show that these investment preferences translate into distinguishable patterns of property investment and influence broader property market dynamics by giving shape to an investment value chain.

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Section: Introductionmentioning

confidence: 99%

Unpacking corporate ownership in property markets: A typology of investors and the making of an investment value chain in Brazil

Sanfelici

Magnani

2023

Environ Plan A

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Neoliberal urban segregation and property tax: A critical view of Santiago, Chile

López-Morales,

Herrera,

Garretón

2024

Environ Plan A

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Urban property taxes are primordial land value capture mechanisms that can potentially redistribute public income to underprivileged areas in a city. However, in Santiago, Chile, a city with considerable socio-spatial segregation correlated with significant disparities in municipal budgets, social welfare, and intergenerational reproduction of wealth, the property tax system is weak to address this issue effectively. This study analyses the potential redistributive capacity of property taxes in Greater Santiago, comparing the evolution of real estate surplus values with municipal budgets. These results show that a 2% increase in property taxes would suffice to equalize per capita municipal budgets, essential to redistribute social welfare. In Chiles’s neoliberal planning framework, we argue that weak property taxes are critical for the intergenerational reproduction of wealth and poverty in different municipalities. Property as capital is efficient for capturing unearned value in the long term and obtaining rental income, two mechanisms of inequality reproduction, as property accumulation is only feasible if it is not progressively taxed. In sum, this analysis of property taxes in Santiago contributes to the theoretical understanding of passive mechanisms of inequality reproduction in a neoliberal system and empirical support for a progressive increase of property taxes.

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Financialisation and Real Estate

Cited by 2 publications

References 46 publications

Unpacking corporate ownership in property markets: A typology of investors and the making of an investment value chain in Brazil

Unpacking corporate ownership in property markets: A typology of investors and the making of an investment value chain in Brazil

Neoliberal urban segregation and property tax: A critical view of Santiago, Chile

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