Housing market bubbles and urban resilience: Applying systems theory

Abstract

In this paper, we aim to connect the academic discourses of housing market and urban resilience. For this purpose, we discussed the housing market and its performance within the broader housing system, with a specific attention to the transient state of the housing market bubble. Through a systematic literature review, the housing system is framed based on the involved actors and their interactions. This systems theory based view is then used to provide a broader definition of the variations in the market performance within the urban resilience literature. In this sense, the theoretical underpinning of the literature of resilience within the systems and the observed variations in the housing market performance is discussed in view of shocks and stressors to the system, as well as equilibria and responses to disturbances. The aim is to provide a foundation for an alternative theoretical framework that focuses on interactions within the market and can be used to understand the impact of the housing market's financial drivers on urban resilience.

Social Outcomes of the Housing Market under Climate Change

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Tracking the impact of COVID-19 in Victoria, Australia: Shocks, vulnerability and insurances among residents of share houses

“…Shocks are sudden events that cause a significant impact on something or someone's ability to function. Shocks have been conceptualized at various levels from individuals ( Stone et al, 2015 ) through to urban districts ( Hudec et al, 2018 ) and entire economies and housing systems ( Ayub et al, 2020 ). Shocks may be positive (e.g.…”

Structural analysis of factors affecting the housing in Tabriz metropolis: a future study approach

“…The housing sector today plays a prominent role in the globalization of national and urban political economies (Wetzstein, 2017). Besides being the driving force of the political economy, housing is also affected by a variety of factors, such as processes of urbanization (Zarghamfard et al , 2020), suburbanization (Andreasen et al , 2017), housing commodification (Zarghamfard and Meshkini, 2021; Chen and Wu, 2020), migration and spatial patterns (Meen, 1999), wave effect (Huang, 2011; Meen, 1996), spatial diffusion (Zhu and Zhang, 2021), demographic issues (Ghaedrahmati and Zarghamfard, 2021), political relations (Jaupart, 2020), financial intermediaries (Reher, 2021), characteristics of urban area (Gu et al , 2020), social stratification (Han et al , 2021), overflow effects (Liang et al , 2018), private partnership initiatives (Lau, 2005), land issues (Meshkini et al , 2019; Liang et al , 2020), development of transportation lines (Baker et al , 2021), housing policy processes (Jaupart, 2020), market bubbles (Ayub et al , 2020), individual preferences and life quality (Shaw, 2004), asset management (Marchesi and Tweed, 2021), income conditions (Zhao et al , 2021), construction techniques and technologies (Raj et al , 2021), savings programs (Chen et al , 2020), tax policies (Guo and Jiang, 2021), trading cycles (Chen and Zhao, 2021), novel rental constructions (Murie and Rowlands, 2008), globalization of housing investment processes (Wetzstein, 2017) identified as the drivers of housing sector in the literature.…”