Reasserting state power by remaking markets? The introduction of real estate investment trusts in France and its implications for state-finance relations in the Greater Paris region

Wijburg, Gertjan

doi:10.1016/j.geoforum.2019.01.012

Cited by 59 publications

(53 citation statements)

References 88 publications

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“…On the urban level, the financialization of the urban built environment is frequently linked to the transformation of local state actors and urban elites into agents of financialization (Pacewicz, ; Buckley and Hanieh, ; Gotham, ; Kaika and Ruggerio, 2016; Van Loon et al , ; Wijburg, ). These studies foreground the conflicting roles of urban governments in harnessing globally mobile capital and positioning themselves in global inter‐city competition, at the same time as being responsible for and accountable to the wider population (Taşan‐Kok, ; Weber, ).…”

Section: Accounting For Real Estate Financialization—global Hierarchimentioning

confidence: 99%

How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw's Służewiec Business District

Büdenbender

Aalbers

2019

Int J Urban Regional Res

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This article studies the development of Warsaw's Służewiec neighbourhood, Poland's largest business district, as a case of real estate financialization. We argue that the neighbourhood's chaotic 'de-contextualized' growth was shaped by Poland's semi-peripheral position in the global economy on the one hand--enabling a process of subordinate financialization--and legacies of state socialism on the other. In so doing, we mobilize research on peripheral financialization and global economic hierarchies, and studies of post-socialism to enhance debates about real estate financialization. Commercial real estate--and office development in particular--is a crucial domain in which contemporary core-periphery structures are produced and negotiated. A key function of subordinate financialization is to absorb globally mobile capital--the product of financialization in the core. The case of Służewiec shows that only by considering the interplay of global hierarchies (Poland's position as capital absorbent), local dynamics ( fragmented urban development, which was characterized by competition among these unequal municipalities, with local growth coalitions in some municipalities, but not in others) and specific historical legacies (Warsaw's socialist-time functional organization and its transformation, which weakened the city) can we fully understand the specific dynamics that shape real estate financialization in different places.

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Section: Accounting For Real Estate Financialization—global Hierarchimentioning

confidence: 99%

How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw's Służewiec Business District

Büdenbender

Aalbers

2019

Int J Urban Regional Res

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“…In this way, research has shown how developers' agency is partly facilitated by what Roy (2009) argues is rule by informality in an Indian context. Additionally, this research highlights the importance of different scales of government, echoed by research elsewhere on the importance of the national state in shaping urban development outcomes, including developers' strategies (Gotham, 2009;Wijburg, 2019).…”

Section: Building Relationships With the Public Sectormentioning

confidence: 75%

Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process

Brill

2019

Environ Plan A

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This paper contributes to existing research on the relational work of real estate developers to demonstrate how internal corporate complexities create opaqueness in governance settings and limit potential community engagement. This work is particularly pertinent at a time when there is renewed interest in the private sector, yet very little analysis that begins from the perspective of the developer. Drawing on the example of London’s Silvertown, this paper shows how the strategies of development organizations evident in existing research, including their work with the public sector, communities and experts, require multiple levels of internal coordination. I argue that because of these sub-centres of power, developers are able to maintain a more deeply entrenched centrality in urban governance.

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“…While UK governments have created favourable regulation for REITs and encouraged privatisation of care services, policy has tended to limit public intervention in care, including active support for financialisation (Horton, 2019). This weak relationship with the state hinders REITs’ capacity to finance the large‐scale public–private development projects seen elsewhere, where governments have exercised at least some degree of influence over plans, even if state agendas often closely match those of investors (Wijburg, 2019; Wijburg et al., 2018). Leaving real estate investors to govern care home development with virtually no democratic oversight gives rise to even more investor‐oriented, exclusionary outcomes.…”

Section: Discussionmentioning

confidence: 99%

Liquid home? Financialisation of the built environment in the UK’s “hotel‐style” care homes

Horton

2020

Trans Inst British Geog

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This paper combines the political economy of financialisation with feminist care ethics and sociocultural geographies of home. Together, these perspectives explain why and how real estate is converted into liquid financial assets, and expose the implications for embedded relationships. The argument is developed through a case study of UK care homes, with particular attention to the role of real estate investment trusts. Investors in care companies have sought to render their real estate assets more calculable and profitable, by standardising the assets themselves into hotel‐like spaces. In effect, the work of translating between liquid finance and particular homes is transferred – from investors to those creating relationships in hotel‐like spaces. Yet the fundamental illiquidity of residents, relationships, and “home” constrain and destabilise financialisation. The paper concludes by discussing the implications of “liquid home” for economic, urban, and welfare geographies, and recommends that policy pay more attention to the financing of spaces for care.

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Reasserting state power by remaking markets? The introduction of real estate investment trusts in France and its implications for state-finance relations in the Greater Paris region

Cited by 59 publications

References 88 publications

How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw's Służewiec Business District

How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw's Służewiec Business District

Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process

Liquid home? Financialisation of the built environment in the UK’s “hotel‐style” care homes

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