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

Desiree Fields and Sabina Uffer
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Desiree Fields: University of Sheffield, UK
Sabina Uffer: SIT Study Abroad International Honors Program, USA

Urban Studies, 2016, vol. 53, issue 7, 1486-1502

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.

Keywords: finance; financialisation; private equity funds; rent; rental housing (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:53:y:2016:i:7:p:1486-1502

DOI: 10.1177/0042098014543704

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