The financialisation of housing by numbers: Brazilian real estate developers since the Lulist era

Lucia Shimbo, Fabrice Bardet and José Baravelli

Housing Studies, 2022, vol. 37, issue 6, 847-867

Abstract: This article examines the emergence of large-scale real estate developers in the Minha Casa, Minha Vida [My House, My Life] housing programme launched in 2009 by the Lula government and their repositioning caused by the economic crisis that hit the country five years later. Their development, based on a systematic use of financial valuations in their governance, strongly connected with international investor requirements, enables us to defend an extended notion of financialisation of housing policies, characterised by the colonisation of managers’ activities by financial metrics. The question of trust in financial numbers is essential when splitting the sector into two groups that occurred with the crisis: some developers worked even closer to investors, while others substantiated public economic power, balancing investors’ demands. The argument is that the entanglements between the circulation of financialised valuations in professional activities of private agents gradually transformed the structure of housing provision itself.

Date: 2022
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DOI: 10.1080/02673037.2022.2033175

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