Climate Gentrification: Risk, Rent, and Restructuring in Greater Miami

Zac J. Taylor and Manuel B. Aalbers

Annals of the American Association of Geographers, 2022, vol. 112, issue 6, 1685-1701

Abstract: Despite the growing power of finance over cities and housing, the relationships between finance, climate risk management, and urban governance have yet to be examined from a climate gentrification perspective. Putting the practices of a wide array of property finance stakeholders in conversation with the foundational concept of the rent gap, we identify two real estate rent dynamics that are emerging against the prospect of climate-driven urban restructuring: risk rents, or new forms of value capture crafted against future risk, and rent at risk, or the anticipated loss of rent due to risk. We in turn illustrate how climate risk–rent dynamics constitute new or intensified processes of gentrification in Greater Miami, Florida. Through three vignettes, we show how configurations of real estate and finance climate risk management produce variegated yet interrelated opportunities for devaluation and revaluation, displacement, and downgrading. Such strategies push the gentrification frontier into new physical as well as institutional spaces. The Greater Miami story underscores the need for new forms of knowledge, coalition building, and integrated urban climate risk management practices that directly confront underlying financial drivers of housing and spatial injustice in risky real estate markets.

Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://hdl.handle.net/10.1080/24694452.2021.2000358 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:raagxx:v:112:y:2022:i:6:p:1685-1701

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/raag21

DOI: 10.1080/24694452.2021.2000358

Access Statistics for this article

Annals of the American Association of Geographers is currently edited by Jennifer Cassidento

More articles in Annals of the American Association of Geographers from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().