Novas frentes de expansão do complexo imobiliário-financeiro em São Paulo

Abstract

ResumoEste artigo investiga a participação de agentes globais no complexo imobiliário-financeiro em São Paulo, compreendidos como fundos de investimento e empresas transnacionais especializadas no setor imobiliário que adentram mercados financeiros para diversificar ativos e mitigar riscos, e também como forma de acessar localizações geográficas, criando frentes de expansão. Pretende desenvolver questões como: (1) Os agentes globais e o capital internacional estão penetrando o complexo imobiliário-financeiro em São Paulo? De que forma? (2) Como esse capital se espacializa? Ele cria novas frentes e produtos imobiliários, morfologias e tipologias? Sua ação resulta em processos de reestruturação territorial? (3) Como sua lógica espacial dialoga com os processos de remoção e relocação involuntária? Para responder tais questões, mapeou ativos imobiliários, encontrando, dentre outros, uma nova frente de expansão imobiliária junto ao Rodoanel.Palavras-chave: complexo imobiliário-financeiro; fundos de investimento imobiliário; companhias imobiliárias globais; capital internacional; expansão urbana. AbstractThis article approaches the participation of global players in the real estate-financial complex in São Paulo. Global players are defined as investment funds and transnational companies specialized in real estate that enter financial markets not only as a way to diversify assets and mitigate risks, but also to enable their action in geographical locations, creating sprawl vectors. The article intends to discuss the following questions: (1) Are global players and international capital penetrating the real estate-financial complex in São Paulo? How? (2) How is this capital spatialized? Does it create new urban sprawl vectors and real estate products, morphologies and typologies? Does its action result in territorial restructuring processes? (3) How does its spatial logic interact with involuntary dispossession and relocation processes? To answer these questions, the article mapped global players' real estate assets and found a new urban sprawl vector at the Rodoanel.

End-to-end real estate financialization: from developing to occupying through proptechs

“…Two important milestones were the REITs' implementation in 1993 and the Real Estate Financial System's (SFI, in Portuguese) in 1997. The SFI, with the guarantee of fiduciary alienation, enabled the creation of new fundraising instruments for the real estate market, such as CRIs and LCIs (Santoro and Rolnik, 2017). Together, these mechanisms represented the beginning of securities traded in the financial market and backed by real estate values.…”

“…Given practical and theoretical concerns about the impacts of these new strategies in the real estate-financial complex (Santoro and Rolnik, 2017;López, 2020;and Melo, 2021), this article explores how the second end of financialization happens. This second end happens when the financialized building is already part of the urban landscape.…”

Sustentabilidade urbana: dimensões conceituais e instrumentos legais de implementação

“…No Brasil, estima-se que, no ano de 2010, 11,4 milhões de pessoas, ou 6% da população brasileira, viviam em "aglomerados subnormais" (IBGE, 2010, p.38-45). Considerando a escassez de solo urbanizado acessível à população de baixa renda, a financeirização da terra urbana destaca-se como um problema de caráter global e local (Santoro et al, 2017).…”

Reinforcing uneven development: The financialisation of Brazilian urban redevelopment projects

“…Since the 1990s, and especially after the AEUO was launched, this area has featured as one of the main hubs for high standard real estate developments in the city (Santoro and Rolnik, 2017). It has attracted a considerable number of financial institutions and productive service firms in general, making it one of the main clusters of advanced tertiary activities within Brazil's biggest urban agglomeration.…”

“…From the very outset, spatial transformations were permeated by conflicts. Systemic interventions promoted in the area have engendered several conflicts, especially regarding the displacement of poor communities associated with the construction of new infrastructure and the gentrifying impact of property speculation (Fix, 2001;Santoro and Rolnik, 2017). The precise number of people who have been displaced as a result of the AEUO is contested.…”