Cashing in on the sky: financialization and urban air rights in the Taipei Metropolitan Area

Chen, Hung-Ying

doi:10.1080/00343404.2019.1599104

Cited by 23 publications

(19 citation statements)

References 35 publications

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“…First, in common law countries like the United States, many different investors can possess ownership rights in a single building. Similar to processes of rural land development (Kay ), urban developers and investors increasingly view buildings as “bundled financial assets” which unravel into discrete interests (Tapp :14), such as air rights (Chen ) and subterranean ground rights (McNeill ). While the selling and stacking of these rights make particular real estate developments financially possible, the purchasing and trading of detachable property rights increases the profitability of a building as multiple rent streams are pulled from a single project and circulated on capital markets.…”

Section: Rent Beyond the Rent Gap In The Era Of Shareholder Valuementioning

confidence: 99%

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Tapp

2020

Antipode

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Following the 2008 global financial crisis, the use of real estate tax credits to generate shareholder value for investors increased significantly. While tax credits are lauded as crucial to the delivery of social goods like affordable housing, the multiplier effects they supposedly generate fail to account for the hollowing out of the state that occurs as public funds are transferred to shareholders. Through a detailed case study of the historic tax credit industry in the United States, this research shows how many of the banks and financial institutions investing in tax credits have come to rely on overly engineered forms of landownership, deeply discounted credit pricing, and a wave of stock buybacks to boost their corporate profitability. This paper therefore develops a theoretical framework to understand taxation as a financialised accumulation strategy where the state serves as an important—if not problematic—source of real estate profit.

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Section: Rent Beyond the Rent Gap In The Era Of Shareholder Valuementioning

confidence: 99%

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Tapp

2020

Antipode

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“…Against this intellectual backdrop, our hope is to contribute to what Peter Adey (2013: 291) calls a “research agenda on mega-urban airs” (and see Choy, 2012). This agenda now extends across a number of intersecting concerns: with how air pollution is reformulating urban governance (Bulkeley, 2015; Gandy, 2017; Ghertner, 2020a); how pollutants are managed and felt through social difference; how inequalities are expressed in efforts to securitize the city-as-volume, or the secessionist spaces in which wealthier groups seek out cleaner air at home, work, leisure, or on the move (Graham, 2016); how urban citizenship is being reframed as an atmospheric problem (Ghertner, 2020b); or with how the politics of air speculation in housing and commercial development connects to enclosed atmospheres and aesthetics organized in the verticality of the city (Chen, 2020; Stein, 2019).…”

Section: Atmosphere: Air Waste and The Citymentioning

confidence: 99%

Perceptions of atmosphere: Air, waste, and narratives of life and work in Mumbai

Tripathy

McFarlane

2022

Environ Plan D

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How do residents on the socioeconomic margins of the city experience and perceive atmosphere? How does the concept of atmosphere change when we write it from a context of impoverished and stigmatized residents? Drawing on research in neighborhoods near Mumbai’s largest garbage ground, Deonar, we seek to advance a growing body of work on urban atmosphere. We examine how atmosphere operates materially and affectively through different and changing relations between air, waste, work, environment, and social conditions. The accounts from residents revolve around a set of recurring issues – health, smell, fire, and stagnant and contaminated water – through which different perceptions of atmosphere take shape. This reading both informs the pluralization and extension of understandings of atmosphere, from questions of health and bodily damage to social anxieties linked to stigma, and reveals atmosphere as an index of poverty and inequality. We argue for the value of a research focus on “perceptions of atmosphere” as part of a situated geography of atmosphere on the margins, and as a basis for understanding urban poverty, inequalities, and politics.

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“…We are by now familiar with the ways in which the city is increasingly turned for financial speculation and extraction, whether through real estate markets or the wider generation of new realms of value in the face of capitalist anxieties of devaluation (Fields, 2018;Knuth, 2020;Knuth et al, 2019;Merrifield, 2014;Stein, 2019). The intensified global generation of economic value from urban land and air -always at once topographical and topological -has given rise to a more general territorial logic, from London and Manchester to New York and Mumbai, in which city governance turns more on the economic potential of sites rather than residential socialities and ecologies (Chen, 2020;Goldman, 2011;Schindler, 2017). At worst, the value of urban density becomes reduced to capital accumulation (Livingstone et al, 2021).…”

Section: Value-population: Remaking Densitymentioning

confidence: 99%

Critical Commentary: Repopulating density: COVID-19 and the politics of urban value

McFarlane

2021

Urban Studies

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How might concepts of ‘value’ and ‘population’ illuminate the present and future of urban density? The COVID-19 pandemic prompted a public debate on density in the city. While some initially blamed density for the spread of the virus, others rightly cautioned against those claims. As the pandemic progressed, an imaginary of density-as-pathology gave way to a more nuanced geographical understanding of the urban dimensions of the crisis, focused on connections, spatial conditions, domestic ‘overcrowding’ and poverty. Throughout, an interrogation and reflection on urban density and its future unfolded, throwing into question the historical relationship between ‘value’ and ‘population’ in understandings of density. I argue for a new politics of value based on shifts in three interconnected domains – governance, form and knowledge – and identify implications for research on density in urban studies.

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Cashing in on the sky: financialization and urban air rights in the Taipei Metropolitan Area

Cited by 23 publications

References 35 publications

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Perceptions of atmosphere: Air, waste, and narratives of life and work in Mumbai

Critical Commentary: Repopulating density: COVID-19 and the politics of urban value

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