El capital inmobiliario-financiero y la producción de la ciudad latinoamericana hoy

Abstract

Resumen Entre los cambios generados por el tránsito del patrón de acumulación con intervención estatal al neoliberal en América Latina, destacan la consolidación del capital financiero como actor dominante en la economía, la liberación de sus flujos internacionales y el avance de su fusión con el capital inmobiliario en las ciudades. Esta forma del capital ha generado nuevos productos materiales como la vivienda periférica de interés social y/o desarrollos inmobiliarios para la renovación de las áreas centrales altamente valorizadas, la mercantilización y terciarización de la vida urbana, y aumenta los instrumentos financieros especulativos y de riesgo. El protagonismo del capital inmobiliario-financiero ha llevado al debilitamiento de la planeación urbana indicativa, sustituida por una “estratégica” y los gobiernos locales aplican políticas para facilitar su acción.

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

“…We can understand real estate production aimed at investors through two lenses. The first is what the literature has called the "real estate-financial complex": the superposition of the financial market to the real estate market with the final objective of valuing financial capital through the production and sale of the real estate product as material support for social and economic activities in the urban space (Santoro and Rolnik, 2017;López, 2020). This new structure forged processes of territorial restructuring, making the production of urban space primarily coordinated by the private sector.…”

“…Along this process, the real estate product, which is the face of the local sphere and the fundamental unity of the urban form, starts to be permeated by capitalist political economy interests from the global sphere. That is because these global agents need to reinvest accumulated capital in other sectors of the economy (Guironnet;Attuyer and Halbert, 2015;Aalbers and Haila, 2018;August, 2020;Charles, 2020;and López, 2020).…”

“…The financial sector, which used to monetize mortgage debt and debt securitization, started to monetize long-term residential rental income. After all, it was precisely the high-risk tactics of monetizing mortgage and securitization bonds that lead to the market crash of 2008-2009Attuyer and Halbert, 2015;Charles, 2020;López, 2020).…”

“…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.…”

Typological Study of Financialized Housing in Chile: Verticalization in Estación Central

“…For Antonio Daher, this process in Chile is in line with a global demand to facilitate the relationship between real estate production and the financial market [13]. For Lisett Márquez López, one of the main spatial results of the financialization of the Latin American city is verticalization [14]. To a large extent, studies on the financialization of housing are framed in terms of linking the global problem of indebtedness and the exclusion of inhabitants, rather than in the specific spatial effects of this urban process oriented towards income from real estate capital.…”