Embedding financialization: a policy review of the EnglishAffordable Homes Programme

Vacancy at the edges of the precarious city

“…In addition, the austerity measures implemented in the wake of the financial crisis have further enhanced the neoliberal rolling back of the state, particularly but not solely in the housing sector, while changing financial regimes and government policies pushed formerly not for profit, third-sector social housing providers to function as market actors according to logics of short-termism (Smyth, 2018;Aalbers et al 2017). In the context of a wider geographies of transformation of housing financialisation, and the role of the state in promoting them (Akers, 2013), the replacement of the function of short-life co-op by for-profit PG marks a significant shift not only in relation to vacant housing but to the accelerated dynamics of urban disinvestment, privatization and dispossession.…”

The mechanics of housing collectivism: how forms and functions affect affordability

“…When there is no urgency to raise rents then residents' representatives can exert pressure to keep rents low, and it is this process that is central to achieving the levels of affordability observed. Contrasts may be made with housing providers that have embraced a more financialised model, prioritizing stock expansion and growth over discounting rents for existing residents (Smyth, 2019). WECH imbues residents with specific powers which are causally significant in the setting of rent, and positions them in a unique relational structure.…”

“…As the trend in mergers of UK housing associations has developed (van Bortel et al, 2010), and as they undertake increasing commercial activity, this scenario is at least a theoretical possibility. One might suggest this has not delivered lower rents because of the incentives for these organizations to maximize their revenues (Smyth, 2019;Smyth et al, 2019). Such counter-factual scenarios suggest that housing providers not operating collective ownership models could use their resources in different ways to lower rentswithout requiring the mechanisms discussed above.…”

Financialised Privatisation, Affordable Housing and Institutional Investment: The Case of England

“…Greater emphasis has also been placed on housing associations to fill the shortfall in social and affordable housing need, both through their own resources and increased debt financing (Smyth 2019). Changes to rent regulations from 2011 allowed for the creation of new affordable rent products, where 'affordable' rents, defined as up to 80% of the market rent value in an area, could be offered by registered social housing providers (including institutional investors).…”