Foreclosures, Investors, and Uneven Development during the Great Recession in the Los Angeles Metropolitan Area

Molina, Emily Tumpson

doi:10.1111/juaf.12258

Cited by 26 publications

(18 citation statements)

References 38 publications

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“…For example, Gilderbloom and colleagues (2012) found that investor activity played an important role in determining neighborhood-level exposure to foreclosure and abandonment. Likewise, investors have played a significant role in the acquisition of foreclosed, single-family properties, particularly in poor and predominantly non-white neighborhoods (Immergluck and Law 2014b; Molina 2016).…”

Section: The Sociology Of Housing Disinvestmentmentioning

confidence: 99%

The Organization of Neglect: Limited Liability Companies and Housing Disinvestment

Travis

2019

Am Sociol Rev

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Sociological accounts of urban disinvestment processes rarely assess how landlords' variable investment strategies may be facilitated or constrained by the legal environment. Nor do they typically examine how such factors might, in turn, affect housing conditions for city dwellers. Over the past two decades, the advent and diffusion of the limited liability company (LLC) has reshaped the legal landscape of rental ownership. Increasingly, rental properties are owned by business organizations that limit investor liability, rather than by individual landlords who own property in their own names. An analysis of administrative records and survey data from Milwaukee, Wisconsin, demonstrates that signs of housing disinvestment increase when properties transition from individual to LLC ownership. This increase is not explained by selection on property characteristics or by divergent pre-transfer trends. Results affirm that real estate investors are responsive to changes in the legal environment and that the protective structure of the LLC facilitates housing disinvestment in Milwaukee. Elaborating the role of real estate investors can deepen accounts of neighborhood change processes and help explain variation in local housing conditions. Ultimately, public policies that enable business operators to circumscribe or reallocate risk may generate unintended costs for consumers and the public.

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Section: The Sociology Of Housing Disinvestmentmentioning

confidence: 99%

The Organization of Neglect: Limited Liability Companies and Housing Disinvestment

Travis

2019

Am Sociol Rev

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“…Once again the fastest-growing spatial form in the United States, exurbia outpaces urban, rural, and suburban growth (Frey, 2015), becoming home not only to an exurbanite asset class but also to poor and working people who service them (Berube et al., 2006; Taylor, 2011). Since the 2008 recession, exurbia is not generally absorbing major institutional capital investment—cities assumed that role—but exurbs are the destination of popular capital investment, namely through individual homebuyers, who in the aggregate comprise a major capital flow (Molina, 2015). This popular capital makes the politics of exurban places increasingly consequential to the US political economy more broadly.…”

Section: Resultsmentioning

confidence: 99%

Buttressed and breached: The exurban fortress, cannabis activism, and the drug war’s shifting political geography

Polson

2020

Environ Plan D

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As the post-1980s revanchist drug war transformed US cities, another spatial formation was materializing: exurbia. The final roost of suburban white flight, exurbia also formed via the spatial–racial dynamics of the drug war. The “exurban fortress” projected an imaginary of urban danger and rural security that (1) solidified an anti-drug constituency among (older, white) property owners and disciplinarily transitioned racially marked and poor white residents from an industrial to postindustrial service economy and (2) ameliorated key contradictions implicit to the production, consumption, and governance of exurbia. Taking the case of Calaveras County, California, this article shows how cannabis prohibition politically stabilized spatial meanings and capital accumulation during a period bookended by recessionary crises in housing production (1992–2010). It also shows how medical cannabis activists reimagined the urban and rural in capacious ways, thus catalyzing a local transformation that mirrored national trends around drugs, penality and Rightist politics. This case illuminates a neglected dimension of drug war geographies and their activist-driven transformation and urges attention to new bordering practices emerging from exurbian spatial imaginaries.

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“…Pfeiffer and Lucio (2015), for example, contrast mom-and-pop investors with large corporations and Wall Street firms like the Blackstone Group and Colony Capital. In the foreclosure crisis in California in the United States related to the GFC, Molina (2016) found that between 2007 and 2010, mom-and-pop investors frequently seized the opportunity to enter property markets alongside larger corporate investors. Similar dynamics have been observed in Phoenix, Arizona, where mom-and-pop operations played a crucial role in the conversion of single-family homes into rental properties (Immergluck and Law 2014).…”

Section: Size and Social Compositionmentioning

confidence: 99%

One and the Same? A Systematic Literature Review of Residential Property Investor Types

Özogul

Taşan‐Kok

2020

Journal of Planning Literature

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This article presents a systematic literature review on residential property investor types in selected social science disciplines and critically evaluates the status quo of academic engagement within this diverse group of property market actors. A recurring critique in recent years has been the minimal acknowledgment of investor heterogeneity particularly in relation to urban development and the financialization of housing. Yet, to date, there is no systematic evidence supporting these contentions. Therefore, we conducted an exhaustive literature review of residential investment landscapes through the Web of Science citation database in the following fields: Urban and regional planning, geography, sociology, urban studies, public administration, and economics. Subsequently, we methodically searched for the types of investors addressed, and investor categories employed, in journal articles published between 2000 and 2019. Following a meta-categorization of the results, we demonstrate how existing literature differentiates investors in terms of their spatial scale of operation, size and social composition, investment object and finance, or investment and social behavior. Additionally, we highlight the key topics and issues addressed in the reviewed literature within each meta-category. We propose to turn the four meta-categories into a multidimensional analytical framework as a point of departure for a more nuanced and in-depth understanding of investor differentiations, a tool that is urgently needed in Planning Studies and related disciplines. Furthermore, we argue that mixed method approaches combining hard and quantifiable with soft behavioral investor characteristics, as well as institutional analyses combining structural considerations with actors’ agency, are indispensable to disentangle contemporary residential property market dynamics.

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Foreclosures, Investors, and Uneven Development during the Great Recession in the Los Angeles Metropolitan Area

Cited by 26 publications

References 38 publications

The Organization of Neglect: Limited Liability Companies and Housing Disinvestment

The Organization of Neglect: Limited Liability Companies and Housing Disinvestment

Buttressed and breached: The exurban fortress, cannabis activism, and the drug war’s shifting political geography

One and the Same? A Systematic Literature Review of Residential Property Investor Types

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