Gentrification, suburban decline, and the financialization of multi-family rental housing: The case of Toronto

Displacement by disruption: short-term rentals and the political economy of “belonging anywhere” in Toronto

“…I investigate how these dynamics map onto existing geographies of rental availability and flows of housing revenue, noting the platform tends to disproportionately impact the city's most popular and central neighborhoods. It also contributes to emerging research in gentrification studies demonstrating the capacity for local renters to be displaced by wealthier renters and tourists, as one consequence of privately-owned condominiums replacing purpose-built rental apartments as the dominant form of rental infrastructure in Toronto (August & Walks, 2018). Finally, as housing in Western economies is increasingly produced as a commodity rather than for dwelling, I argue it is important to consider how short-term rentals constitute another important dimension to what critical scholars are calling the "financialization" of rental housing (Aalbers, 2016(Aalbers, , 2017August & Walks, 2018;Fields & Uffer, 2016), with implications for housing policy and municipal regulation moving forward.…”

“…It also contributes to emerging research in gentrification studies demonstrating the capacity for local renters to be displaced by wealthier renters and tourists, as one consequence of privately-owned condominiums replacing purpose-built rental apartments as the dominant form of rental infrastructure in Toronto (August & Walks, 2018). Finally, as housing in Western economies is increasingly produced as a commodity rather than for dwelling, I argue it is important to consider how short-term rentals constitute another important dimension to what critical scholars are calling the "financialization" of rental housing (Aalbers, 2016(Aalbers, , 2017August & Walks, 2018;Fields & Uffer, 2016), with implications for housing policy and municipal regulation moving forward. While ambitious short-term rental regulations were drafted by Toronto City Council in late 2017, this paper mobilizes access to detailed Airbnb listing datapurchased by David Wachsmuth's Urban Politics and Governance Lab (UPGo) at McGill University from the consulting firm Airdna.coto describe some of the socioeconomic consequences inspiring governments to draft these regulations.…”

“…Attention to this phenomenon has much to contribute to recent research describing forms of gentrification occurring outside the classic model of in-migration of owner occupiers (Aalbers, 2019;August & Walks, 2018;Jennifer & Vachon, 2008;Lees, 2017;Paccoud, 2016;Van Criekingen, 2010). Looking at dynamics in the traditional rental market, Paccoud shows how the recent rise of private landlords in the UK, facilitated by policies allowing and incentivizing "buy-to-let" mortgages, has resulted in displacement of lower-income renter populations for wealthier renters.…”

Left out? Housing insecurity for one‐person, low‐income, non‐senior households in Cape Breton Regional Municipality

“…The housing market and problems with affordability are shaped by these changing social and economic geographies, and are different than in more well‐studied areas such as Toronto or Vancouver (e.g., August and Walks ). Much of the housing in the CBRM is abandoned or needs repair: over the past year, more permits have been issued for demolition than construction, and at least 600 more homes require demolition (Martin ).…”

“…It applies a feminist political economy lens to housing, engaging with gendered, colonial, and neoliberal practices and related vulnerabilities for households (Parker ; Werner et al ). Second, our case study draws attention to an under‐visible geography in the Canadian housing literature, which has tended to focus on large cities (e.g., Brandon and Silver ; August and Walks ). In doing so, we provide complexity and detail, drawing upon data across rental housing providers: market, non‐profit, and public.…”