The financialisation of housing by numbers: Brazilian real estate developers since the Lulist era

Shimbo, Lúcia Zanin; Bardet, Fabrice; Baravelli, José Eduardo

doi:10.1080/02673037.2022.2033175

Cited by 4 publications

(5 citation statements)

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“…The growing literature on real estate has emphasized property developers' diversity (Coiacetto, 2001), networked embeddedness (Henneberry and Parris, 2013) and relational work (Ballard and Butcher, 2020), but this is still restricted to formal actors. Research on the political economy of urban development has put the spotlight on large-scale, transnational or financialized real estate actors (Goldman, 2011;Haila, 2015;Weber, 2015;Shatkin, 2017). In contrast, informal land developers,…”

Section: Framing Informal Land Developmentmentioning

confidence: 99%

“…Significant regulatory adjustments opened the way to a restructuring of the real estate sector, with large national companies investing their capital in cheap peripheral land (Rolnik, 2019). The Minha Casa, Minha Vida (MCMV) federal housing program was launched in 2009 to rescue the construction sector and to boost economic growth by providing subsidized credit to promote homeownership (Shimbo et al ., 2022). As real estate production was not followed by measures to tackle speculation and keep land affordable, in less than 10 years land prices doubled or tripled in metropolitan regions (Magalhães et al ., 2011).…”

Section: Informal Land Development In the Making Of Belo Horizontementioning

confidence: 99%

“…A large part of that urban extension is expected to take the shape of informal settlements (UN-Habitat, 2003), 'slum sprawl' (Davis, 2007) and peripheral urbanization (Caldeira, 2017). Despite this, newer research on the role of developers in urban development has put the spotlight on formal, large-scale, transnational or financialized real estate actors (Goldman, 2011;Haila, 2015;Weber, 2015;Shatkin, 2017), while less attention has been paid to smaller, local and informal land developers operating on the margins. Even in Brazil and Latin America, where informal land developers were studied as part of peripheral urbanization in the 1970s and 1980s, the focus has also shifted to real estate financialization and mass-housing developers (Fix and Arantes, 2022).…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

PROPERTY‐LED INFORMALITY: Shifting Informal Land Development from Popular Housing to Middle‐Class and Elite Speculation in Belo Horizonte

Filho

2023

Int J Urban Regional Res

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Recent decades have seen a rising interest in the peripheral nature of urbanization processes. While research has put the spotlight on large‐scale, transnational and financialized real estate actors, less attention has been paid to informal land developers. Addressing that knowledge gap, this article underscores the key role of land developers in informal urbanization through a case study of Belo Horizonte, Brazil. A mixed‐methods approach provides new evidence of the widespread, variegated and spatially uneven development of irregular and clandestine subdivisions over the last two decades, revealing a heterogeneous landscape of informal developers. The study shows that informal development has been shifting from the typical popular and peripheral subdivision, which provided precarious yet affordable housing for working‐class families, to new forms of speculative investment for the middle and upper classes, such as country homes and gated communities in peri‐urban and rural areas. I argue that this shift is explained by both national and local changing regulatory frameworks and processes of economic restructuring, urban neoliberalism and housing financialization in the periphery. In light of this, I propose the notion of ‘property‐led informality’ to refer to a regime of informal urbanization increasingly dominated by commodified, rentiership and speculative land dynamics in the sprawling metropolises of the global South.

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Section: Framing Informal Land Developmentmentioning

confidence: 99%

Section: Informal Land Development In the Making Of Belo Horizontementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

PROPERTY‐LED INFORMALITY: Shifting Informal Land Development from Popular Housing to Middle‐Class and Elite Speculation in Belo Horizonte

Filho

2023

Int J Urban Regional Res

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“…Maricato (64) surmises, "There is a formal or legal capitalist market for a small portion of the population, a luxury market that is highly speculative" (p. 23). That said, the Brazilian mortgage market has rapidly developed and is now one of the largest in Latin America, a trend that is often equated to the growth of the financial sector and improved access to credit via, for example, the federal program, Minha Casa, Minha Vida (My House, My Life) (65). In this environment, financialization emerged alongside policies conducive to neoliberalism: first, by opening a regulatory and ideological terrain, initially disguised as democratized access to land that, second, rendered land and real estate to calculative processes of abstraction.…”

Section: Porto Maravilha: Finance-led Regime Of Accumulationmentioning

confidence: 99%

Sport mega-event fantasies to financialization: the case of Porto Maravilha

Bhimani,

De Lisio

2023

Front. Sports Act. Living

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This paper examines the relationship between sport mega-event construction and the financialization of housing in Rio de Janeiro. It focuses on the area of Porto Maravilha, constructed prior to the 2016 Olympic Games, and the particular use of the 2001 federal Statute of City and 1995 Strategic Plan for Rio de Janeiro to create new possibilities for neoliberal-capitalist expansion, initially disguised as democratized access to land yet, in effect, further commoditized land into a form of fictitious capital. To do so, we follow the work of Brazilian architect and author, Raquel Rolnik, and her argument that the legal-institutional emphasis on wealth distribution in urban legislation, propagated at the time of the internationally recognized sport mega-event in Brazil, was not adequately harnessed and instead used to endorse real estate speculation and uneven development in the metropolitan area. The coordination and collaboration between state and nonstate entities in mega-event construction is typically associated with deepened socio-spatial inequities, the privatization of public resource material, and the in/direct displacement of low-income communities. We review pertinent literature to better understand the role of sport mega-event fantasies in the construction of Porto Maravilha—which we come to understand as a speculative logic lubricant for finance. We do this to call attention to future studies to be particularly attuned to financialization in mega-event cities.

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“…Considered by many as a successful case of mass housing construction, with millions of homes built across the country, the programme is often criticised for its heavy reliance on and enrichment of private developers. These developers deepened their ties with banks and the government, which significantly reshaped housing provision (see Rolnik 2019;Shimbo et al 2022). Other criticisms relate to the low quality of housing, instances of forced evictions to make way for mega-event-related projects (e.g., the 2016 Rio Olympics), and the locating of housing complexes far from amenities and transportation links (see Arrigoitia 2017;Ceia and Vasques 2017).…”

Section: Introductionmentioning

confidence: 99%

The Political Outcomes of Housing Movements: Participatory Governance in Mass Housing Programmes

Lima

2024

CHA

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Research conducted over the past decade examining the impact of social movements on urban politics and housing policy has significantly enhanced our understanding of how these movements resist housing financialisation through direct action, social protest, and advocacy. However, further investigation is still required to comprehend the influence of housing movements on policy design and implementation, in order to understand the paths taken and how social movements shape housing and urban policies. This paper focuses on the self-management branch of the My House, My Life – Entities (Minha Casa, Minha Vida - Entidades), a mass housing programme in Brazil. The paper has two objectives. Firstly, it identifies the strategies that nationally organised urban and housing movements employ to advocate for the inclusion of housing self-management in federal mass housing programmes. Secondly, it examines the policy implications of implementing a participatory governance model (co-management) in national housing programmes, with an emphasis on policy lessons learned. To accomplish this, policy documents, housing movement reports, and news media items were utilised to systematically trace the trajectory to success and examine the policy lessons for participatory governance. This paper makes two contributions: it enriches the literature on social movements against housing financialisation by analysing citizen participation in housing policy design and implementation and it contributes to the field of research on the consequences of social movements by examining the influence of social movements in shaping and housing policies.

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The financialisation of housing by numbers: Brazilian real estate developers since the Lulist era

Cited by 4 publications

References 39 publications

PROPERTY‐LED INFORMALITY: Shifting Informal Land Development from Popular Housing to Middle‐Class and Elite Speculation in Belo Horizonte

PROPERTY‐LED INFORMALITY: Shifting Informal Land Development from Popular Housing to Middle‐Class and Elite Speculation in Belo Horizonte

Sport mega-event fantasies to financialization: the case of Porto Maravilha

The Political Outcomes of Housing Movements: Participatory Governance in Mass Housing Programmes

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