The Political Economy of Housing Financialization

Fuller, Gregory W.

doi:10.2307/j.ctvnjbf76

Cited by 27 publications

(12 citation statements)

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“…Theoretically, we suggest adding mortgage markets to the list of national institutions such as welfare spending and labor market protections (Kalleberg 2018) that potentially moderate the consequences of NSE, consistent with recent research on how consumer credit shapes social inequality (Dwyer 2018;Rona-Tas and Guseva 2018). Mortgage markets influence how housing resources are (unequally) distributed across population groups (Fuller 2019), and mortgage lending can therefore influence inter-households housing and wealth inequality (Pfeffer and Waitkus 2021). The elevated income uncertainty associated with NSE makes it both riskier and more difficult to obtain a mortgage loan independently of income level.…”

Section: Introductionsupporting

confidence: 81%

The Variable Disadvantage of Nonstandard Employment for Entering Homeownership in Russia and Urban China: The Potential Role of Mortgage Prevalence

Wang

Gerber

2022

Social Forces

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Nonstandard employment (NSE) is a disadvantage for entry into homeownership because it is associated with both lower average income and greater uncertainty of future income. These features of NSE make formal mortgage loans from banks riskier to take on and harder to obtain. This mechanism implies that the relative disadvantage of NSE for homeownership entry is greater in societies where, due to institutional and macro-economic factors, mortgages are a more prevalent means to acquire homes. We test these theoretical expectations by analyzing entry to homeownership using panel surveys from Russia and urban China, two former state socialist countries with comparable labor market regulations, housing regimes, and welfare protections, but different mortgage prevalence. NSE is associated with lowers rates of entering homeownership in urban China, where mortgages are far more common, but not in Russia. Moreover, this negative effect in urban China pertains only to home acquisitions via mortgages, not to homeownership entry via other paths. Our findings broaden sociological understanding of how NSE contributes to inequality by highlighting the role of income uncertainty. They also suggest that cross-national differences in financial institutions may moderate the disadvantages of NSE and thus shape the consequences of market transition for stratification.

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Section: Introductionsupporting

confidence: 81%

The Variable Disadvantage of Nonstandard Employment for Entering Homeownership in Russia and Urban China: The Potential Role of Mortgage Prevalence

Wang

Gerber

2022

Social Forces

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“…Much of the early literature in the field of housing financialization was thus centered on teasing out the causes and consequences of the transformation underway -with particular emphasis on rising precarity and broader macroeconomic instability (c.f. Aalbers 2008Aalbers , 2017Aalbers and Christophers 2014;Fuller 2016;Fuller 2019).…”

Section: Housing Financializationmentioning

confidence: 99%

The financialization of rented homes: continuity and change in housing financialization

Fuller

2021

Rev Evol Polit Econ

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This paper has two purposes: the first is to offer an empirical account of how rented homes have become more entangled in financial markets over the past two decades, particularly through the advent of real estate investment trusts (REITs) and listed real estate operating companies (REOCs). The second is to assess whether conceptualizing this as a process of “rental housing financialization” — distinct from but connected to the broader concepts of “housing financialization” and “financialization” — offers value to the scholarly community.

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“…Second, the UK has excellent data availability on house prices at the regional and local level, which we can match to surveys and election results. Finally, as Fuller (2019) convincingly argues, the commodification of the UK housing market makes housing inequality particularly salient in the British context.…”

Section: Argumentmentioning

confidence: 99%

The political consequences of housing (un)affordability

Ansell

Cansunar

2021

Journal of European Social Policy

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The enormous growth in house prices in Europe since the 1990s has led to increasing concerns about the affordability of housing for ordinary citizens. This article explores the relationship between housing affordability – house prices relative to incomes – and the demand for redistributive and housing policy, using data drawn from European and British social surveys and an analysis of British elections. It shows that, as unaffordability rises, citizens appear in aggregate to become less supportive of redistribution, interventionist housing policy and left-wing parties. However, this aggregate rise, driven by the predominance of homeowners in most European countries, masks a growing polarization in preferences between renters and owners in less affordable regions.

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The Political Economy of Housing Financialization

Cited by 27 publications

References 0 publications

The Variable Disadvantage of Nonstandard Employment for Entering Homeownership in Russia and Urban China: The Potential Role of Mortgage Prevalence

The Variable Disadvantage of Nonstandard Employment for Entering Homeownership in Russia and Urban China: The Potential Role of Mortgage Prevalence

The financialization of rented homes: continuity and change in housing financialization

The political consequences of housing (un)affordability

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