What's wrong with investment apartments? On the construction of a ‘financialized’ rental investment product in Vienna

Aigner, Anita

doi:10.1080/02673037.2020.1806992

Cited by 14 publications

(6 citation statements)

References 51 publications

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“…Kadi's (2015) study revealed that locational premiums remained rather stable until the Global Economic and Financial Crisis and increased dramatically thereafter. This third critical juncture (see Figure 1) shows that after the crisis, financialisation of housing took a stronger halt in Vienna and-in interplay with the deregulation of rent control-contributed to steep increases in (private) rents, housing and land prices (Aigner, 2020). Bearing that in mind, tenants' profiles for private rental and its submarkets in Figure 2 reveal that low-skilled groups are increasingly excluded from these segments.…”

Section: Accessibility Of Housing Segments: Reconfiguring Inclusionary and Exclusionary Mechanismsmentioning

confidence: 95%

Housing Vienna: The Socio-Spatial Effects of Inclusionary and Exclusionary Mechanisms of Housing Provision

Friesenecker

Kazepov

2021

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The provision of housing plays a decisive role in segregation processes. In a European context increasingly influenced by variegated neo-liberal housing policies, Vienna’s approach is characterised by generous access to social housing. This inclusive strategy aims at actively preventing segregation and the isolation of certain groups. Over the last 30 years, however, reconfigured multi-level arrangements and wider contextual changes have transformed Vienna’s housing governance. This article explores how. In particular, it aims at disentangling the relationship between housing policy reforms at multiple policy levels and the changes of the mechanisms shaping the access to tenure segments and residential segregation in Vienna. Through the use of process tracing, we identify critical junctures of housing governance and relate them to housing segmentation and segregation measures over a period of approximately 30 years. Our findings show that reforms on multiple levels produce an increasingly deregulated private rental market and an increasingly fragmented access to a diversified provision of social housing. From a spatial point of view, persistent patterns of segregation blend with new ones, leading to decreasing segregation characterised by a more even spatial distribution of low and high-status groups. At the same time, both groups show very low, but slightly increased levels of isolation. Tenant profiles in social housing are, however, generally still very mixed. Balancing the trade-off between a social mix and social targeting without excluding residents in need will remain the main challenge for Vienna’s social housing model.

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Section: Accessibility Of Housing Segments: Reconfiguring Inclusionary and Exclusionary Mechanismsmentioning

confidence: 95%

Housing Vienna: The Socio-Spatial Effects of Inclusionary and Exclusionary Mechanisms of Housing Provision

Friesenecker

Kazepov

2021

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“…Recent critical housing research also agrees that housing marketization and financialization, are not so much an outcome of the withdrawal of the welfare state, but instead an overt state-finance interrelationship (Aigner, 2022;Belotti, 2021;Taşan-Kok et al, 2021;Waldron, 2021) has led to the inflation of housing prices, discriminating housing policies, evictions, homelessness, inadequate housing conditions, and other most extreme contemporary urban miseries. The state with its regulations is not absent, but on the contrary, governments play a decisive role in supporting the inflow of investors' money into urban assets (Belotti, 2021;Rolnik, 2013;Watt & Minton, 2016).…”

Section: Governance Of Housing Estates Against the Background Of Glob...mentioning

confidence: 98%

Special issue Intro: housing estates in the era of marketization – governance practices and urban planning

Leetmaa

Bernt²

2022

J Hous and the Built Environ

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This paper introduces a Special Issue of the Journal of Housing and the Built Environment entitled “Housing estates in the era of marketization – governance practices and urban development”. The issue includes 10 European case studies on how marketization has impacted large housing estates (LHEs) across Europe. The collection includes novel contributions from well-studied countries like France or the United Kingdom, cases from Scandinavia and Mediterranean countries, as well as articles from post-socialist cities where the majority of LHEs are situated, and as such presents the diversity of experiences that has emerged in housing estates across Europe in the last two decades. Since the global turn towards neoliberal governance regimes at the end of the 20th century the commodification of housing, accompanied by the financialization of real estate, has not left any housing markets or market segments untouched. All articles focus on the interconnections between problems found in the development of housing estates and the processes of privatization and marketization. We aim to address two main research gaps: (1) we demonstrate that marketization and financialization are preconditions for the development of contemporary housing, incl. housing estate neighborhoods, and (2) we address the need for an up-to-date pan-European overview on contemporary urban governance and planning practices related to LHEs.

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“…Thus, financialized landlords extract value, for example, through rent increase; or on sensing the potential for gentrification, by turning affordable housing into luxury housing. Aigner (2020) further recognizes that even in Vienna, famous for its large share of available affordable housing, the city has transformed a share of newly produced housing into an investment product. In their study on two regions in Italy, Belotti and Arbaci (2020) posit that the interplay between national, regional, and local governments has led to the financialization of social housing production within that country.…”

Section: The Marketization and Financialization Of Rental Housingmentioning

confidence: 99%

The changing position of housing estate neighbourhoods in the Helsinki metropolitan area

Lilius

Hirvonen

2021

J Hous and the Built Environ

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This paper addresses the under-researched phenomena of investments in the private rental markets in disadvantaged suburbs in Finland. Despite the application of a social-mixing policy in the Helsinki Metropolitan Area and the Nordic welfare model, suburban housing estate neighbourhoods built in the 1960s and 1970s have experienced a socioeconomic decline since the 1990s. According to several recent large surveys, housing estate neighbourhoods represent the least popular housing environments among Finns. Nevertheless, as the Helsinki Metropolitan Area is currently facing rapid population growth, these neighbourhoods have now become the target for heavy infill development, and ambitious city-led regeneration plans. Simultaneously, housing investment has become an opportunity in Finland for both national and, increasingly, also international real-estate investment companies, as well as for private households. We explore the resurge to invest in housing estate neighbourhoods through two case studies in the Helsinki Metropolitan Area. Using statistics and interviews with policymakers and institutional real-estate investors, as well as a review of policy documents as our data, we show the variegated ways in which the marketization and financialization of housing and urban renewal policies change the social geography of housing estates in the Helsinki Metropolitan Area.

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What's wrong with investment apartments? On the construction of a ‘financialized’ rental investment product in Vienna

Cited by 14 publications

References 51 publications

Housing Vienna: The Socio-Spatial Effects of Inclusionary and Exclusionary Mechanisms of Housing Provision

Housing Vienna: The Socio-Spatial Effects of Inclusionary and Exclusionary Mechanisms of Housing Provision

Special issue Intro: housing estates in the era of marketization – governance practices and urban planning

The changing position of housing estate neighbourhoods in the Helsinki metropolitan area

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