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Housing Financialisation and Families

Housing and Asset Based Stratification in the Enrichment Economy

Housing and Asset Based Stratification in the Enrichment Economy

This paper explores the ways in which housing wealth is producing new forms of differentiation among households. In doing so, it will argue that ‘asset based welfare’ is now better conceived as ‘asset based social stratification’ and that social class rather than generation remains the primary social divide. However, these class divides are increasingly shaped by the differential ability to accumulate and deploy primarily housing -based assets. These new forms of social (re) stratification will vary societally, temporally and spatially and are currently most evident in what can be described as older, mature home ownership societies. But similar developments and emerging fissures can be observed in newer, ultra home -ownership societies such as China and in the broader interconnections between the mobilization of family assets and the shift from consumer to market societies.

9.12.2018 | Ray Forrest | Volume: 5 | Issue: 2 | Pages: 4-13 | 10.13060/23362839.2018.5.2.438
Housing Financialisation and Families

‘Generation Rent’ and Intergenerational Relations in The Era of Housing Financialisation

‘Generation Rent’ and Intergenerational Relations in The Era of Housing Financialisation

Home ownership has been in decline in a number of developed societies since the early-2000s driven, primarily, by declining entry among younger households who have been increasingly pushed into the rental sector. This trend has been associated with a growing intergenerational divide, or even conflict, and the emergence of ‘Generation Rent’. This paper explores the conditions surrounding diminishing access to owner-occupation among new households with a focus on the historic maturation of home ownership sectors, the restructuring of the political economy around financialized housing wealth and the inter-cohort dynamics surrounding the accumulation and transfer of housing wealth. The paper takes an international perspective drawing on evidence from two parallel, but contrasting cases: Japan and the UK. The analysis illustrates the interrelatedness of inter- and intra-generational inequalities, with the former reinforcing the latter. It also focuses on the role of families as both a moderator of generational inequity at the micro level as well as an enhancer of socioeconomic inequalities overall.

8.12.2018 | Richard Ronald | Volume: 5 | Issue: 2 | Pages: 14-26 | 10.13060/23362839.2018.5.2.439
Housing Financialisation and Families

Financialisation, Home Equity, and Social Reproduction: Relational Pathways of Risk

Financialisation, Home Equity, and Social Reproduction: Relational Pathways of Risk

This paper argues that financialisation exacerbates gender inequity in the United States. During the Recession, wealth-stripping activities targeted single female homeowners prompting severe asset depletion among single women, people of color, and those who depend on them. Rather than protecting them from risk, their home equity and bodies absorbed the failures of capitalism within their network. The paper draws on a thematic analysis of interviews with 21 single female homeowners who experienced mortgage default. Rather than focusing on risk incidence, I take their relational pathways as the object of inquiry demonstrating how activities of gendered care work act as conduits and amplifiers of financialised risk that extends the responsibility for unpaid social provision throughout the lifespan. The analysis demonstrates how their status as homeowners positioned them in between market failures and the consequences of austerity thereby restructuring the function of home equity.

7.12.2018 | Amy Castro Baker | Volume: 5 | Issue: 2 | Pages: 27-34 | 10.13060/23362839.2018.5.2.440
Housing Financialisation and Families

The Ongoing Role of Family in the Provision of Housing in Greece during the Greek Crisis

The Ongoing Role of Family in the Provision of Housing in Greece during the Greek Crisis

The importance of the institution of family in housing practices has deep historical roots in Greece, and families tend to follow certain housing strategies such as late emancipation from the parental home, intergenerational house transfers and financial support for housing. Providing and maintaining a housing solution for young members is one of the top worries in this geographical region, and it is relieved via intergenerational micro-solidarities. Moreover, today’s crisis and austerity are threatening, through indirect budgetary cuts and rising taxation, the housing well-being of the citizenry which is supported only by family welfare. Nonetheless, the family still constitutes the main shock absorber of social and economic turbulence, but at what price?

6.12.2018 | Myrto Dagkouli - Kyriakoglou | Volume: 5 | Issue: 2 | Pages: 35-45 | 10.13060/23362839.2018.5.2.441
Housing Financialisation and Families

Informal Practices in Housing Financialisation: The Transformation of an Allotment Garden in Hungary

Informal Practices in Housing Financialisation: The Transformation of an Allotment Garden in Hungary

Although financialization of housing is well known global concept, in our paper we attempt to present how financialization produces new spaces and household practises in a Central Eastern European semi-pheripheral context. We approach this framework through an anthropological investigation, the transformation of allotment gardens what we consider as a combination of social and spatial transformations after the 1990s. In our case study we are curious how different waves of financialization influence the formation of the transformation of an informal housing space and how informal practices of the households could be an agency against financialization.

5.12.2018 | Andras Vigvari, Ágnes Gagyi | Volume: 5 | Issue: 2 | Pages: 46-55 | 10.13060/23362839.2018.5.2.442
Social Housing after the GFC: Further Evidence

Social Housing Provided by the Third Sector: The Slovak Experience

Social Housing Provided by the Third Sector: The Slovak Experience

This paper aims to describe the legislation of the social housing system in Slovakia and to analyse innovations in social housing provision. The paper contributes to the literature on innovative social housing solutions provided by non-governmental organisations (NGOs), or so-called third sector. The analysis reveals the main factors that may contribute to the success or failure of social innovations in housing provision by NGOs. Long-term community work, the education of future residents, and the participation of future residents in the construction of their homes are the main factors that support the spread of innovations in social housing. On the other hand, lack of cooperation from the government at all levels and low funding are the biggest constraining factors on innovation in social housing in Slovakia.

23.12.2017 | Mária Murray Svidroòová, Beata Mikušová Merièková, Juraj Nemec, Helena Kuvíková | Volume: 4 | Issue: 2 | Pages: 67-75 | 10.13060/23362839.2017.4.2.387
Social Housing after the GFC: New Trends across Europe

The Social Homeownership Model – the Case of Norway

The Social Homeownership Model – the Case of NorwayThis article gives a brief overview of recent developments in Norwegian social housing emphasizing the years after the global financial crisis (GFC). In Norway, mass homeownership has been an important part of social housing in the post-war period. The GFC led to a more rigorous housing finance system, which in turn affected the possibilities of young adults entering homeownership. Nevertheless, the share of young homeowners has been stable or even growing in recent years. Today, social housing mainly refers to a rather marginal system providing housing for the most vulnerable groups.
24.6.2017 | Hans Christian Sandlie, Lars Gulbrandsen | Volume: 4 | Issue: 1 | Pages: 52-60 | 10.13060/23362839.2017.4.1.324
Social Housing after the GFC: New Trends across Europe

More Social Housing? A Critical Analysis on Social Housing Provision in Spain

More Social Housing? A Critical Analysis on Social Housing Provision in SpainSince the 1950s Spain has developed a set of policies aimed at stimulating ownership through subsidies mainly in the form of interest rates or mortgage quotas to developers and households neglecting other forms of housing provision, for instance social rent. That system provided one off benefit to the developer and/or the purchaser and could not be reused to help other households. The financial crisis in 2008 evidenced the weakness of the Spanish housing system in providing affordable and secure shelter by means other than homeownership. The existent housing provision system failed to avoid the large number of evictions while simultaneously banks became owners of a large amount of empty dwellings. To some extent, the severity of the situation exerted considerable political pressure to devise a new framework for action to alleviate the housing problem in Spain. In this paper based on the post -crisis evidence we argue the need to reformulate approaches to provide adequate and affordable housing for certain collectives in Spain
17.6.2017 | Montserrat Pareja-Eastaway, Teresa Sánchez-Martínez | Volume: 4 | Issue: 1 | Pages: 124-131 | 10.13060/23362839.2017.4.1.331
Social Housing after the GFC: New Trends across Europe

Moving to a New Housing Pattern? New Trends in Housing Supply and Demand in Times of Changing. The Portuguese Case

Moving to a New Housing Pattern? New Trends in Housing Supply and Demand in Times of Changing. The Portuguese CaseThis article aims to explain the effects of the recent economic and financial crisis on housing conditions and the ability of Portuguese families to access housing. It also intends to discuss how the crisis is reconfiguring the housing patterns, in terms of access to housing and changes in public policies, questioning the predominant mode of access to housing based on homeownership. This article also discusses the role of social housing in the Portuguese housing system and the changes and challenges in this sector coming from the economic and financial constraints of families and the state. This article is structured in three parts. The first is an overview of the Portuguese housing system and social housing in particular, highlighting the conditions and reasons that led to a reduced social housing stock and to the predominance of homeownership. The second part discusses the impact of the crisis on families and the state, trying to demonstrate how the constraints on both are translated into (1) worsening housing conditions, (2) a diversification of groups struggling to access housing in the private market and (3) a reduction of affordable housing, pressing the social housing sector. Finally, the third part is a reflection on the changes that the crisis has had in the orientation of housing policies and their instruments, arguing that the patterns of the Portuguese housing system are changing with emphasis on the need to diversify the housing supply to increasingly diverse groups in housing need.
16.6.2017 | Teresa Costa Pinto | Volume: 4 | Issue: 1 | Pages: 131-141 | 10.13060/23362839.2017.4.1.332

Monopolistic Competition and Price Discrimination as a Development Company Strategy in the Primary Housing Market

Monopolistic competition and price discrimination as a development company strategy in the primary housing market

Firms operating in the property sector use information asymmetry and the local monopoly to differentiate prices of housing units. Selling similar housing to purchasers at various prices allows them to maximize profits. The aim of this article is to analyze empirically the behavior of developers, that shape the market situation. It is necessary to depart from the classical analysis of enterprises that operate in a free and competitive market and produce typical, homogeneous goods. We analyze firms that produce heterogeneous goods and make individual trans-actions with each client. We use the hedonic regression to compare the theoretical and empirical prices per sq. m. of dwelling in the primary market in Warsaw and find significant dispersions. The price discrimination strategy, can be one of the explanations of the observed high, upward elasticity of prices.

31.12.2016 | Jacek £aszek, Krzysztof Olszewski, Joanna Waszczuk | Volume: 3 | Issue: 2 | Pages: 1-12 | 10.13060/23362839.2016.3.2.286
Special issue on Nature-Home-Housing: Greening and Commoning of Urban Space

Participatory Design Processes for the Development of Green Areas of Large-scale Housing: Case Studies from Budapest and Riga

Participatory Design Processes for the Development of Green Areas of Large-scale Housing: Case Studies from Budapest and Riga

Large housing estates (LHE) found in CEE countries can be seen as a legacy of socialism. Their endurance in these countries is still evident: the future of LHEs is substantially linked to their physical and social characteristics formed during socialism and their decline in status in Hungary and Latvia. The Western European practice of urban rehabilitation and community initiatives has gained more and more ground (sometimes literally) as of late. Our paper examines this phenomenon by analysing examples of converted green space of LHEs in two former socialist cities - a neglected and underused former “traffic park” in Budapest and a typical LHE “courtyard” overgrown and unused in Riga. We focus on the conversational process and the participatory approach of inhabitants and analyse how the redesigning of green areas involving local communities can lead to inhabitants feeling more at home in this housing structure.

29.12.2016 | Adrienne Csizmady, Sandra Treija, Zsuzsanna Fáczányi, Péter István Balogh | Volume: 3 | Issue: 2 | Pages: 17-25 | 10.13060/23362839.2016.3.2.294
Special issue on Nature-Home-Housing: Greening and Commoning of Urban Space

Post-Soviet Housing: “Dacha” Settlements in the Tashkent Region

Post-Soviet Housing: “Dacha” Settlements in the Tashkent Region

The post-Soviet period has been witness to a rather difficult process of establishing a new socio-economic and political system in Uzbekistan. The housing question was significantly resolved within the U.S.S.R., while currently the issue of housing has become exacerbated mainly due to the privatisation of the existing housing stock. However, as more young people now enter adulthood, the need for affordable housing once again comes to the forefront in Uzbekistan - namely in Tashkent, a place attracting the youth from all other regions. This research paper focuses on one of the housing solutions in the Tashkent Region: particularly the reconstruction of summer houses, or dachas, into permanent homes for year-round living. The findings are based on several observations from the field and expert interviews with local dacha residents during the summers of 2015 and 2016. The revival of a traditional lifestyle, combined with the modernisation and “Euro-style” of Uzbek houses, represents a case of “indigenous modernities”.

26.12.2016 | Hikoyat Salimova | Volume: 3 | Issue: 2 | Pages: 43-51 | 10.13060/23362839.2016.3.2.297

Housing as Asset Based Welfare: A Comment

Housing as Asset Based Welfare: A Comment

This paper aims to provide a contribution to the debate about housing as asset based welfare begun in this journal in 2015. It suggests that there are strong reasons associated with life cycle earnings and consumption why owner-occupation can be a desirable option, especially for older households. However owner-occupation can be a high risk option for less well-off households while increasing both inequality across income groups and particularly through its impact on inter-generational income and wealth. Even so, housing inequalities, despite all the market failures associated with its provision and allocation, are more an outcome of broader economic fundamentals. Moreover housing policies can improve the lived experience for many. Policies should aim to provide a tenure neutral-taxation environment but also to reduce credit and other constraints to entering owner-occupation. At the same time there must be support for those with inadequate income to achieve acceptable housing standards.

28.6.2016 | Christine Whitehead | Volume: 3 | Issue: 1 | Pages: 10-18 | 10.13060/23362839.2016.3.1.249

The Use of Esping-Andersen and Kemeny’s Welfare and Housing Regimes in Housing Research

The Use of Esping-Andersen and Kemeny’s Welfare and Housing Regimes in Housing Research

This article provides a critique of the use of Esping-Andersen and Kemeny’s typologies of welfare and housing regimes, both of which are often used as starting points for country selections in comparative housing research. We find that it is conceivable that housing systems may reflect the wider welfare system or diverge from it, so it is not possible to “read across” a housing system from Esping-Andersen’s welfare regimes. Moreover, both are dated and require revisiting to establish whether they still reflect reality. Of the two frameworks, Esping-Andersen’s use of the state-market-family triangle is more geographically mobile. Ultimately, housing systems are likely to be judged on the “housing outcomes” that they produce. However, it is suggested that current use of variables within EU-SILC in order to establish “housing outcomes” may be misleading since they do not reflect acceptable standards between countries with greatly differing general living standards and cultural norms.

27.6.2016 | Mark Stephens | Volume: 3 | Issue: 1 | Pages: 19-29 | 10.13060/23362839.2016.3.1.250

Do Homeowners Have More Social Capital? A Quantitative Approach

Do homeowners have more social capital? A quantitative approach

Abstract: Behind the support of homeownership in many countries, there is wide belief that homeownership creates better citizens. Recognizing that homeownership is a more time-intensive form of tenancy than renting, but also that the valuation of some forms of social capital is complementary to the residential property value, we hypothesize that ownership will reduce engagement in some forms of social interactions and increase it in others. We show that activities relating to local community tend to be encouraged by ownership, whereas others, like political involvement, are not. We conclude homeowners are selective in their investments in social capital and predominantly engage in social interactions where the investments can be capitalized through higher value of their homes.

29.6.2015 | Gintautas Bloze, Morten Skak | Volume: 2 | Issue: 1 | Pages: 11-21 | 10.13060/23362839.2015.2.1.158
Special issue on Housing Asset-Based Welfare

Housing: Asset-Based Welfare or the ‘Engine of Inequality’?

Housing: Asset-Based Welfare or the ‘Engine of Inequality’?

Editorial

28.6.2015 | Mark Stephens, Martin Lux, Petr Sunega | Volume: 2 | Issue: 1 | Pages: 22-31 | 10.13060/23362839.2015.2.1.173
Special issue on Housing Asset-Based Welfare

The Janus Face of Homeownership-Based Welfare

The Janus Face of Homeownership-Based Welfare

This paper reflects on the different faces of asset-based welfare from both a theoretical and an empirical perspective. It shows that asset-based welfare can be perceived as a lever for welfare state restructuring but also as an instrument for poverty eradication. In most countries, asset-based welfare policies focus on stimulating home-ownership. The general idea is that by becoming a homeowner, households build up equity that can be released for care and pension purposes in old age. However, there are signs that such policies increase inequality between homeowners (depending on the location of the dwelling and/or the period in which it was bought), but particularly so between homeowners and tenants. We therefore contend that home-ownership based welfare policies need a clear and fundamental specification of the role of the government: how to deal with housing market risks and how to prevent politically unacceptable levels of inequality and exclusion?

27.6.2015 | Marja Elsinga, Joris Hoekstra | Volume: 2 | Issue: 1 | Pages: 32-41 | 10.13060/23362839.2015.2.1.174
Special issue on Housing Asset-Based Welfare

Housing Wealth and Asset-Based Welfare as Risk

Housing Wealth and Asset-Based Welfare as Risk

Housing wealth has been viewed as the main route to asset-based welfare. Accumulated wealth is supposed to provide more in the way of welfare services than just shelter, services such as a net pension and the financing of long-term care. This paper challenges this view and highlights the new risks attached to acquiring and managing housing wealth. Although assets may provide a nest egg in old age, earlier on in the life cycle they leave mortgagers disproportionately exposed to financial and housing market risks and amplify susceptibility to existing social risks such as unemployment or sickness. In contrast to social insurance schemes, assets individualise social risks and leave it to the individual to smooth housing consumption over their life. This lack of risk pooling constitutes a new and hidden social risk that should be considered in the discussion around homeownership.

26.6.2015 | Stephan Köppe | Volume: 2 | Issue: 1 | Pages: 42-51 | 10.13060/23362839.2015.2.1.175
Special issue on Housing Asset-Based Welfare

Homeownership-Based Welfare in Transition

Homeownership-Based Welfare in Transition

Welfare-state restructuring featuring the use of equity held in owner-occupied housing assets to offset declining public welfare resources and diminishing pension reserves – a form of ‘homeownership-based welfare’ – has become increasingly prominent in many developed economies in recent decades. This paper, focusing on the UK, examines the shifting position of homeownership, arguing that while the private home has become a key component of welfare restructuring, both owner-occupation and housing equity have become more polarised in the last decade, especially across cohorts. A particular concern is whether passive homeownership-based welfare switching strategies have become more active, or even pro-active, strategies to housing property accumulation as a means to compensate for welfare state retrenchment and anticipated pension shortfalls leading up to and since the Global Financial Crisis. We identify the significance of the rapid advance of a ‘generation landlord’ in the recent development of ‘generation rent’.

25.6.2015 | Richard Ronald, Justin Kadi, Chris Lennartz | Volume: 2 | Issue: 1 | Pages: 52-64 | 10.13060/23362839.2015.2.1.176
Special issue on Housing Asset-Based Welfare

Homebuying: a Critical Perspective on Financial Costs and Gains

Homebuying: a Critical Perspective on Financial Costs and Gains

In Britain, the shift from the ideology of homeownership into one of homeownership-based welfare has been sustained by homebuyers being regarded as investors. Homeowners are expected to create a synergy between the owned house seen as a space of shelter, place of home and increasingly, an investment vehicle and an object of debt. Drawing on 80 interviews with owner-occupiers and national data on house prices and mortgages, we examine the way in which the meanings of home meanings are negotiated through the subjective calculation of the financial costs and gains of homebuying. We explore homebuyers’ debt amnesia, their miscalculation of gains and their disregard of inflation. However homebuyers’ financially unsophisticated understanding of the asset-home arises less from book-keeping complexities or difficulties in pricing the emotional domain of the home, but rather by them instinctively considering the alternative cost of a rented space of shelter. From this financial perspective and given affordability, homebuying illustrates a misleading ideological notion of choice.

24.6.2015 | Adriana Mihaela Soaita, Beverley Ann Searle | Volume: 2 | Issue: 1 | Pages: 65-73 | 10.13060/23362839.2015.2.1.177
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