Yield urbanism. How financial investors (re)shape large-scale Urban Development Projects

Abstract : This contribution will invite to reconsider large-scale Urban Development Projects (UDPs) in the light of the financialization of the built environment via the rising grip of financial investors over the urban fabric, especially on commercial real estate markets. In urban political economy, UDPs have classically been considered as terrains for the neoliberal agenda (Moulaert et al. 2003) through property-led redevelopment policies. Building on Harvey (1982), recent case-studies have underscored how various landowners, including city governments, treat "land as a pure financial asset" (Kaika and Ruggiero 2013; Charnock et al. 2014). This main narrative in the emerging literature on city governments and financialization has however paradoxically undermined the role of financial investors (Guironnet et al. 20145). This paper will argue that this is detrimental to an in-depth understanding of how their market-finance strategy, techniques, and practices - epitomized by the notion of yield - impact the built environment, as heterodox economic geography has began to unveil (Halbert et al. 2014), and thick accounts à la social studies of finance encourage to develop. Against this theoretical background, the paper will put forward a conceptual framework in order to examine how the expectations of financial investors in terms of urban spaces, products, and users/uses are circulated to and amongst city governments and development agencies. Three concurring processes will be discussed: i) the production of market representations by international property consultants; ii) the restructuring of property development geared towards the delivery of tradable income-yielding assets; iii) the evolution of strategic planning and land development.
Type de document :
Communication dans un congrès
AAG Annual Meeting, Apr 2015, Chicago, IL, United States
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https://hal-enpc.archives-ouvertes.fr/hal-01277568
Contributeur : Antoine Guironnet <>
Soumis le : lundi 22 février 2016 - 17:22:14
Dernière modification le : jeudi 11 janvier 2018 - 06:19:09

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  • HAL Id : hal-01277568, version 1

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Antoine Guironnet, Ludovic Halbert. Yield urbanism. How financial investors (re)shape large-scale Urban Development Projects. AAG Annual Meeting, Apr 2015, Chicago, IL, United States. 〈hal-01277568〉

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