HOUSING BOOMS IN GATEWAY CITIES “David Ley examines the development of housing booms, and policies intended to stimulate or limit them. Utilising a comparative approach in five gateway cities, he provides a superb understanding of the politics of booms, lifting the debate beyond narrow housing and real estate studies. This book is required reading for anyone interested in global cities, housing markets, or comparative urbanism.” —Manuel B. Aalbers, Professor of Human Geography, KU Leuven, Belgium “A stellar contribution to housing and its financialisation as central to the capitalist project globally, Housing Booms offers a wonderful window into the ascendancy of the secondary circuit of real estate in Singapore, Hong Kong, Sydney, Vancouver, and London. Critically, through careful, empirically rigorous comparison, an eminent urban social scientist urges us to understand the importance of placing urban housing theoretically.” —Loretta Lees, Director of the Initiative on Cities, Boston University “Mastering a wealth of information and insights from five gateway cities, David Ley provides fresh and inspiring explanation of both common global logics and diverse local trajectories of housing booms in the era of financialisation and asset-based accumulation. A timely and ground-breaking contribution, (re)positioning housing to the centrality pervasively felt in everyday life but largely unacknowledged in mainstream social science.” —George Lin, Chair Professor of Geography, University of Hong Kong In Housing Booms in Gateway Cities, renowned geographer Dr. David Ley delivers a detailed exploration of housing markets in Hong Kong, Singapore, Sydney, Vancouver, and London and explains why these gateway cities have seen dramatic increases in residential real estate prices since the 1980s. The author describes how the globalization of real estate has rapidly inflated demand and uncoupled local housing prices from local wages, causing acute problems of affordability, availability, and inequality. The book implicates government policy in massive real estate price inflation, describing a shift from welfare-based to asset-based societies. It also highlights the relatively unique experience in Singapore, where asset-based housing policy has encouraged the dispersion of ownership and accumulation through an increased supply of subsidized leasehold apartments and the regulation of disruptive investment flows. Housing Booms in Gateway Cities is an ideal resource for academics, students and policymakers with an interest in urban geography, sociology, and planning, housing studies, and any of the cities discussed in the book. It is an innovative treatment of housing as a central category in wealth accumulation in urban economies and societies.

HOUSING BOOMS IN GATEWAY CITIES “David Ley examines the development of housing booms, and policies intended to stimulate or limit them. Utilising a comparative approach in five gateway cities, he provides a superb understanding of the politics of booms, lifting the debate beyond narrow housing and real estate studies. This book is required reading for anyone interested in global cities, housing markets, or comparative urbanism.” —Manuel B. Aalbers, Professor of Human Geography, KU Leuven, Belgium “A stellar contribution to housing and its financialisation as central to the capitalist project globally, Housing Booms offers a wonderful window into the ascendancy of the secondary circuit of real estate in Singapore, Hong Kong, Sydney, Vancouver, and London. Critically, through careful, empirically rigorous comparison, an eminent urban social scientist urges us to understand the importance of placing urban housing theoretically.” —Loretta Lees, Director of the Initiative on Cities, Boston University “Mastering a wealth of information and insights from five gateway cities, David Ley provides fresh and inspiring explanation of both common global logics and diverse local trajectories of housing booms in the era of financialisation and asset-based accumulation. A timely and ground-breaking contribution, (re)positioning housing to the centrality pervasively felt in everyday life but largely unacknowledged in mainstream social science.” —George Lin, Chair Professor of Geography, University of Hong Kong In Housing Booms in Gateway Cities, renowned geographer Dr. David Ley delivers a detailed exploration of housing markets in Hong Kong, Singapore, Sydney, Vancouver, and London and explains why these gateway cities have seen dramatic increases in residential real estate prices since the 1980s. The author describes how the globalization of real estate has rapidly inflated demand and uncoupled local housing prices from local wages, causing acute problems of affordability, availability, and inequality. The book implicates government policy in massive real estate price inflation, describing a shift from welfare-based to asset-based societies. It also highlights the relatively unique experience in Singapore, where asset-based housing policy has encouraged the dispersion of ownership and accumulation through an increased supply of subsidized leasehold apartments and the regulation of disruptive investment flows. Housing Booms in Gateway Cities is an ideal resource for academics, students and policymakers with an interest in urban geography, sociology, and planning, housing studies, and any of the cities discussed in the book. It is an innovative treatment of housing as a central category in wealth accumulation in urban economies and societies.

Popular discussions often treat the great housing boom of the 1996-2006 period as if it were a national phenomenon with similar impacts across locales, but across metropolitan areas, price growth was dramatically higher in warmer, less educated cities with less initial density and higher initial housing values. Within metropolitan areas, price growth was faster in neighborhoods closer to the city center. The centralization of price growth during the boom was particularly dramatic in those metropolitan areas where income is higher away from the city center. We consider four different explanations for why city centers grew more quickly when wealth was more suburbanized: (1) gentrification, which brings rapid price growth, is more common in areas with centralized poverty; (2) areas with centralized poverty had more employment concentration which led to faster centralized price growth; (3) areas with centralized poverty had the weakest supply response to the boom in prices in the city center; and (4) poverty is centralized in cities with assets, like public transit, at the city center that became more valuable over the boom. We find some support for several of these hypotheses, but taken together they explain less than half of the overall connection between centralized poverty and centralized price growth.

Popular discussions often treat the great housing boom of the 1996-2006 period as if it were a national phenomenon with similar impacts across locales, but across metropolitan areas, price growth was dramatically higher in warmer, less educated cities with less initial density and higher initial housing values. Within metropolitan areas, price growth was faster in neighborhoods closer to the city center. The centralization of price growth during the boom was particularly dramatic in those metropolitan areas where income is higher away from the city center. We consider four different explanations for why city centers grew more quickly when wealth was more suburbanized: (1) gentrification, which brings rapid price growth, is more common in areas with centralized poverty; (2) areas with centralized poverty had more employment concentration which led to faster centralized price growth; (3) areas with centralized poverty had the weakest supply response to the boom in prices in the city center; and (4) poverty is centralized in cities with assets, like public transit, at the city center that became more valuable over the boom. We find some support for several of these hypotheses, but taken together they explain less than half of the overall connection between centralized poverty and centralized price growth.

While federal action on immigration faces an uncertain future, states, cities and suburban municipalities craft their own responses to immigration. Twenty-First-Century Gateways, focuses on the fastest-growing immigrant populations in metropolitan areas with previously low levels of immigration—places such as Atlanta, Austin, Charlotte, Dallas-Fort Worth, Minneapolis-St. Paul, Phoenix, Portland, Sacramento, and Washington, D.C. These places are typical of the newest, largest immigrant gateways to America, characterized by post-WWII growth, recent burgeoning immigrant populations, and predominantly suburban settlement. More immigrants, both legal and undocumented, arrived in the United States during the 1990s than in any other decade on record. That growth has continued more slowly since the Great Recession; nonetheless the U.S. immigrant population has doubled since 1990. Many immigrants continued to move into traditional urban centers such as New York, Chicago, and Los Angeles, but burgeoning numbers were attracted by the economic and housing opportunities of fast-growing metropolitan areas and their largely suburban settings. The pace of change in this new geography of immigration has presented many local areas with challenges—social, fiscal, and political. Edited by Audrey Singer, Susan W. Hardwick, and Caroline B. Brettell, Twenty-First-Century Gateways provides in-depth, comparative analysis of immigration trends and local policy responses in America's newest gateways. The case examples by a group of leading multidisciplinary immigration scholars explore the challenges of integrating newcomers in the specific gateways, as well as their impact on suburban infrastructure such as housing, transportation, schools, health care, economic development, and public safety. The changes and trends dissected in this book present a critically important understanding of the reshaping of the United States today and the future impact of

Cities are always changing: streets, infrastructure, public spaces, and buildings are constantly being built, improved, demolished, and replaced. But even when a new project is designed to improve a community, neighborhood residents often find themselves at odds with the real estate developer who proposes it. Savvy developers are willing to work with residents to allay their concerns and gain public support, but at the same time, a real estate development is a business venture financed by private investors who take significant risks. In How Real Estate Developers Think, Peter Hendee Brown explains the interests, motives, and actions of real estate developers, using case studies to show how the basic principles of development remain the same everywhere even as practices vary based on climate, local culture, and geography. An understanding of what developers do and why they do it will help community members, elected officials, and others participate more productively in the development process in their own communities. Based on interviews with over a hundred people involved in the real estate development business in Chicago, Miami, Portland (Oregon), and the Twin Cities of Minneapolis and St. Paul, How Real Estate Developers Think considers developers from three different perspectives. Brown profiles the careers of individual developers to illustrate the character of the entrepreneur, considers the roles played by innovation, design, marketing, and sales in the production of real estate, and examines the risks and rewards that motivate developers as people. Ultimately, How Real Estate Developers Think portrays developers as creative visionaries who are able to imagine future possibilities for our cities and communities and shows that understanding them will lead to better outcomes for neighbors, communities, and cities.

Australia's 'gateway cities' occupy a significant place within the economy, even given the prominence of the capital cities of Melbourne, Sydney and Brisbane. However, they have been underestimated in terms of public policy. Current debates on fiscal rebalancing need to recognise the latent economic potential of these gateway cities, while social policies should also incorporate the opportunities that the gateway cities offer in bridging the divide between metropolitan Australia and the regions. Changes in the global marketplace are behind the growth of jobs and population in urban Australia. To accommodate that growth, gateway cities have capacity for more Australians to work, live and play here. We also have a capability to expand industry, manufacturing, property development, education and health services. In this report, we address the nature and contribution of the gateway cities - also characterised internationally as 'second cities', consider the human dimension of these communities and their contribution to our national development and conclude with a review of policy settings and recommendations focused on future growth.