This book demonstrates how housing systems are built from political struggles over the distribution of welfare and wealth. The contributors analyze varieties of residential capitalism through a range of international case studies, as well as investigating the links between housing finance and the current international financial crisis.

Over the last decade, Spain has become an emblem of the contradictory relationship between capitalism and housing. During the house-price boom of the 2000s, Spain built homes on an unprecedented scale, with output levels that overshadowed those of every major European economy. Nevertheless, when the fortunes of real estate markets turned, a wave of repossessions ensued, and a massive number of households were thrown out into the street as a sizeable portion of the housing stock was lying vacant. In turn, the implosion of Spanish residential capitalism triggered an intense wave of unrest that has come to shape a decade of political turmoil. This book uses the Spanish case to bring to light, and theorise, the workings of residential capitalism. The author traces the evolution of residential provision from the nineteenth century to the present, situating the transformation of the housing market in a context of ongoing social change and conflict. The book shows how the present needs to be understood by looking at the historical process through which residential provision became subsumed under the logic of capitalist accumulation but also at a long genealogy of struggles around urbanisation and housing, the outcomes of which remain crystallised in Spain’s urban institutions. The author reveals how both residential capitalist development and urban social conflict have constituted each another, casting light on the historical relationship between housing crises, urban unrest, and the evolution of real estate markets. The book develops a historicist framework to understand residential capitalism, an important contribution for an age in which real estate markets have come to determine the rhythms of global capital. Addressing key issues and debates in the field, including the financialisation of housing, the politics of scale and urban entrepreneurialism, the political economy of the Eurozone, and the history of capitalist development, this book will be of great interest to students and scholars of political economy, as well as those engaged in crossover fields such as housing studies, urban geography, or financial geography.

Everyone needs and deserves housing. But today our homes are being transformed into commodities, making the inequalities of the city ever more acute. Profit has become more important than social need. The poor are forced to pay more for worse housing. Communities are faced with the violence of displacement and gentrification. And the benefits of decent housing are only available for those who can afford it. In Defense of Housing is the definitive statement on this crisis from leading urban planner Peter Marcuse and sociologist David Madden. They look at the causes and consequences of the housing problem and detail the need for progressive alternatives. The housing crisis cannot be solved by minor policy shifts, they argue. Rather, the housing crisis has deep political and economic roots-and therefore requires a radical response.

Throughout the Western world, a whole generation is being priced out of the housing market. For millions of people, particularly millennials, the basic goal of acquiring decent, affordable accommodation is a distant dream. Leading economist Josh Ryan-Collins argues that to understand this crisis, we must examine a crucial paradox at the heart of modern capitalism. The interaction of private home ownership and a lightly regulated commercial banking system leads to a feedback cycle. Unlimited credit and money flows into an inherently finite supply of property, which causes rising house prices, declining home ownership, rising inequality and debt, stagnant growth and financial instability. Radical reforms are needed to break the cycle. This engaging and topical book will be essential reading for anyone who wants to understand why they can’t find an affordable home, and what we can do about it.

Due to the financialization of housing in today’s market, housing risks are increasingly becoming financial risks. Financialization refers to the increasing dominance of financial actors, markets, practices, measurements and narratives. It also refers to the resulting structural transformation of economies, firms, states and households. This book asserts the centrality of housing to the contemporary capitalist political economy and places housing at the centre of the financialization debate. A global wall of money is looking for High-Quality Collateral (HQC) investments, and housing is one of the few asset classes considered HQC. This explains why housing is increasingly becoming financialized, but it does not explain its timing, politics and geography. Presenting a diverse range of case studies from the US, the UK, the Netherlands, Germany, Italy and Spain, the chapters in this book include coverage of the role of the state as the driver of financialization processes, and the part played by local and national histories and institutions. This cutting edge volume will pave the way for future research in the area. Where housing used to be something "local" or "national", the two-way coupling of housing to finance has been one crucial element in the recent crisis. It is time to reconsider the financialization of both homeownership and social housing. This book will be of interest to those who study international economics, economic geography and financialization.

The story of the rise of the segregated suburb often begins during the New Deal and the Second World War, when sweeping federal policies hollowed out cities, pushed rapid suburbanization, and created a white homeowner class intent on defending racial barriers. Paige Glotzer offers a new understanding of the deeper roots of suburban segregation. The mid-twentieth-century policies that favored exclusionary housing were not simply the inevitable result of popular and elite prejudice, she reveals, but the culmination of a long-term effort by developers to use racism to structure suburban real estate markets. Glotzer charts how the real estate industry shaped residential segregation, from the emergence of large-scale suburban development in the 1890s to the postwar housing boom. Focusing on the Roland Park Company as it developed Baltimore’s wealthiest, whitest neighborhoods, she follows the money that financed early segregated suburbs, including the role of transnational capital, mostly British, in the U.S. housing market. She also scrutinizes the business practices of real estate developers, from vetting homebuyers to negotiating with municipal governments for services. She examines how they sold the idea of the suburbs to consumers and analyzes their influence in shaping local and federal housing policies. Glotzer then details how Baltimore’s experience informed the creation of a national real estate industry with professional organizations that lobbied for planned segregated suburbs. How the Suburbs Were Segregated sheds new light on the power of real estate developers in shaping the origins and mechanisms of a housing market in which racial exclusion and profit are still inextricably intertwined.

An insightful and original look at why understanding macroeconomics is essential for all investors