Demolishing the Present to Sell off the Future? The Emergence of ‘Financialized Municipal Entrepreneurialism’ in London

This article introduces a new mode of urban entrepreneurialism in London through a study of the state‐executed, speculative development and financialization of public land. In response to an intensifying housing crisis and austerity‐imposed fiscal constraints, municipalities in London are devising entrepreneurial solutions to deliver more housing. Among these ‘solutions’ can be found the early signs of the state‐executed financialization of public housing in the UK with the use of speculative council‐owned special purpose vehicles (SPVs) that replace existing public housing stock with mixed‐tenure developments, creating ambiguous public/private tenancies that function as homes and the basis for liquid financial assets. Drawing together parallel literatures on the financialization of urban governance and housing, and combining these with original empirical research, we situate these developments in contrast to earlier modes of governance, identifying a distinct mode of entrepreneurial governance in London: financialized municipal entrepreneurialism. The local state is no longer merely the enabler—limited to providing strategic oversight of the private sector—but financializes its practice in a reimagined commercialized interventionism, as property speculator. This article concludes that while the architects of this new mode of entrepreneurialism extol the increased capacity and control it provides, any such gains must be set against longer‐term financial, democratic and political risks.     

国外住房共有产权制度及对我国的启示

本文从共有产权的基本概念入手,介绍了共有产权制度在英国、美国和澳大利亚的发展概况,从住房形式、保障对象、产权分配和组织机构等方面解释其具体做法。通过总结三国的模式,在共有产权形式、独立的管理机构和保障性延续方面提出了对我们有益的启示。最后提出了完善我国住房共有产权制度的建议。     

产业政策优化调整能否缓解企业“脱实向虚”？——基于双重差分模型的分析

运用2016年“十三五”规划出台伴随的产业政策变更作为外生冲击事件,通过双重差分（DID）模型分析产业政策的优化调整是否有利于抑制企业金融资产配置行为。实证分析得出：首先,产业政策的优化调整能够显著抑制调出行业中企业金融资产的配置行为,其中对于短期金融资产配置的抑制作用更为明显;其次,异质性分析得出,上述效应对于民营企业更为明显;最后,产业政策优化调整通过补贴套利的抑制效应和生命周期的延长效应两种机制可以降低企业金融资产配置比例。     

北京市经济适用住房政策评估

本文在概述我国和北京市的公共住房政策之后,主要运用3E理论对北京市经济适用住房政策的经济（Economics）、效率（Efficiency）和效果（Effectiveness）进行评估。通过量化分析和对比分析,认为北京市经济适用房存在房价收入比过高、供给需求失衡和目标群体不明确三大问题,需要一一进行解决。     

中国城镇居民住房政策偏好的影响因素分析

居民住房政策偏好是住房政策设计与调整的依据,会受到客观和主观层面的因素影响。本文基于一项全国问卷调查数据,从客观和主观层面对城镇居民住房政策偏好影响因素的研究表明,客观层面的个人年收入水平、主观层面的房价满意度等因素都会对住房政策偏好产生影响。个人年收入水平越高,就越认为应当对房价进行干预;对房价的接受程度越高,就越不倾向于支持对房价进行干预。如果将房价偏高归因于监管不力,就越认为应当干预房价;如果将房价偏高归因于炒房,就越会支持对房价进行干预。如果对于房价的接受程度越高,就越不认为政府应当提供保障性住房。如果将房价上涨归因于土地政策不合理,就更为支持提供保障性住房;如果将房价偏高归因于政府监管不力,就越会支持提供保障性住房。相关发现对于住房政策的调整具有积极借鉴意义。     

Old Wine in Private Equity Bottles? The Resurgence of Contract‐for‐Deed Home Sales in US Urban Neighborhoods

This article describes the reemergence, in the wake of the mortgage crisis, of a predatory financial practice in predominantly black neighborhoods in the US: the contract for deed (CFD). The CFD has a notorious urban history; it was a focus of social justice organizing in 1960s Chicago, which helped lay the groundwork for advocacy that culminated in two important laws in the US: the Home Mortgage Disclosure Act of 1975 and the Community Reinvestment Act of 1977. This article places the reemergence of the CFD in the post‐crisis cycle of housing investment and disinvestment, estimates the minimum scale of CFD ownership, and examines the geography of a well‐known CFD seller in the Atlanta area. As policymakers in the US took efforts to restrict predatory lending fueled by private‐label securitization following the subprime crisis, capital markets shifted toward private equity financiers who provided a new supply of lightly regulated capital for urban housing markets. Predominantly black neighborhoods became prey for high‐return schemes meant to extract as much cash flow out of vulnerable residents as possible, offering them the illusion of homeownership. The findings show that the CFD seller focused on black neighborhoods and suggests that its profits from this activity have been quite lucrative.     

How Did Finance Capital Infiltrate the World of the Urban Poor? Homeownership and Social Fragmentation in a Spanish Neighborhood

When working‐class localities in developed countries are in question, social fragmentation is often analyzed along ethnic lines. Instead, this article claims that it is more critically fruitful to explore fragmentation in terms of people's relations with the state and different forms of capital. It does this by considering housing in Spain as a key resource that connects state policies both with the forms of reproduction and (dis)organization of the disadvantaged, and with the development of real estate and finance capital. First, it unfolds the historical formation of the Spanish ‘homeownership culture’ and the construction–finance complex. Second, starting from an in‐depth ethnography of a peripheral neighborhood in Barcelona, it emphasizes the embeddedness of recent financialization in the livelihood strategies of poor households. Finally, it shows how the process led to a commodification and erosion of those social relations on which it partially depended, thereby exposing problems for class reproduction and fracture lines among the urban poor.     

城乡交错区农村住房租赁市场:资源与收入配置效应

本文对杭州市城乡交错区农村住房租赁市场的资源配置与收入配置效应进行了详细分析。研究发现,村庄外来劳动力比重对住房租赁市场的发育影响较大;家庭人均住房建筑面积与农户出租面积关系密切。住房租赁市场的发育提高了宅基地利用效率,并一定程度上促进了住房投资。住房出租的租金收入在农户家庭收入总额中已经占到了不小的份额,这意味着住房租赁市场的发育有利于农户家庭收入的提高。     

日本公营住宅的运作体系

在日本国民的实际生活中,公营住宅为解决低收入家庭的居住问题起了不容低估的作用。在政府的主导下,日本形成了以公营住宅、公团住宅、公库住宅为三大支柱的公共住宅供应体系。政府在财政、金融和税收制度上,对公营住宅采取了相应的措施,对解决日本住宅短缺问题起到了举足轻重的作用。     

货币政策不确定性与企业脱实向虚——基于非金融企业金融化的证据

实证检验货币政策不确定性对非金融上市公司金融化行为的影响,结果发现：货币政策不确定性的上升将促进企业的金融化行为,且这一效应在非国有企业与市场化进程较低的样本中更显著。进一步的研究发现,货币政策不确定性是通过降低高管风险承担水平与加剧企业的融资约束等作用渠道促进了实体企业的金融化。因此,在进行货币政策调控时,应当注重调控方式与调控时机,加大货币政策调控的透明度。同时,通过制定合理的激励政策和措施来提升企业家的信心与风险承担意愿,为企业构建良好的外部融资环境,从而有效抑制货币政策不确定性对企业金融化的效应。