Financial market actors as urban policy-makers: the case of Brazil's Real Estate Investment Trusts

Authors: Daniel Sanfelici*, Universidade Federal Fluminense, Ludovic Halbert, Université Paris-Est
Topics: Urban Geography, Economic Geography
Keywords: Financial markets, Financializing policy instruments, Urban development, Real Estate Investment Trust, Brazil
Session Type: Paper
Day: 4/11/2018
Start / End Time: 1:20 PM / 3:00 PM
Room: Riverview I, Marriott, River Tower Elevators, 41st Floor
Presentation File: No File Uploaded

Focusing on the recent growth of real estate investment trusts in Brazil, it is claimed that financial market actors play an active role in shaping contemporary urban policies and uneven geographies because they contribute to design, enhance and implement financializing policy instruments that affect the production of the built environment. Based on a qualitative methodology, the paper analyses: i) how a network of public and private financial market actors coaxed state bodies to use their socio-legal regulatory powers and financial resources to treat real estate like a financial asset; (2) how the government-run financial market authority and investment banks lured wealthy urban households into investing their savings in so-called liquid real estate through marketing and education campaigns; and (3) how asset management companies have become "applied economic geographers" (Lee, 2002, p. 347) that channel pooled capital to a selected range of property assets in a small number of locations in Brazil.

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