in: Urban Austerity: Impacts of the Global Financial Crisis on Cities in Europe, Verlag Theater der Zeit 2016
In Germany, since 1999, more than three million rental housing units have been traded in the context of
large‐scale transactions. Sales to “financial investors” played a dominant role among these transactions. In
this article, I propose elements for a narrative that may help to understand the reasons for these
Among the many financial investors present at MIPIM 2015 is the huge private equity firm Blackstone L.P., which calls itself “the world’s largest private sector owner of real estate assets”. Through buy outs of distressed subprime mortgages and other real estate assets it recently became a big landlord in the U.S. and in Spain. In both countries it is systematically raising rents. Tenants and bank tenants have started a transnational campaign against Blackstone.
International finance funds have recently landed in Spain to take advantage of post-housing-bubble ‘bargains’. With very bad consequences for people affected by the crsis, the international commission of PAH said at the occasion of the MIPIM 2015.
Also Turkey and Istanbul are very present at the MIPIM this year. One of the “highlights” is the presentation of the giant project of a canal between the Marmara Sea and the Black Sea. This “second Bosporus”, one of president Erdogans manic ideas, is a fundamental threat to nature and man.
London since many years is facing unprecedented levels of housing marketisation and commodification. No wonder that local activists took the slogan against the MIPIM 2015 in Cannes when the business planned a Mipim UK in last October. Here broad and loud protests really had some effect and disturbed the opening of the official fair. An improvised alternative conference in a squat was totally overcrowded with people interested in the analysis of financialisation, international linkages and new ways to organize for better housing. But these events of course were only a moment in the development of local struggles.
See more at http://radicalhousingnetwork.org/
While inhabitants in Spain are facing a new wave of mortgage sales to private equity funds like Blackstone, a current main trend in the German residential property sector is the concentration of housing capital in a few listed joint stock companies. Most of them – and also their big shareholders -are present at MIPIM 2015, looking for more investors or foropportunities to buy up more assets. Continue reading