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首页> 外文期刊>Journal of urban affairs >The financialization of Canadian multi-family rental housing: From trailer to tower
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The financialization of Canadian multi-family rental housing: From trailer to tower

机译：加拿大多家庭租赁住房的金融化：从拖车到塔楼

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After 20 years of disinvestment, new financial vehicles began targeting Canada's multi-family apartment sector in the 1990s, with the first Real Estate Investment Trust (REIT) declaring "Apartments make money!" on the cover of their 1999 report. This paper details the financialization of multi-family rental, tracing how REITs grew from owning zero to 10% of Canada's apartments, while "financialized" landlords comprise nine of the ten biggest landlords. I argue that neoliberal restructuring, government policy, and financial innovations created conditions for profitable reinvestment. This reinvestment is transforming the sector, building-by-building, into a global asset class. Meanwhile, in each suite, tenants are exposed to the logics of finance capital, in which "repositioning" strategies generate profits via dispossession. This paper traces the expansion of financialized landlords across a nation and down the urban hierarchy, from gentrified neighborhoods, to mobile home parks, to northern resource towns-finding that penetration is more prominent in jurisdictions with weaker rent controls. I propose a typology of geographic-investment strategies, in which "core," "value-add," and "opportunistic" investment strategies are applied in major markets, marginal geographies, and resource-oriented communities. This trend is understood as one with negative impacts on housing justice, affordability, and patterns of social and spatial inequality.
机译：经过20年的消职后，新的金融车在20世纪90年代开始定位加拿大的多家庭公寓部门，第一个房地产投资信托（Reit）宣布“公寓赚钱！”在1999年报告的封面上。本文详细介绍了多家庭租赁的金融化，追踪Reits如何从拥有零到10％的加拿大公寓，而“金融化”房东包括十个最大的房东中的九个。我认为新自由主义重组，政府政策和金融创新为有利可图的再投资创造了条件。该再投资正在将该部门，逐建立的部门转化为全球资产课程。同时，在每套套房中，租户暴露于金融资本的逻辑，其中“重新定位”策略通过Dissosssion产生利润。本文涉及一个全国范围内的财政房东的扩展，从良好的社区，向移动房屋，移动房园，北方资源城市 - 发现渗透在涉及较弱控制的司法管辖区内。我提出了一个地理投资策略的类型，其中“核心”，“价值补充”和“机会主义”的投资策略适用于主要市场，边际地理位置和资源导向的社区。这一趋势被理解为对住房司法，负担能力和社会和空间不平等模式的负面影响。

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