Geografia

Financialisation and housing are predominantly associated to mortgages for homeownership and securitisation techniques. This paper looks at how financial markets influence the development industry, its business strategies, and the nature and location of its products. Adopting a supply-side account, the paper inquires into the rising role of financial markets as a source of funding for a consolidating development industry and its influence on the geography of housing in Brazilian cities. It develops the concept of resonance by combining two yet unrelated strands of literature on the study of financial markets (cultural economy and conventionalist economics). Narratives co-authored by the stock market community and development firms management over each individual firm, and the discursively linked strategic moves of developers, are shown to resonate, at the meso-level of the industry, into shared social representations (or conventions) on how to best assess and interpret the value of development firms. Analysing the wave of Initial Public Offerings occurring in the mid 2000s, the paper highlights that narratives of quick capital gains associated with the removal of the land banking bottleneck faced by developers supported a convention giving priority to the growth in total output, and contributed to the observed changes in the forms, scales and locations of housing projects in Brazilian cities. As discrepancies between the promises of returns for shareholders and actual financial results emerged, the growth convention unravelled, making way for other narratives and strategic moves to resonate anew and possibly change again the geographies of housing.

The literature on urban financialisation has prioritised the analysis of what finance does in the context of industrialised countries. This paper contributes to an understanding of what it is, and specifically how it emerges from the entanglements between the accumulation of intergovernmental debt, pricing and valuation practices – involving state and municipal utilities, regulatory agencies and consultancies – in the gradual transformation of shared into shareholder water governance in Brazilian metropolitan areas. Moreover, we provide a first illustration of how a more articulate approach between political economics and social studies of finance might contribute to an understanding of the making of urban financialisation, with a particular relevance for a context of less developed capital markets.

The entrepreneurial city discourse has been adopted around the globe by policymakers, with the urban redevelopment project as one of its most representative symbols. The predominantly favourable discourse revolving around this new political economy of urban space is supported by claims that newly regenerated areas bring multiple benefits to the city and its citizens. These narratives have been used in Brazil to justify increasing reliance on an urban planning tool known as Urban Operations. This planning tool, developed in the 1990s, seeks to facilitate cooperation between public and private actors in the production of new urban spaces. While projected by some as a ‘magic formula’ that enables major urban redevelopment projects without public expenditure, the outcomes of Urban Operations often differ significantly from expectations. The cases of Água Espraiada (São Paulo) and Porto Maravilha (Rio de Janeiro) are used to demonstrate that regenerated areas, as preferred spaces for the penetration of financialised practices into the built environment, have brought forward new dynamics that are serving to reinforce pre-existing social inequalities and to exacerbate uneven development in Brazil’s main cities.

This article discusses the reproduction of housing as a commons in São Paulo. It analyzes the occupation of vacant real estate properties and their subsequent transformation into low-income housing in central São Paulo as instances of commoning. It examines the mechanisms through which housing commons are protected, with a particular focus on the mediating role of social movements and property claims. We draw on a combined methodology of participatory action research and semi-structured interviews to explore the dynamics between the commons as a political ideal and its practical application in the urban environment, focusing on the long-term sustainability of housing commons amid capitalist urbanization. Through the lens of two autonomous housing projects, Dandara and Marisa Letícia, we illustrate the transformation of occupied buildings into permanent housing through collective self-management. We also consider the protection of housing as commons through five processes: regularization, restoration, integration, ideation and federation. Our analysis calls for further research into the potential for creating interconnected commons ecosystems.

There is no single ‘great’ commodity frontier whose exploitation under current socio-technical conditions could fuel capital accumulation at the global scale. According to Jason Moore, this represents the ‘end of Cheap Nature’ and signals a terminal crisis for capitalism as we know it. In this article we complicate this assertion by showing how, in the context of global environmental governance frameworks of carbon control, a diverse range of actors situated at multiple scales are intensifying the use of cities and their hinterlands for the production/transgression of localized commodity frontiers. We draw on scholarship on uneven geographical development, state-led restructuring and eco-scalar fixes to present two case studies from different segments of the carbon cycle in the global South. The first case demonstrates how the introduction of waste-to-energy technology in Delhi facilitated the generation of ‘carbon credits’ while waste matter itself became a commodity. The second discusses attempts by the Brazilian state of Amazonas (Amazônia) aspiring to shift from rainforest exploitation to financialized conservation supported by the ‘green global city’ functions of metropolitan Manaus. These cases demonstrate that although the global carbon-control regime may enable accumulation, implementation remains speculative, and localized commodity frontiers provoke social resistances that jeopardize their durability.