Financiarisation, crise et prix immobiliers : le lotissement des promesses

Abstract : Based on a case study of metropolitan areas in Southern California, the paper aims at analyzing house prices in the light of practices and policies that yield a financialization of the suburban production. Property price is indeed central in a system based on secondary capital flow, suburban investment and land rent ultimately being captured by financial organizations. The subprime crisis acted as a momentum of financialization. A bet, or systemic anticipation on property price growth has been structuring local governance, and series of contractual agreements between developers, jurisdictions, districts and homeowners. The equilibrium of this system derives from a shared belief about housing price continuous growth. The analysis of local trajectories of price (1980-2010) yields unexpected results: negative trends and relative devalorization of housing is a major issue in suburban subdivisions, a systemic failure of the financialized suburban production system.
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Contributor : Renaud Le Goix <>
Submitted on : Monday, January 5, 2015 - 3:16:48 PM
Last modification on : Friday, January 4, 2019 - 5:33:22 PM

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Renaud Le Goix. Financiarisation, crise et prix immobiliers : le lotissement des promesses. Bulletin de l'Association de géographes français, Association des Géographes Français, 2014, 2014 (2), pp.271-287. ⟨halshs-00975132⟩

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