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The Housing Crisis in Superstar Cities: Labour Markets, Price Inflation, and Financialization

Published online by Cambridge University Press:  11 July 2022

Francesco Findeisen
Francesco Findeisen*
Affiliation:
Center for European Studies and Comparative Politics (CEE), Sciences Po Paris [francesco.findeisen@sciencespo.fr].
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Abstract

This article advances explanations of the housing crisis in modern political economies. It argues that the rise of agglomeration economies is driving the massive increase in housing prices in superstar cities. These concentrate high-paying jobs and life chances in central metropolitan areas, pulling in a highly skilled workforce who are willing and able to pay ‘whatever it takes’ for access to these opportunities. As a result, the value of homeownership in strategic urban locations has surged. Investors have thus found it rational to capitalize on longer-term price inflation and invest. Based on a comparison between New York City, London, Paris, and Berlin, this article demonstrates that housing prices in superstar cities move in lockstep with the reconfiguration of urban labour markets. Investors follow this trend in their decisions to invest in housing, which further compounds affordability pressures. The article concludes that access to homeownership in strategic urban locations increasingly mediates inequality and class formation in modern political economies.

Résumé

Résumé

Cet article propose des explications à la crise du logement, observée dans les économies politiques modernes. Il affirme que l’essor des économies d’agglomération est le moteur de l’inflation massive des prix du logement dans les villes dites « superstar ». Ces régions métropolitaines centrales, qui concentrent les emplois bien rémunérés et offrent les meilleures aménités urbaines, attirent une main d’œuvre hautement qualifiée, prête à payer le prix fort pour y vivre. En conséquence, la valeur des logements situés dans ces lieux stratégiques a significativement augmenté. Les investisseurs cherchent donc à tirer profit de cette augmentation des prix à long terme et à y investir. Basé sur une comparaison de New York, Londres, Paris et Berlin, cet article montre que les prix des logements dans les grandes villes évoluent en fonction de la reconfiguration des marchés du travail urbain. Les investisseurs suivent cette tendance dans leurs décisions d’investir dans le logement, ce qui aggrave la pression sur la capacité des ménages à accéder à la propriété. L’article conclut que l’accès à la propriété dans les lieux urbains stratégiques est un facteur clé pour expliquer les inégalités et la formation des classes sociales dans les économies politiques modernes.

Zusammenfassung

Zusammenfassung

Dieser Artikel trägt zu Erklärungen der Wohnungskrise in modernen Wirtschaftsordnungen bei. Er argumentiert, dass die Entwicklung von Agglomerationsökonomien die Wohnungspreisinflation in sogenannten ‚Superstarstädten‘ massiv antreibt. Letztere konzentrieren hochbezahlte Arbeitsplätze und Lebenschancen im Herzen strategischer Metropolregionen und ziehen hochqualifizierte Arbeitskräfte an, die bereit und in der Lage sind, für Wohnraum mit Zugang zu diesen Möglichkeiten das Nötige zu zahlen. Infolge dieser Dynamik steigt der Wert von Wohnimmobilien in zentralen Lagen stark an. Für Investoren wird es so rational, aus der längerfristigen Preisinflation Kapital zu schlagen und in städtischen Wohnraum zu investieren. Anhand eines Vergleichs von New York City, London, Paris und Berlin veranschaulicht dieser Artikel, dass sich Immobilienpreise in Superstarstädten im Gleichschritt mit der Neuordnung urbaner Arbeitsmärkte entwickeln. Investoren folgen diesem Trend bei ihren Investitionsentscheidungen, was den Druck auf die Bezahlbarkeit von Wohnraum weiter erhöht. Der Artikel kommt zu dem Schluss, dass der Zugang zu Wohneigentum in strategischen städtischen Lagen zunehmend zu Ungleichheit und Klassenbildung in modernen Wirtschaftssystemen beiträgt.

Keywords

Housing crisisurban labour marketsfinancializationinequalityCrise du logementMarchés du travail urbainFinanciarisationInégalitéWohnungskrisestädtische ArbeitsmärkteFinanzialisierungUngleichheit
Type
Research Article
Information
European Journal of Sociology / Archives Européennes de Sociologie , Volume 63 , Issue 3 , December 2022 , pp. 363 - 392
Copyright
© European Journal of Sociology 2022

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Footnotes

This article gratefully acknowledges funding support from the Agence Nationale de la Recherche (ANR) for the ORA project ‘What Is Governed in Cities: Residential Investment Landscapes and the Governance and Regulation of Housing Production’ (WHIG), which is based at Sciences Po’s Centre for European Studies and Comparative Politics (CEE).

I am deeply thankful to Patrick Le Galès for his encouragement, inspiration, and support. I benefitted immensely from the comments and suggestions made by Antoine Guironnet. I am grateful for the collaborative spirit of Sciences Po’s WHIG team and their comments on an earlier version of this article, which has since been significantly revised. I also thankfully acknowledge the extraordinarily helpful comments made by the two anonymous reviewers.

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