The financialisation of housing and struggles for community-led alternatives in the Olympic Park

Keywords: financialisation, housing, activism, gentrification, Olympics, intermediate housing, scholar activism
Session Type: Virtual Paper Abstract
Day: Tuesday
Session Start / End Time: 3/1/2022 11:20 AM (Eastern Time (US & Canada)) - 3/1/2022 12:40 PM (Eastern Time (US & Canada))
Room: Virtual 50

Abstract

Drawing on seven years of research in London’s Olympic Park, this paper explores key characteristics of Aalbers’ concept of fifth wave gentrification to demonstrate how the financialization of housing is now penetrating the provision of state-subsidised intermediate housing. Intermediate housing has historically played an important role in housing lower income groups and it comprises an increasing proportion of new affordable housing provision in the UK. However, current intermediate housing models, such as shared ownership and intermediate rent, are contributing to exclusionary displacement, insecurity of tenure and socio-spatial restructuring. This is shaped by the increasing financialisation of housing and shift for affordable housing to track market prices rather than incomes, leading to the key beneficiaries of intermediate housing in high value areas being households on some of the highest incomes. Thus at a time of fiscal austerity limited state subsidies are being targeted at those on higher incomes rather than those in greatest need, resulting in a housing gap for the originally intended beneficiaries. Therefore this paper argues that there is an urgent need for new approaches outside of market financialised models to ensure those on low and moderate incomes can benefit. Emerging from embedded campaigning action research with East London Citizens in the Olympic Park, the paper proposes new forms of non-market intermediate housing that are community led, genuinely affordable, promote security of tenure and remain affordable in perpetuity.