Skip to main content
padlock icon - secure page this page is secure

New dynamics of rent gap formation in New York City rent-regulated housing: privatization, financialization, and uneven development

Buy Article:

$54.00 + tax (Refund Policy)

To explain newfound investor interest in rent-regulated multifamily housing in New York City since 2001, this paper analyzes the transformation in ownership and management of the Riverton Houses, a large rent-regulated housing complex in northern Manhattan. The paper finds new dynamics of rent gap formation at work; rather than depressed capitalized rent attracting investment, increasing potential rent provides a new mechanism for opening rent gaps. The Riverton Houses case shows how three factors increase potentials rents: 1) changes in rent control law that provide new avenues to increase rents, 2) new financial actors and institutions that have higher expectations for risk and return, and 3) longer-term processes of uneven development at the urban scale. Altered rent gap dynamics under processes of privatization, financialization, and uneven urban development complicate the geography of reinvestment beyond a reinvested core and gentrifying periphery. Instead, the urban frontier is drawn recursively within urban space.
No Reference information available - sign in for access.
No Citation information available - sign in for access.
No Supplementary Data.
No Article Media
No Metrics

Keywords: Financialization; New York City; housing; rent gap; uneven development

Document Type: Research Article

Affiliations: Urban and Regional Studies and Planning, Virginia Commonwealth University, Richmond, Virginia, USA

Publication date: November 26, 2019

  • Access Key
  • Free content
  • Partial Free content
  • New content
  • Open access content
  • Partial Open access content
  • Subscribed content
  • Partial Subscribed content
  • Free trial content
Cookie Policy
Cookie Policy
Ingenta Connect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more