Housing financialisation a la Griega

Abstract

Housing financialization identifies logics, policies and actors that treat homes as assets. However, as the institutional framework and social consensus on housing provision varies widely, the process is path-depended on local contingencies that reflect specific socio-economic and political contexts. Driving attention to relevant dynamics recently developed in the city of Athens, this research scrutinises the local specificities and financial accounting idiosyncrasies that make the case of housing financialization. The paper explores how homeownership, as constructed in this society without the mediation of credit financing, is challenged by debt obligations. It further considers the institutional framework that opposed, until recently, housing repossessions to explore the link between indebtedness, book values of Non– Performing Loan provisions and the timing of securitisation. It concludes by tendering the case of housing “sale and lease-back” financialization where homeowners transform into tenants of own homes to safeguard the book values of credit institutions at the verge of default. Housing financialization a la Griega, then constitutes a paradigm of a continuous temporal re-engineering that normalises and leads to a pacified form of housing appropriation, subordinating housing needs and power relations to financial imperatives.