Abstract
Cities are places of incremental decision-making involving complex negotiations that produce accumulations of urban assets and path dependency. The ownership, control and co-ordination of urban land and its transformation into an investment asset is a key link between economic interests and urban activities that come together in site-based “financialisation fixes”. A financialisation fix combines a development solution for a specific site with a financial model creating a locally embedded asset. This article examines how land tenure (freehold versus leasehold rights) influences the transformation of a city and the role a local authority plays in the financial management of land assets. This includes an analysis of the application of financialisation to urban assets and the first tax increment financing scheme of 1875.
Highlights
All cities are in a continual state of becoming as individuals, groups and organisations adapt to processes of change and transformation
All cities are the outcome of layers of decisions that build upon one another providing forms of path dependency (Martin and Sunley, 2006)
This paper has explored the development and redevelopment of urban assets in Birmingham with a focus on understanding land tenure, the creation of plot-based financialization fixes and the role played by Birmingham City Council (BCC)
Summary
Urban assets and the financialization fix Bryson, John; Mulhall, Rachel; Song, Meng; Kenny, Richard.
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