Demand For Real Estate Research Articles

The urban rent in the multicultural city: retail shops, migrants and urban decline in the historic centre of Palermo [La rendita urbana nella città multiculturale: attività commerciali, migranti e declino urbano nel centro storico di Palermo

Changes in consumer shopping behavior and in retail spaces, such as shopping malls, department stores and e-commerce, have modified localization models of traditional retail shops, also affecting urban fabric and spatial distribution of urban rent. Even city centers have undergone significant transformations or even decline, especially if local economic system and real estate market are weak and recessionary. A significant amount of commercial properties may have long vacancy due to excess supply, since many traditional shops close their business because they are no longer competitive and, moreover, there is no immediate takeover by new tenants. The decline of central urban areas depends on the interaction of multiple economic, social and cultural factors, but it can be countered by urban policies oriented not only to physical redevelopment of urban fabric, but also to social cohesion and multiculturalism. Migrants bearers of varied cultural values, coming from different continents and settling permanently in the Italian cities, have rented some of these empty properties by locating retail shops specifically oriented to their own communities or also to the citizens needs. The presence of migrants contributes, indeed, to support the retail real estate demand, to mitigate the minus-valorization of real estate capital and also to contain the revenues contraction. This phenomenon has been analyzed in some streets of the historic centre of Palermo that are traditionally shopping areas and have become the privileged place for locating retail shops managed by immigrants.

A Grey MCDM Based on DEMATEL Model for Real Estate Evaluation and Selection Problems: A Numerical Example

Real estate markets play an essential role in the economic development of both developed and developing countries. Investment decisions in private real estate demand the consideration of several qualitative and quantitative criteria. Especially in Vietnam, demand for housing, apartments are rising which has resulted because of the migration from rural to urban areas. This study aims to determine the influencing factors of the real estate purchasing behavior and then recommend a grey Multi-Criteria Decision Making (MCDM) support model to evaluate real estate alternatives based on a numerical example in Vietnam. A set of essential criteria are identified based on experts' opinion, and the proposed determinants are initial investment, maintenance cost, prestige location, distance to interesting places, parking lot, public transportation, property condition, total area size, number of rooms, and neighbors. The subjective weights were obtained by using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) model, and the Grey Relational Analysis (GRA) technique is employed to prioritize and rank real estate alternatives. The results reveal that this approach can be useful to make purchasing decisions for many kinds of real estate property under uncertain business environments. These findings indicate that the presented hybrid model has advantages in granting flexibility to the preferences of decision makers.

Investment crisis: causes and ways to overcome

The article considers the main features and peculiarities of the investment crisis, which is an element of the systemic crisis that has gripped the state economy and negatively affects all spheres of public life and activity. The investment crisis is an obstacle to operational, investment and financial activities of construction companies, causing demand for real estate. The global internal causes of low investment activity are analyzed, which are, first of all, the current state of the state economy, which increases investment risk and significantly complicates the formation of investment programs, creates conditions for illegal withdrawal of investment resources from the real economy to other areas. All this is a consequence of insufficiently deep development of regulatory and legal framework for the development of investment activities in the country: the existing legal norms do not work, there is no effective mechanism of punishment and property liability for improper use of investment resources, and the result - violation of the investment process. Among the identified and the ways of overcoming the investment crisis mentioned in the article are as follows: renewal of domestic sources of investment resources in the real economy, which were paralyzed in the last years of the country's life, the need to strengthen strong incentives and arguments for returning lost domestic capital from abroad. The creation of new laws on the efficient use of own sources to finance domestic investments in the modernization of production and introduction of new, modern technologies, as well as laws that will prevent the outflow of capital from the state during the acute investment crisis. The lack of a clear legal framework and non-compliance with current legislation is the main reason for the significant reduction in investment in Ukraine, both domestic and foreign.

Analysis of demand for commercial real estate of the Moscow Region

The commercial real estate market is a specific and rapidly changing subject for research. Commercial real estate market is connected with the real sector of the economy through consumer demand, and it is connected with the financial market through alternative investment returns. Therefore, this market is actively studied by the Russian and foreign researchers. The most poorly studied issue in this market is its demand side. But the analysis of demand is difficult due to the fact that the buying cycle in the market is very long, and potential buyers are not registered anywhere until the transaction is completed. But the execution of the transaction is not a reflection of demand, as it is the result of negotiations between the seller and the buyer, which may not succeed, as the potential buyer can choose an alternative way of owning property (rent, sublease, co-working) or generating income (bonds, stocks, shares). In this paper, we analyze the demand for commercial real estate in the Moscow region, compare supply and demand in this market, and present a study of the demand for retail, office and industrial-warehouse real estate. We propose a model for pricing commercial real estate. We found a significant discrepancy between supply and demand in the market according in line with their structure, inequality of demand for retail, office and industrial-warehouse premises, the dependence of the price per square meter of real estate to its area (in square footage) and location. The results obtained are consistent with Russian and foreign studies on the analysis of the commercial real estate market. The results of the study may be useful to such players in the commercial real estate market as developers, investors, buyers.

Macroeconomic Changes And Prices Stock In Real Estate And Property Firm

This research was conducted to examine changes in macroeconomic conditions on stock prices in real estate and property companies. The aim of this research is to explain the changes in macroeconomic conditions on the stock prices of real estate and property companies. The sampling technique used was purposive sampling with a sample of 14 companies from 48 real estate and property companies listed on the JSX. The analysis technique used is multiple regression. Based on the results of the analysis, it was found that changes in macroeconomic conditions, namely inflation, had no positive effect on the stock prices of real estate and property companies. This is because the amount of demand for real estate and property will increase in accordance with population growth. Other findings show that the interest rate proxied from the BI Rate has a negative effect on the stock prices of real estate and property companies. Increased interest rates from the BI Rate will cause investors to be no longer interested in investing in the money market because it is considered more profitable to invest with high interest rates.

Tracking the growth of government securities investing in early modern England and Wales

Interest in the growth of tradeable securities in early modern Britain, especially its relationship to economic development and the funding of government debt, has centered mainly on the borrower – whether it be trading company, industrial enterprise, or the state. This article directs attention to the investor, using Charity Commission Reports for England and Wales that document a dramatic mid-eighteenth-century shift by donors and trustees from investments in real estate and rent charges to perpetual government annuities, mainly 3 percent Consols. The heavy investment in this public debt product is what ultimately prompted the creation of the London Stock Exchange in 1801.In analyzing this shift, which occurred among the propertied in all regions of the nation, not just the metropolis or among corporate entities and the mercantile community, I consider both what made the annuities increasingly attractive for charitable trusts and the alternatives – real estate and private loans secured by mortgage or other means – more problematic. Legal changes, I argue, played a role in the transformation, especially the Charitable Uses Act of 1736, which made charitable devises of real estate very difficult and probably resulted in reduced investment in human capital and less wealth redistribution. Regions varied, however, in the degree to which they switched from real estate in the latter part of the eighteenth century; they also differed in the extent to which the switch resulted in more gifts of interest-bearing loans as well.Admittedly, the changes documented in this article concern only one type of depository for assets, charitable trusts. The appeal of these annuities, however, could extend to investments needed for other purposes such as postmortem payments to dependents. Moreover, the fall-off in demand for real estate in trusts correlates with GDP estimates showing a steady decline in income from real assets after 1755 and what some have noted in this period as a puzzle – the lack of an increased rate of return on rents and private loans at a time of robust investment in government debt. Most importantly, though, the transition demonstrates the ability of the government to induce a broad spectrum of the propertied population to invest in securities, if the vehicle they offered had the right characteristics, which were not necessarily highest yield or liquidity without loss in value.

The Impact of Demonetization on the Short-Term and Long-Term Returns of India’s Leading Real Estate Index

This article examines the short-term and long-term impact of demonetization on the daily and monthly returns of the Standard & Poor Bombay Stock Exchange (S&P BSE) Realty Index, India’s leading real estate index. Demonetization is supposed to result in a liquidity crunch in the market and have a negative impact on real estate activity and real estate stock market returns. The results suggest that the S&P BSE Realty Index had statistically lower returns immediately after the announcement of demonetization. However, the impact dissipated within a month. Furthermore, when we compared the monthly returns from the S&P BSE Realty Index with similar returns on the Bombay Stock Exchange (BSE) Sensex index, we found no long-term impact of demonetization on the Realty Index. Our results suggest that markets reacted to demonetization as an opportunity to move to a cashless system that will reform the real estate sector and attract global investors, including hedge funds, to invest in the real estate market of India due to growing demand for residential and commercial real estate. TOPICS:Real estate, emerging markets, wealth management, currency Key Findings • Markets reacted to demonetization as an opportunity to move to a cashless system that will reform the real estate sector and attract global investors including hedge funds to invest in the real estate market of India due to growing demand for residential and commercial real estate. • On the day of the event and the day following the event, the S&P BSE Realty Index returns were negative. These returns were short-term only and dissipated a few days after the announcement. • Short-term after-effects of demonetization are consistent with previous studies that analyzed the effect of demonetization due to introduction of single currency, Euro.

Corporate Real Estate Alignment

This dissertation aims to enhance CRE alignment by approaching alignment as a design and decision process as is explained in chapter 1. The current state of the art in CRE alignment modeling is summarized in paragraph 2.1. This sets the context of this research and will show that CRE alignment is complex and multidimensional. Thereafter, an assessment of CRE alignment models from a design and decision perspective is made in paragraph 2.2. Based on this perspective I identified the scientific gap of this PhD research. Most of the work in this chapter has been published before in the last 10 years. Figure 2.1 shows the timeline of the important publications related to the two topics that this chapter addresses: 1 State of the art of modelling CRE alignment processes; 2 Assessment of structure models of CRE alignment from a design and decision perspective. As can be seen in the figure below, the different topics have evolved at the same time. I have chosen to structure the chapter around the two topics and not follow the order of publication. Because the topics have evolved over time this causes some redundancy in and between paragraph 2.1 and 2.2. In the last paragraph 2.3 conclusions, they are brought together. But before showing the state of the art, CRE and CREM are defined. Corporate real estate is a specific type of real estate. CoreNet Global (2015) describes it as the real estate necessary to conduct business—the bricks and mortar of office buildings, manufacturing plants and distribution centres, retail stores, and similar facilities. It can include owned or leased space, buildings, and infrastructure, such as power plants or even airport runways. Corporate real estate is closely related to commercial real estate, however, there is a distinct difference in business objectives. In the commercial real estate world, the business is the real estate. The goal for commercial real estate is to provide a risk adjusted return to the investor; whereas, in corporate real estate real estate supports the business function. In other words, corporate real estate represents the demand side or user side of real estate, while commercial real estate focuses on the supply side to meet that need. Corporate real estate is seen since 30 years by (Joroff, 1993) as the fifth resource of the business that needs to be managed besides capital, human resources, IT and communication. One of the big challenges in corporate real estate management is reducing the gap between the high speed of business and the slow speed of real estate, i.e. between the so-called dynamic real estate demand and the relatively static real estate supply. A decade later (Krumm et al., 2000, p. 32) described CREM as “The management of a corporation’s real estate portfolio by aligning the portfolio and services to the needs of the core business (processes), in order to obtain maximum added value for the business and to contribute optimally to the overall performance of the corporation”. One could say that the authors position CRE alignment in this definition as the raison d’etre of CREM. Other authors (Heywood & Arkesteijn, 2017) position CRE alignment as one of the activities that CREM needs to perform. In this research, CREM will be seen as a wide range of activities that must be performed by the corporate real estate manager, while the alignment of CRE with the business will be seen as one of CREM’s activities and is referred to as CRE alignment.

Development of a computer model for evaluating the alternative options of an investment and construction project under conditions of uncertainty and risk

The paper reports the proposed method of quantitative analysis of risks in investment construction projects, which uses a probabilistic approach. The specific feature of this approach is a multistage evaluation process and complex accounting of indicators for decision making regarding the investment attractiveness of sites under conditions of uncertainty.Based on this approach, an automated computer model for evaluating investment attractiveness of construction projects was developed. The indicators of investment efficiency and risks for various options of construction project implementation were explored, the alternative for a project development was selected and the best investment project was determined with the use of the computer model.The reliability of the results was proved by studying the stability of decisions and by their errors.The results were obtained in order to improve the efficiency of managerial decisions in the sector of investment in construction sector of economy. The developed computer model makes it possible, based on statistical data of demand for residential real estate, to perform a quantitative analysis of risks of investment in construction projects, to make a choice of a construction project by profitability and risk indicators, as well as by the criteria of decision making under conditions of risk and uncertainty.Numerical experiments with a computer model showed the need to invest in additional research in order to clarify the environmental parameters and to invest in the construction of a multi-storey building.The obtained results are relevant due to a high degree of turbulence in the environment in the construction sector, as well as in connection with the importance of attracting investments from the position of competitiveness. The computer model developed in the process of research is universal regarding the type of a residential real estate construction object

The Effect of Foreign Demand on Residential Property Prices: Evidence from Australia

AbstractThis study estimates the impact of foreign demand for Australian residential real estate on property prices. Using postcode‐level administrative data and fixed‐effects regression techniques we find a positive relationship between foreign investment approvals and price growth. Our analysis suggests that, on average, foreign investment contributed between $80 and $122 to quarterly price growth in Sydney and Melbourne between July 2010 and March 2015. This is a small proportion of the increase in property prices over the period.

The impact of software company size and culture on commercial real estate location and design

PurposeThis paper aims to investigate the relationship of software company culture and core values and project management methodologies on the demand for corporate real estate (CRE), impacting decisions regarding location, square footage, office design and amenities.Design/methodology/approachA researcher-administered survey was designed with the assistance of a purposive sample of brokers, architects and interior designers to elicit responses from the CRE officers in software companies at four stages of growth, from small, entrepreneurial startups to large, publicly traded software companies, located in the same metropolitan area of the USA. Quantitative responses are summarized with traditional statistics and data visualizations. Linguistic analysis, including sentiment analysis and keyword relevance, was performed on the unstructured, English text responses.FindingsDifferences exist in the office layouts, amenities and locations across the four software company size categories studied. Linguistic analysis of company descriptions of office design, culture and core values, and the relationship between the two, provide another way for brokers, investors and other stakeholders to understand company perspectives and communication idioms related to CRE needs. The research was unable to show any differences in any dependent variable based on software project management methodologies due to sampling limitations.Research limitations/implicationsThis study is limited by the sample size of the participating software companies based on access to company leadership. Results are not generalizable.Practical implicationsArchitects, investors, brokers and lenders may find value in using this study’s approach to better understand the needs of software technology clients. Specifically, stakeholders may find value in examining the linkage from software company size, culture and core values to CRE office layout, amenities and location.Originality/valueThe qualitative findings suggest that software company culture and core values and company size influence the design of the CRE demanded by software companies. Multivariate data visualization was designed to communicate longitudinal CRE data. Linguistic analysis was used to extract the emotional content and relevance scores from company descriptions of office design, company culture and core values and the reported effect of culture and core values on office design. Findings may be beneficial for stakeholders involved in the design, location and future CRE investments, and they suggest the need for future research on a larger sample.

Using purchase restrictions to cool housing markets: A within-market analysis

In response to worsening housing affordability resulting from rapid housing price appreciation, some governments have introduced taxes or restrictions to reduce demand for local residential real estate by non-residents. We study the effectiveness of these efforts using the restrictions imposed by local Chinese governments in 2010–11 on the number of residential properties an individual could purchase. We use sales by developers of newly constructed units and exploit within city variation in the imposition of these restrictions to identify their effect on prices and transaction volumes. In addition to these direct effects on demand, we also identify the effects of these policies on supply using data from local government auctions of land to developers. Our results suggest that in the short run, restrictions on non-owner-occupant purchases significantly reduce activity levels by approximately 40%, compared to areas without restrictions. These effects diminish with time. However, there are no relative changes post-policy introduction in housing price between restricted and unrestricted areas. The results operate via end-user demand and not through the land market and the subsequent supply response by developers, as there is no relative change in either the number of land auctions or prices paid for land between districts with and districts without purchase restrictions following their introduction.

A study on the mediating effect of residential loans on total real estate loans of banks in India

PurposeThe purpose of this paper is to examine the impact of residential and commercial loans on total real estate sector loans by using partial least square–structured equation modelling (PL–SEM) method. The residential loans as a mediator have been used to know the mediation effect between commercial and total real estate loans of banks in India. The residential loans as a mediator govern the relationship between commercial loans and total real estate loans in India. Real estate sector development is a lucrative opportunity for India. The real estate sector plays a major role in shaping economic conditions of the individuals, firms and family.Design/methodology/approachThe research is descriptive in nature. The study on residential loans, commercial loans and total real estate loans has been taken into consideration, and on the other hand the measurement and structural model have been employed to the study the impact of residential loans and commercial loans on total real estate loans in India by using PL–SEM. The residential loans as a mediator have been taken to study the mediation effect of the relationship between commercial loans and total real estate loans in India.FindingsThe outcome of the structural model that is bootstrapping technique shows that there is an impact of residential and commercial loans by public and private sector banks on total real estate sector development in India. The residential loans show the full mediation effect between commercial loans and total real estate loans as the value of variation accounted for (VAF) is more than 1.93 which shows residential loans govern the nature of variable between commercial loans and total real estate loans.Practical implicationsThe public and private sector banks are contributing to the real estate sector development in India which increases the economic growth of the country. The mediation analysis shows that residential loans are an important aspect between commercial and total real estate loans in India as the demand for residential housing is more in India. The increasing role of banks in the real estate sector strengthens the financial capability in the real estate sector market, and the property buyers will able to purchase more property which leads to increasing demand for real estate sector.Originality/valueThe research paper is original, and PL–SEM has been used to find the results.

Cjenovni balon na tržištu nekretnina u Republici Hrvatskoj

Baloni na tržištu pojava su brzog rasta cijena nakon koje dolazi njihov dramatični pad. U nekim dijelovima Hrvatske – uz more i u gradu Zagrebu – cijene nekretnina drastično rastu promatra li se razdoblje od 2000. godine. Zbog napuhavanja cijena nekretnina u SAD-u, 2008. godine došlo je došlo do svjetske gospodarske krize, koja se zbog prelijevanja s jednog tržišta na drugo prelila i na gospodarstvo Hrvatske. Ovaj rad proučava događa li se u Hrvatskoj danas isto, odnosno jesu li cijene nekretnina u Hrvatskoj osnovano rasle ili je riječ o balonu koji će u jednom trenutku „puknuti“. Cijene nekretnina u Hrvatskoj rastu zbog više čimbenika, poput povećane potražnje za nekretninama u svrhu turističkog najma, subvencioniranja stambenih kredita za mlade, povećane potražnje stranaca za nekretninama. Ako dođe do znatnog pada turističke aktivnosti u Hrvatskoj, cijene nekretnina mogle bi dramatično pasti.

Challenges of logistic processing of the transport package selected by suppliers for international carriage of construction goods by road

The purpose of the article is to identify the general situations emerging in the practice of road carriers and importing companies that relate to increased risk of damage and destruction of the goods and also to delivery delays because of the mismatch between the transport packaging which is provided by foreign suppliers of construction materials and the goods itself. The article gives pride of place to the recommendations on minimizing of the risks that are connected with transport and consumer packaging of construction materials delivered in Russia from abroad by truck. It has been noted noted that in the face of declining of effective demand for commercial and residential real estate one of the most widespread ways to reduce the costs of construction and, as a result, real estate value is cutting procurement expenditures. The author draws attention to the fact that one of the reasons for occurrence of additional expenses at the stage of procurement of the goods for construction needs could be total or partial incompatibility between, on the one hand, packing and wrapping materials and, on the other hand, both the materials carried and vehicles that are planned to transport the cargo. The article considers the features of general nomenclature groups of imported from Europe construction materials, gives the detailed analysis of the characteristics of the transport and consumer packaging and also the wrapping used in the process of its transportation. The author suggests the algorithm of coordinated actions of suppliers, buyers, local carriers from countries of consignment and logistics operators, which could be applied for reducing of the quantity of the incidents during the logistics handling connected with packing.

Spatial Spillover Effects of The Real Estate Industry on Economic Development -from Destocking Perspective

Based on the statistical data of 31 provinces of China from 2005 to 2015, A spatial lag model is applied to study the Spatial Spillover effects of the real estate industry on economic development. The results show that: the real estate stocks have a significant negative effect on regional economic development; Due to the economic downturn, the real estate investment and total investment in fixed assets continue decreasing, the descending speed of the former is faster than the latter. The real estate industry will, through its accounts for a high proportion of the total social investment, further through the accelerator effect, drag on economic growth; The increase of average price plays a positive significant role in boosting the development of regional economy in recent years; The profit rate of the real estate industry continues declining, and despite a further increase in the added value of real estate industry, it is not enough to significantly promote regional economic development. Therefore, to formulate effective policies can make the relationship more balanced between supply and demand of real estate, and can make real estate investment structure and inventory more reasonable, in order to make economic growth more stable.

ANALYSIS OF THE FACTORS OF RENTAL HOUSING MARKET IN UKRAINE

The rental market is a reflection of social economic situation in the country as a whole, in a separate region or even in a separate locality. The features of the rental housing market compared with the sales market are investigated. The main functions of the rental housing market are determined. It is found out which factors form the demand in this market. The need to rent a real estate is determined by a certain set of factors, in particular, migration (arrived persons) and the creation of new families. The rental housing market is seasonal. In large cities, the real estate demand is significantly reduced in summer months and will be significantly enhanced in late August – early September. The real estate supply is formed by the construction of a new housing and population migration. The reasons and manifestations of seasonality in the rental housing market are described. The peculiarities of the mechanisms of supply pricing formation are considered. The rent charge depends on the city district, the rooms quantity and the area of the apartment offered for rent, the floor and total number of floors of the house, the availability of parking, the energy efficiency of the apartment, the internal condition and the situation in the apartment, the landlord's and the renter relations, etc. The features of real estate daily rent are singled out and analyzed. The main tendencies of the rental housing market in Lviv are considered. The characteristics of the rental housing market in Lviv are determined by the traditionally high demand for housing rental for the following reasons: demand is largely shaped and substantially increases by September due to the large amount of students, flows of migrant workers, and tourism. It is difficult to estimate the volume of rental offers, since there are no special statistical observations, and much of this business is in the shadow. Despite its dynamic development, the rental housing market remains one of the most shadow (non-observed) ones.

A Real Options Model with Games Applied to the Rio de Janeiro Residential Real Estate Market

Purpose – To determine the optimal investment strategy in Nash equilibrium for the residential real estate market of Rio de Janeiro, considering the uncertainty in the demand for real estate and the number of active competitors in the market. Design/methodology/approach – A Real Options Game model was developed. The parameters of the model were estimated with econometric tools using data from the Rio de Janeiro real estate market. Findings – The quantitative results obtained are intuitive in the sense that the larger the number of competitors, the lower the level of demand required for investment in new units, whereas the greater the volatility of demand, the greater the demand threshold for the investment to be optimal. Originality/value – This study modified the methodology of Grenadier (2002), providing a more adequate and robust specification of the uncertainty for the demand function, thus allowing more intuitive economic interpretations.

University population expenditure and its impact on real estate demand: Evidence from South Africa

ABSTRACTA university campus has an ability to attract consumers from outside the region who spend locally to the benefit of the local economy and in particular the real estate market. This article identifies the real estate benefit to the host city from staff and student spending. The Potchefstroom Campus of the North-West University in South Africa is used as an example and real estate demand modelling is applied to estimate the real estate space demand benefit to the host city. In 2016, the R2.2 billion expenditure by staff and students spilled over into a healthy demand for floor space in the city. A steady increase in on-campus, full-time students and a corresponding increase in staff numbers will continue to benefit the demand for real estate. However, this close relationship between university enrolments and activity in the real estate market could similarly be constrained if spending is under pressure.

Environmental destruction in the new economy: Offshore finance and mangrove forest clearance in Grand Cayman

Mangrove wetlands, which provide critical ecosystem services in tropical and subtropical coastal regions around the world, are increasingly threatened, with total mangrove area declining steeply in recent decades. Focusing on the mangrove wetlands of the Cayman Islands, we use remote sensing and spatial analysis to document past and project future trends of mangrove clearance, and 57 interviews with key business and political figures and members of environmental NGOs to shed light on the social forces driving these trends. The analysis shows a loss of approximately 27.9% of mangrove wetlands present in 1965 as of 2013 (7072.7 ha versus 9809.8 ha) on Grand Cayman. At this rate of loss, the island’s mangroves, excluding the 1668.9 ha of mangrove wetlands currently protected, could be lost by 2108. Analysis of the satellite and aerial images and the interview results suggest that the destruction of mangrove forests is attributable in part to consumption generated by Grand Cayman’s financial sector. The demand for real estate by international investors initially attracted by the island’s financial services, along with that of the professionals employed to provide these services, has been one of the key drivers of mangrove wetland clearance. Interview results suggest the hypothesis that these dynamics have persisted due to the alignment of political forces that has emerged in their defense: a state structurally-dependent on development fees for revenues and dependent for political support on landowners and the development and real estate industries.