Pub Date : 2020-06-01DOI: 10.46692/9781447353928.009
R. Hearne
This chapter describes and details the wave of global real estate and vulture investment in distressed assets and loans, as the second wave of financialisation of residential property (housing), following the first wave of financial market and equity involvement in mortgage lending and securitisation from the late 1990s to 2008. It then defines and details a third wave of financialisation is evident in the post-2010 period as global institutional investors have increasingly invested in the private rental ‘build-to-rent’ sector. This third wave is a further development in the restructuring of the finance–real estate relationship through the increased role of large-scale corporate finance and global private equity funds (pension funds, hedge funds, wealth funds, shell funds, private equity) in the provision of rental residential property. It shows how housing and land is providing another important vehicle for investing the global ‘wall of money’ searching for higher returns in a context of reduced profitability and rising risk in the wider ‘real’ economy. It details how the Irish state’s strategy to overcome the global property and financial crash of 2008 and achieve the recovery of financial institutions and the wider economy was based on the sale of ‘toxic’ and ‘non-performing’ loans and associated land and property, at a considerable discount, to international ‘vulture funds’ and property investors via the National Asset Management Agency (NAMA) and domestic banks. The strategy was based on a deepening of the financialisation of the Irish housing (and wider property) system.
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Pub Date : 2020-06-01DOI: 10.46692/9781447353928.014
R. Hearne
This chapter sets out why the connection between housing and the environment urgently needs to be moved centre stage in both the housing and climate debates. It links climate change and housing together conceptually through the centrality of home to the human existence. It sets out a new housing plan: a Green New Deal for Housing in Ireland which details the key solutions for transforming our housing systems to provide affordable, sustainable homes for all. This includes a new housing plan, A Green New Deal for Housing in Ireland: Affordable Sustainable Homes and Communities for All, including mixed income public housing for all, a dedicated Affordable Sustainable Homes Building Agency, reimagining public housing, transforming social housing from being treated as a stigmatized form of accommodation restricted to very low-income households to becoming a model of desirable housing available and attractive to a much broader range of low- and middle-income households, using public land for public and not-for-profit affordable sustainable homes, how the new housing model can be financed, and why a new housing model should be underpinned by the right to housing as foundation of housing policy and law. It develops indicators for assessing housing models: and compares the market (dualist) model and public, affordable, sustainable, human rights (unitary) model.
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Pub Date : 2020-06-01DOI: 10.46692/9781447353928.003
R. Hearne
This Chapter details how the Irish housing systems, and housing systems across the world, are experiencing a structural ‘shock’. We are in the midst of an unprecedented housing and homelessness crisis. This details the dramatic increase in housing inequalities and exclusion, from the rise in homelessness, mortgage arrears and foreclosures, to the collapse in home-ownership rates and, in particular, the emergence of ‘Generation Rent’ and ‘Generation Stuck at Home’. This new Generation Rent is being locked out of traditional routes to affordable secure housing such as home ownership, social housing and secure low-rent housing. They are being pushed into private rental markets with unaffordable high rents and insecurity of tenure, or forced into hidden homelessness, couchsurfing, sleeping in cars, or pushed back to live with their parents. Ireland has had the largest fall in home ownership rates among European Union (EU) countries in the past three decades. This chapter shows that the current housing situation and crisis is not a temporary blip, but a deep and profound structural crisis that is in danger of becoming a permanent crisis. Our national and global housing systems are in crisis and this is a key juncture.
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