The State-Orchestrated Financialization of Housing in Turkey. Issue 4 (3rd July 2020)

• Record Type: Journal Article
• Authors: Yeşilbağ, Melih
• Is Part Of: Housing policy debate. Volume 30:Issue 4(2020)
• Page Start: 533
• Page End: 558
• Publication Date: 2020-07-03
• Subjects: financialization -- neoliberalism -- Turkey -- housing -- securitization -- mortgage markets; Housing policy -- United States -- Periodicals; Housing -- United States -- Finance -- Periodicals; Housing policy; Public housing -- Finance; United States; Periodicals; Electronic journals; 363.58097305
• DOI: 10.1080/10511482.2019.1670715
• Languages: English
• ISSNs: 1051-1482

Abstract

ABSTRACT: This study presents an assessment of the political economy of housing in contemporary Turkey in conversation with the main issues of the financialization of housing (FoH) debate. Since the early 2000s, the built-environment scene in Turkey has been undergoing a radical transformation toward a situation characterized by growing penetration of financial concerns into the housing sector. FoH in Turkey, however, is remarkably different from typical Global North examples in terms of the current depth of the process, prevalent mechanisms, leading components, and driving actors. The Turkish case is characterized by a relatively small financial footprint generating an unprecedented construction boom, under the command of a decisive and persistent state strategy. Going well beyond the enabling/facilitating role of states covered in the existing literature, this strategy represents a case in which the state itself effectively drives the housing–finance nexus.