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The Housing Crisis and the Rise of the Real Estate State

The Housing Crisis and the Rise of the Real Estate State Hudson Yards in New York City. Cost to taxpayers in the form of bond offerings, tax breaks, and direct subsidies = $5.6 billion, dwarfing the incentives offered to Amazon in the failed incentives package to locate its second headquarters in Long Island City, New York. Mary and Andrew Bennetts, Flickr 864098 NLFXXX10.1177/1095796019864098New Labor ForumStein research-article2019 New Labor Forum 2019, Vol. 28(3) 52 –60 The Housing Crisis and the Rise Copyright © 2019, The Murphy Institute, CUNY School of Labor and Urban Studies Article reuse guidelines: of the Real Estate State sagepub.com/journals-permissions https://doi.org/10.1177/1095796019864098 DOI: 10.1177/1095796019864098 journals.sagepub.com/home/nlf Samuel Stein Keywords urban planning, housing, gentrification, real estate, organizing Around the world, more and more money is equity firms like Blackstone—now the world’s being invested in real estate, the business of largest landlord. building, buying, and renting land and property. Global real estate is now worth $217 trillion, In 2016, a record 37 percent of thirty-six times the value of all the gold ever home sales were made to absentee mined. It makes up 60 percent of the world’s investors, a majority of which were assets, and the vast majority of that wealth— 1 banks, hedge funds, and private roughly 75 percent—is in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png New Labor Forum SAGE

The Housing Crisis and the Rise of the Real Estate State

Stein, Samuel
New Labor Forum , Volume 28 (3): 9 – Sep 1, 2019
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References (42)

Publisher
SAGE
Copyright
© 2019, The Murphy Institute, CUNY School of Labor and Urban Studies
ISSN
1095-7960
eISSN
1557-2978
DOI
10.1177/1095796019864098
Publisher site
See Article on Publisher Site

Abstract

Hudson Yards in New York City. Cost to taxpayers in the form of bond offerings, tax breaks, and direct subsidies = $5.6 billion, dwarfing the incentives offered to Amazon in the failed incentives package to locate its second headquarters in Long Island City, New York. Mary and Andrew Bennetts, Flickr 864098 NLFXXX10.1177/1095796019864098New Labor ForumStein research-article2019 New Labor Forum 2019, Vol. 28(3) 52 –60 The Housing Crisis and the Rise Copyright © 2019, The Murphy Institute, CUNY School of Labor and Urban Studies Article reuse guidelines: of the Real Estate State sagepub.com/journals-permissions https://doi.org/10.1177/1095796019864098 DOI: 10.1177/1095796019864098 journals.sagepub.com/home/nlf Samuel Stein Keywords urban planning, housing, gentrification, real estate, organizing Around the world, more and more money is equity firms like Blackstone—now the world’s being invested in real estate, the business of largest landlord. building, buying, and renting land and property. Global real estate is now worth $217 trillion, In 2016, a record 37 percent of thirty-six times the value of all the gold ever home sales were made to absentee mined. It makes up 60 percent of the world’s investors, a majority of which were assets, and the vast majority of that wealth— 1 banks, hedge funds, and private roughly 75 percent—is in

Journal

New Labor Forum – SAGE

Published: Sep 1, 2019

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