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When homes earn more than jobs: the rentierization of the Australian housing market

Ryan-Collins, J; Murray, C; (2021) When homes earn more than jobs: the rentierization of the Australian housing market. Housing Studies 10.1080/02673037.2021.2004091. (In press). Green open access

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Abstract

This article develops the concept of housing market ‘rentierization’ to describe the shift in the treatment of housing away from its use as a consumption good to an asset from which economic rent can be extracted. Rentierization encompasses, but goes beyond, the ‘financialisation of housing’ that has been the focus of attention in the recent political economy of housing literature as it involves changes across land and housing market policy, fiscal-policy as well as financial policy spheres. We examine Australia as a canonical example of rentierization, conducting a historical case study that examines the returns to land and housing over the 20th century and trace its roots to developments that preceded the financial liberalization of the 1980s, including the privatization of public housing in the 1960s and 70s.

Type: Article
Title: When homes earn more than jobs: the rentierization of the Australian housing market
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/02673037.2021.2004091
Publisher version: https://doi.org/10.1080/02673037.2021.2004091
Language: English
Additional information: Copyright © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.
Keywords: Housing, land, economic rentfinancialization, privatization, credit, taxation, homeownership, Australian economy
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose
URI: https://discovery.ucl.ac.uk/id/eprint/10139426
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