Building cities on financial assets: The financialisation of property markets and its implications for city governments in the Paris city-region
通过巴黎圣旺区大型再开发项目案例，分析金融投资者如何通过风险、回报和流动性等市场范畴塑造城市空间，揭示地方政府在财政紧缩下依赖房地产市场时面临的权力不平等和政策约束。
The 2008 global financial meltdown has redirected attention to the entwinement of financial markets and the urban built environment. Against that background, recent works in urban political economy have focused on how city governments support the rent-maximisation strategies of landowners, thereby reinforcing ‘the increasing tendency to treat land as a financial asset’ (Harvey, [1982]2006). However, this perspective paradoxically understates the importance of market finance actors, neglecting to demonstrate how, in practice, such financial investors, who have been shown to adopt selective investment practices, shape urban redevelopment projects. In this article, the role of financial investors is analysed through a case study of a large-scale redevelopment project on the outskirts of the Paris city-region (city of Saint-Ouen). The analysis of negotiations over urban design and economic development issues – raised by property developers seeking to fashion commercial properties as investment assets – reveals the unevenness of a local authority’s ability to implement an agenda that potentially diverges from the expectations of financial investors. Accordingly, given the growing importance of investors in the ownership of the built environment, the article considers urban redevelopment as the outcome of power relations that originate in the circulation of investors’ expectations. These expectations are met through translating market finance categories (risk, return and liquidity) into elements of the urban fabric. This bears substantial consequences for policy-making, given the current context of austerity, as municipal authorities are increasingly constrained to rely on property markets. Urban redevelopment projects are thereby increasingly shaped to provide investment assets for financial investors.