The financialization of rental housing 3.0
本文提出租赁住房金融化进入3.0阶段，特点是国家干预和监管既限制又促进机构住房投资，并分析了这一阶段如何改变治理模式，使全球金融投资者能协商住房政策、发展市场导向的交叉持股和国家支持的投资计划，以及多样化投资组合。
While early rounds of rental housing financialization were predominantly driven by private equity firms and other speculative landlords acquiring residential portfolios, in the wake of the global financial crisis, real estate investment trusts (REITs) and institutional investors marked their entry into the public and private rental sector. Although this transition from financialization 1.0 to financialization 2.0 is arguably still unfolding, the contributions to this special issue demonstrate that we are potentially experiencing the beginning of a new cycle. Financialization 3.0 is marked by intensifying—albeit not necessarily stable and coherent—state interventions and regulatory attempts to both constraint and facilitate institutional housing investment. For all its contradictions, I argue that financialization 3.0 contributes to shifting modes of governance, enabling global financial investors to (1) negotiate housing policy and urban planning arrangements, (2) develop market-oriented crossholdings and state-supported investment schemes, and (3) diversify portfolio holdings and rentier models across the real estate sector at large. Although an emergent state-finance nexus can thus be observed, the outcomes of financialization 3.0 are controversial at best. For that reason, I conclude that financialization 3.0 will not lead to a durable asset ecosystem where tensions between public housing needs and global investment priorities are reconciled.