What's wrong with investment apartments? On the construction of a ‘financialized’ rental investment product in Vienna

References

• Aalbers, M.B. (2016) The Financialization of Housing: A Political Economy Approach (Abingdon: Routledge).
   Google Scholar
• Aalbers, M.B. & Holm, A. (2008) Privatising social housing in Europe: The cases of Amsterdam and Berlin, in: K. Adelhof, B. Glock, J. Lossau and M. Schulz (Eds) Urban Trends in Berlin and Amsterdam, pp. 12–23 (Berlin: Berliner Geographische Arbeiten, Humboldt Universität zu Berlin).
   Google Scholar
• Aalbers, M., Hochstenbach, C., Bosma, J. & Fernandez, R. (2020) The death and life of private landlordism: how financialized homeownership gave birth to the buy-to-let market, Housing, Theory and Society (pre-print).
   PubMed Web of Science ®Google Scholar
• Aalbers, M. B. Van Loon, J. & Fernandez, R. (2017) The financialization of a social housing provider, International Journal of Urban and Regional Research. doi: https://doi.org/10.1111/1468-2427.12520
   Google Scholar
• Aglietta, M. (2000) Ein neues Akkumulationsregime. Die Regulationstheorie auf dem Prüfstand (Hamburg: VSA-Verlag)
   Google Scholar
• Aigner, A. (2019) Wohnraum Als Investment. Eine Kritik Der Vorsorgewohnung, Dérive Zeitschrift Für Stadtforschung, 75, pp. 17–25.
   Google Scholar
• Allon, F. (2016) The Wealth Affect: Financial Speculation as Everyday Habitus, in: A. Schmidt & C. Conrad (Eds) Bodies and Affects in Market Societies, pp. 109–125 (Tübingen: Mohr Siebeck).
   Google Scholar
• Allon, F. (2010) Speculating on Everyday Life: The Cultural Economy of the Quotidian, Journal of Communication Inquiry, 34, pp. 366–381. doi: https://doi.org/10.1177/0196859910383015
   Google Scholar
• Arundel, R. (2017) Equity Inequity: Housing Wealth Inequality, Inter and Intra-Generational Divergences, and the Rise of Private Landlordism, Housing, Theory and Society, 34, pp. 176–200.
   Web of Science ®Google Scholar
• Bauernfeind, S., Fuhrmann, K., Pirker, E. & Verwijen, S. (2015) Vorsorgewohnungen (Wien: Manz).
   Google Scholar
• Belina, B. (2010) Krise und gebaute Umwelt. Zum Begriff des, Sekundären Kapitalkreislaufs’ und zur Zirkulation des fixen Kapitals, Z. Zeitschrift Marxistische Erneuerung, 83, pp. 8–19.
   Google Scholar
• Belina, B. (2018) Wenn Geldkapital eine sichere Bank sucht. Theorie und die politökonomischen Grundlagen der aktuellen Wohnungsfrage in Deutschland, PROKLA. Zeitschrift Für Kritische Sozialwissenschaft, 191, 48, pp. 187–203.
   Google Scholar
• Beswick, J., Alexandri, G., Byrne, M., Vives-Miró, S., Fields, D., Hodkinson, S. & Janoschka, M. (2016) Speculating on London's housing future, City, 20, pp. 321–341.
   Google Scholar
• Böhme, G. (2017) Critique of Aesthetic Capitalism (Mimesis international).
   Google Scholar
• Boyer, R. (2000) Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis, Economy and Society, 29, S. pp. 111–145.
   Web of Science ®Google Scholar
• Bourdieu, P. & Wacquant, L. (2001) NewLiberalSpeak: Notes on the new planetary vulgate, Radical Philosophy, 105, pp. 1–5.
   Google Scholar
• Bourdieu, P. (2005) The Structures of Economy (Cambridge: Polity Press).
   Google Scholar
• Bourdieu, P. (1991) Language and Symbolic Power (Cambridge: Polity Press).
   Google Scholar
• Byrne, M. (2020) Generation rent and the financialization of housing: A comparative exploration of the growth of the private rental sector in Ireland, the UK and Spain, Housing Studies, 35, pp. 743–765.
   Web of Science ®Google Scholar
• Callon, M., Méadel, C. & Rebeharisoa, V. (2002) The Economy of Qualities, Economy and Society, 31(2), pp. 194–217.
   Web of Science ®Google Scholar
• Callon, M. (1998) The Laws of the Market (Oxford and Malden: Blackwell Publishers).
   Google Scholar
• Callon, M. (2007) What does it mean to say that economics is performative?, in: D. MacKenzie, F. Muniesa and L. Siu (Eds) Do Economists Make Markets? On the Performativity of Economics, pp. 311–357 (Princeton: Princeton University Press).
   Google Scholar
• Callon, M., Millo, Y. & Muniesa, F. (2007) Market Devices. (Malden, Oxford, Victoria: Blackwell Publishing).
   Google Scholar
• Christophers, B. (2015) The limits to financialization, Dialogues in Human Geography, 5, pp. 183–200.
   Web of Science ®Google Scholar
• Clapham, D. (2009) Introduction to the special issue – a theory of housing: problems and potential, Housing, Theory and Society, 26, pp. 1–9.
   Google Scholar
• Clapham, D. (2018) Housing theory, housing research and housing policy, Housing, Theory and Society, 35, pp. 163–177.
   Web of Science ®Google Scholar
• Cochoy, F., Hagberg, J., Petersson McIntyre, M. & Sörum, N. (2017) Digitalizing Consumption. How Devices Shape Consumer Society (Abindgon, New York: Routledge).
   Google Scholar
• Crook, A.D.H. & Kemp, P.A. (2014) England, in: A. D. H. Crook and P. A. Kemp (Eds) Private Rental Housing: Comparative Perspectives, pp. 174–197 (Cheltenham: Edward Elgar).
   Google Scholar
• EHL (2018) Vorsorgewohnungen in Wien, Marktbericht 2018. https://www.ehl.at/fileadmin/content/ueber-ehl/research/EHL_Vorsorgemarktbericht_2018.pdf (accessed 21 January 2020).
   Google Scholar
• EHL (2019) Vorsorgewohnungen in Wien, Marktbericht 2019. https://www.ehl.at/fileadmin/content/ueber-ehl/research/EHL_Vorsorgemarktbericht_2019.pdf (accessed 21 January 2020).
   Google Scholar
• Eurostat (2020) Since 2007 rents up by 21%, house prices by 19%. https://ec.europa.eu/eurostat/web/products-eurostat-news/-/DDN-20200116-1 (accessed 20 February 2020).
   Google Scholar
• Erturk, I., Froud, J., Johal, S., Leaver, A. & Williams, K. (2008) Financialization at Work: Key Texts and Commentary. (London/New York: Routledge).
   Google Scholar
• Fernandez, R., Hofman, A. & Aalbers, M.B. (2016) London and New York as a safe deposit box for the transnational wealth elite, Environment and Planning A: Economy and Space, 48, pp. 2443–2461.
   Web of Science ®Google Scholar
• Fields, D. (2018) Constructing a new asset class: Property-led financial accumulation after the crisis, Economic Geography, 94, pp. 118–140.
   Web of Science ®Google Scholar
• Fields, D. (2019) Automated landlord: Digital technologies and post-crisis financial accumulation, Environment and Planning A: Economy and Space, doi: https://doi.org/10.1177/0308518X19846514
   PubMed Web of Science ®Google Scholar
• Fields, D. & Rogers, D. (2019) Towards a critical housing studies research agenda on platform real estate, Housing, Theory and Society, doi: https://doi.org/10.1080/14036096.2019.1670724
   PubMed Web of Science ®Google Scholar
• Forrest, R., Koh, S.Y. & Wissink, B. (Eds) (2016) Cities and the Super-Rich: Real Estate, Elite Practices, and Urban Political Economy. (London: Palgrave Macmillan).
   Google Scholar
• Gotham, K.F. (2009) Creating liquidity out of spatial fixity: The secondary circuit of capital and the subprime mortgage crisis, International Journal of Urban and Regional Research, 33, pp. 355–371.
   Web of Science ®Google Scholar
• Gutheil-Knopp-Kirchwald, G., Getzner, M. & Grüblinger, G. (2012) Analyse der Angebots- und Preisentwicklung von Wohnbauland und Zinshäusern in Wien (Wien: IFIP).
   Google Scholar
• Habermas, J., Gabriel, S. & Macron, M. (2017) Europa neu denken, Blätter für deutsche und internationale Politik, April 2017 https://www.blaetter.de/ausgabe/2017/april/europa-neu-denken (accessed 8 June 2020).
   Google Scholar
• Harvey, D. ([1982]2018) The Limits to Capital (London: Verso).
   Google Scholar
• Hochstenbach, C. & Ronald, R. (2020a) The Revival of the Private Rental Sector under Amsterdam’s Regulated Marketization Regime, Working Paper Series No. 34, (Amsterdam: Centre for Urban Studies, Univ. of Amsterdam).
   Google Scholar
• Hochstenbach, R.& Ronald, R. (2020b) The unlikely revival of private renting in Amsterdam: Re-regulating a regulated housing market, Environment and Planning A: Economy and Space. doi: https://doi.org/10.1177/0308518X20913015
   PubMed Web of Science ®Google Scholar
• Hochstenbach, C., Wind, B. & Arundel, R. (2020) Resurgent landlordism in a student city: Urban dynamics of private rental growth, Urban Geography. doi: https://doi.org/10.1080/02723638.2020.1741974
   PubMed Web of Science ®Google Scholar
• Holm, A. (2010) Privare heiß Rauben. Zur Ökonomie von Wohnungsprivatisierungen, Z. Zeitschrift Für Marxistische Erneuerung, 21, pp. 46–59.
   Google Scholar
• Heeg, S. (2013) Wohnungen als Finanzanlage. Auswirkungen von Responsibilisierung und Finanzialisierung im Bereich des Wohnens, Suburban, Zeitschrift für Kritische Stadtforschung, 1(1), pp. 75–99.
   Google Scholar
• Heeg, S. (2017) Finanzialisierung und Responsibilisierung – Zur Vermarktlichung der Stadtentwicklung, in: B. Schönig, J. Kadi & S. Schipper (Eds) Wohnraum für alle? Perspektiven auf Planung, Politik und Architektur, pp. 47–59 (Bielefeld: transcript).
   Google Scholar
• Hulse, K., Reynolds, M. & Martin, C. (2020) The everyman archetype: discursive reframing of private landlords in the financialization of rental housing, Housing Studies, 35, pp. 981–1003. doi: https://doi.org/10.1080/02673037.2019.1644297
   Web of Science ®Google Scholar
• Hulse, K. & Yates, J. (2017) A private rental sector paradox: Unpacking the effects of urban restructuring on housing market dynamics, Housing Studies, 32, pp. 253–270.
   Web of Science ®Google Scholar
• Janoschka, M., Alexandri, G., Ramos, H.O. & Vives-Miró, S. (2020) Tracing the socio-spatial logics of transnational landlords’ real estate investment: Blackstone in Madrid, European Urban and Regional Studies, 27, pp. 125–141.
   Web of Science ®Google Scholar
• Kadi, J. (2015) Recommodifying housing in formerly ‘Red’ Vienna?, Housing, Theory and Society, 32, pp. 247–265.
   Web of Science ®Google Scholar
• Kadi, J., Hochstenbach, C. & Lennartz, C. (2020) Multiple property ownership in times of late homeownership: A new conceptual vocabulary, International Journal of Housing Policy, 20, pp. 6–24. doi: https://doi.org/10.1080/19491247.2019.1697514
   Web of Science ®Google Scholar
• Kadi, J. & Verlic, M. (2019) Gentrifizierung in Wien: Perspektiven aus Wissenschaft, Politik und Praxis (Wien: Arbeiterkammer Wien).
   Google Scholar
• Kemeny, J. (1992) Housing and Social Theory. (Abingdon, New York: Routledge).
   Google Scholar
• Kemp, P.A. (2015) Private renting after the global financial crisis, Housing Studies, 30, pp. 601–620.
   Web of Science ®Google Scholar
• Kemp, P. (2020) Commentary on multiple property ownership, International Journal of Housing Policy, 20, pp. 144–155.
   Web of Science ®Google Scholar
• Langley, P. (2006) The making of investor subjects in Anglo-American pensions, Environment and Planning D: Society and Space, 24, pp. 919–934.
   Web of Science ®Google Scholar
• Lapavitsas, C. (2013) Profiting without producing: How finance exploits us all. (London, New York: Verso).
   Google Scholar
• Lappe, M. (2010) Private Pensionsvorsorge: Geeignete Anlageprodukte finden. Finanzplanung für den Lebensabend. Strategien für unsichere Zeiten (Wien: Verein für Konsumenteninformation/VKI).
   Google Scholar
• Van Loon, J. & Aalbers, M.B. (2017) How real estate became ‘just another asset class: the financialization of the investment strategies of Dutch institutional investors, European Planning Studies, 25, pp. 221–240.
   Web of Science ®Google Scholar
• MacKenzie, D. & Millo, Y. (2003) Constructing a market, performing theory: The historical sociology of a financial derivative exchange, American Journal of Sociology, 109, pp. 107–145.
   Web of Science ®Google Scholar
• Martin, C. (2018) Clever Odysseus: Narratives and strategies of rental property investor subjectivity in Australia, Housing Studies, 33, pp. 1060–1084.
   Web of Science ®Google Scholar
• McElroy, E. (2019) Digital frictions. Disruption at the doorstep, Urban Omnibus. https://urbanomnibus.net/2019/11/disruption-at-the-doorstep/
   Google Scholar
• McKee, K., Soaita, A.M. & Hoolachan, J. (2020) ‘Generation rent’ and the emotions of private renting: Self-worth, status and insecurity amongst low-income renters, Housing Studies, 35(8), pp. 1468–1487.
   Web of Science ®Google Scholar
• Mundt, A. & Springler, E. (2016), Milestones in Housing Finance in Austria over the Last 25 Years, in: Jens Linde & Christine Whitehead (Eds) Milestones in European Housing Finance, pp. 55–73.
   Google Scholar
• Mundt, A. (2008) Privatisierung von gebundenem sozialem Wohnraum, in: K. Lugger & M. Holoubek (Eds) Die österreichische Wohnungsgemeinnützigkeit – ein europäisches Erfolgsmodell, pp. 337–349 (Wien: Manz).
   Google Scholar
• Muniesa, F., Millo, Y. & Callon, M. (2007) An introduction to market devices, The Sociological Review, 55(2), pp. 1–12.
   Google Scholar
• Paccoud, A. (2017) Buy-to-let gentrification: Extending social change through tenure shifts, Environment and Planning A, 49, pp. 839–856.
   Web of Science ®Google Scholar
• Pawson, H. & Martin, C. (2020) Rental property investment in disadvantaged areas: The means and motivations of Western Sydney’s New Landlords, Housing Studies. doi: https://doi.org/10.1080/02673037.2019.1709806
   Web of Science ®Google Scholar
• Prantner, C., Rosifka, W., Peinbauer, S., Trockner, L. & Korntheuner, M. (2018) Geldanlage Vorsorgewohnung. Chancen und Risiken für AnlegerInnen – Schlussfolgerung aus einer Markterhebung (Arbeiterkammer Wien).
   Google Scholar
• Rogers, D. & Koh, S.Y. (2017) The globalisation of real estate: The politics and practice of foreign real estate investment, International Journal of Housing Policy, 17, pp. 1–14.
   Web of Science ®Google Scholar
• Ronald, R. & Kadi, J. (2018) The revival of private landlords in Britain’s post-homeownership society, New Political Economy, 23, pp. 786–803.
   Web of Science ®Google Scholar
• Scanlon, K. & Whitehead, C. (2016) The Profile of UK Private Landlords (London: Council of Mortgage Lenders).
   Google Scholar
• Seelig, T., Thompson, A., Burke, T., Pinnegar, S., McNelis, S. & Morris, A. (2009) Understanding what motivates households to become and remain investors in the private rental market AHURI Final Report No. 130, (Melbourne: Australian Housing and Urban Research Institute).
   Google Scholar
• Schmidinger, J. (2008) Wohnbaubanken und gemeinnützige Bauervereinigungen, in: K. Lugger & M. Holoubek (Eds) Die österreichische Wohnungsgemeinnützigkeit – ein europäisches Erfolgsmodell, pp. 259–267 (Wien: Manz).
   Google Scholar
• Schwartz, H. & Seabrooke, L. (2008) Varieties of Residential Capitalism in the International Political Economy: Old Welfare States and the New Politics of Housing, Comparative European Politics, 6, pp. 237–261.
   Web of Science ®Google Scholar
• Smith, S., Munro, M. & Christie, H. (2006) Performing (housing) markets, Urban Studies, 43, pp. 81–98.
   Web of Science ®Google Scholar
• Soaita, A.M., Searle, B.A., McKee, K. & Moore, T. (2017) Becoming a landlord: Strategies of property-based welfare in the private rental sector in Great Britain, Housing Studies, 32, pp. 613–637.
   Web of Science ®Google Scholar
• Springler, E. & Wöhl, S. (2019) The financialization of the housing market in Austria and Ireland, in: S. Wöhl, E. Springler, M. Pachel, B. Zeilinger (Eds) The State of the European Union. Fault Lines in European Integration, pp. 155–173 (Wiesbaden: Springer).
   Google Scholar
• Springler, E. (2008) Wohnbaufinanzierung aus volkswirtschaftlicher Sicht, in: K. Lugger & M. Holoubek (Eds): Die österreichische Wohnungsgemeinnützigkeit – ein europäisches Erfolgsmodell, pp. 281–291 (Wien: Manz).
   Google Scholar
• Standort + Markt & bulwiengesa (2015) Marktstudie Neubau-Projekte Eigentums- und Vorsorgewohnungen in Wien 2015. https://www.bulwiengesa.de/sites/default/files/neubau_etw_vorsorge_wien_2015_flyer.pdf (accessed 21 January 2020).
   Google Scholar
• Standort + Markt & bulwiengesa (2018) Marktstudie Neubau-Projekte Eigentums- und Vorsorgewohnungen in Wien 2018. https://www.bulwiengesa.de/sites/default/files/pm_etw_wien_2018_0.pdf (accessed 21 January 2020).
   Google Scholar
• Statistik Austria (2019) Wohnen 2018. Zahlen, Daten und Indikatoren der Wohnstatistik (Wien: Statistik Austria).
   Google Scholar
• Trockner, L. (2017) Mieten in Österreich und Wien 2008 bis 2016 (Wien: Arbeiterkammer Wien). https://www.arbeiterkammer.at/infopool/wien/Mieten_in_Oesterreich_und_Wien_2008_bis_2016.pdf (accessed 21 January 2020).
   Google Scholar
• Trouillard, E. (2013) Development of a financialized rental investment product: Private serviced residences in the Paris region (Ile-de-France), in: N. Moore-Cherry & M.-J. Piñeira-Mantiñan (Eds) Transforming cities: Urban processes and structure, pp. 57–70 (Santiago de Compostela: Universidade de Santiago de Compostela, IGU Urban Geography Commission).
   Google Scholar
• Uffer, S. (2014) Wohnungsprivatisierung in Berlin. Eine Analyse verschiedener Investitionsstrategien und deren Konsequenzen für die Stadt und deren Bewohner, in: Holm, Andrej (Ed) Reclaim Berlin. Soziale Kämpfe in der neoliberalen Stadt, pp. 64–82 (Berlin: Assoziation A).
   Google Scholar
• Wallace, A. (2008) Knowing the market? Housing Studies, 23, pp. 253–270.
   Web of Science ®Google Scholar
• Watson, M. (2010) House Price Keynesianism and the Contradictions of the Modern Investor Subject, Housing Studies, 25, pp. 413–426.
   Web of Science ®Google Scholar
• Wijburg, G. & Aalbers, M.B. (2017) The alternative financialisation of the German housing market, Housing Studies, 32, pp. 968–989.
   Web of Science ®Google Scholar
• Wijburg, G., Aalbers, M.B. & Heeg, S. (2018) The financializsation of rental housing 2.0: Releasing housing into the privatised mainstream of capital accumulation, Antipode, 50, pp. 1098–1110.
   Web of Science ®Google Scholar
• Wind, B., Dewilde, C. & Doling, J. (2020) Secondary property ownership in Europe: contributing to asset-based welfare strategies and the ‘really big trade-off’, International Journal of Housing Policy, 20, pp. 25–52.
   Web of Science ®Google Scholar
• Wood, G. & Ong, R. (2010) Factors Shaping the Decision to Become a Landlord and Retain Rental Investments, AHURI Final Report No 142, (Melbourne: Australian Housing and Urban Research Institute Limited).
   Google Scholar
• Wood, G. & Ong, R. (2013) When and why do landlords retain property investments?, Urban Studies, 50, pp. 3243–3261.
   Web of Science ®Google Scholar