Over the last three decades, processes of economic
transformation and market liberalization have had far-reaching consequences for
property regimes across the world. These transformations are felt particularly
strongly in urban areas, where land and housing have been turned into real
estate. Property has enhanced both
monetary gains and social status for those individuals and communities
benefiting from post-liberalization ownership regimes. ‘Real estate development
and speculation in real estate products have become a major means for wealth
accumulation by propertied people in many cities’. While wealth accumulation
per se is neither new nor necessarily problematic, the accumulation of capital
through real estate enabled by liberalization policies has certainly not
benefitted all social groups in equal measure. Even
though marginalized groups
are equally exposed to glowing media representations of urban renewal and
homeownership, many continue to be subjected to evictions and exclusions,
struggle to claim basic rights as citizens and can only dream of participating
in the emerging consumer culture.
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