Jump to ContentJump to Main Navigation
From Boom To BubbleHow Finance Built the New Chicago$
Users without a subscription are not able to see the full content.

Rachel Weber

Print publication date: 2015

Print ISBN-13: 9780226294483

Published to Chicago Scholarship Online: May 2016

DOI: 10.7208/chicago/9780226294513.001.0001

Show Summary Details
Page of

PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 20 October 2019

The Rhythm of Urban Redevelopment

The Rhythm of Urban Redevelopment

Chapter:
(p.15) 1 The Rhythm of Urban Redevelopment
Source:
From Boom To Bubble
Author(s):

Rachel Weber

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226294513.003.0001

This chapter lays out the problem of overbuilding and its causes. It introduces debates about the magnitude and pace of physical change in cities: just how flexible or obdurate are they, and what factors drive their transformation? The dominant paradigm in urban economics describes building booms as cyclical and explains new construction primarily in terms of its demand by space users. Why, then, is real estate development prone to bursts of hyperactivity and dormancy, the motivations for which appear divorced from the business cycle? Integrating critical urban theory and economic sociology, the chapter lays out a novel framework for understanding construction booms and bubbles. New financial instruments channel capital to the built environment helped along by professional actors that help construct both occupant and investor demand for new buildings. In contrast to both supply- and demand-side perspectives, however, the approach adopted in the book is robustly agent-centered and draws from emerging theories of the performativity of markets. The professionals responsible for making investment decisions are identified as are the institutional incentives that encourage them to position new construction above renovated older buildings.

Keywords:   overbuilding, real estate cycle, economic sociology, building boom

Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.