Richard Goulding

This article explores the governance of risk in financialization through the entry of Real Estate Investment Trusts (REITs) and other investment funds into specialized supported housing in England. Supported housing is a form of care accommodation intended to enable vulnerable groups such as people with learning disabilities to live more independently. Since 2014, investors have targeted the sector, developing a leaseback model that has encountered controversy due to unsustainable rents and the near bankruptcy of at least one housing association. The article unpacks these dynamics by asking how financialization has generated risk through the imposition of a ‘care fix’ in the sector, drawing on qualitative data including interviews, financial and media reports, and court and regulatory documents. In answering this question, it argues that the contradiction between housing's role as a private commodity and as a collective means of social reproduction generates tensions that suggest potential limits to financialization.

For many cities, the entry of financial actors into housing opens new geopolitical relations with overseas entities, including state‐backed investors such as sovereign wealth funds. These transformations raise the question of the extent to which real estate enables the urbanisation of state capitalism, understood as the expansion of the state's role as promoter, supervisor, and owner of capital. Our paper answers this question through an analysis of Manchester Life, a residential real estate joint venture between Manchester City Council and the Abu Dhabi United Group, an investment firm linked to the Abu Dhabi royal family. In doing so it explores state capitalism as a form of extended urbanisation, with oil revenues from the Persian Gulf used to extract urban land rents in the Global North. It further highlights urban geopolitical implications, theorising Manchester Life as an organisational fix that reworks the geographies of value extraction while eroding democratic accountability.

Over the last decade, Greater Manchester's city-regional centre has become an important site for build to rent (BTR) housing development in the UK. The growth of this new tenure raises important empirical and conceptual questions about how far and through what means BTR has extended in post-industrial cities like Manchester, as well as how to theorise the global–local relations involved in BTR development. Drawing on a self-built database of 155 development projects incorporating 45,069 new housing units, we show that new-build BTR units have outpaced ‘build to sell’ (BTS) units almost two to one in Manchester's city-regional centre since 2012. We also found stronger international investment in BTR relative to BTS, illustrating BTR's more globalised and financialised form. Our paper understands BTR growth in Manchester as the outcome of a transcalar territorial network – an assemblage of national policy objectives, local state actors’ urban regeneration activity and heterogenous global investor groups with different priorities all seeking a return. We highlight the important role of national and local state subsidies and local authority joint ventures in constructing a territory conducive for BTR investment in Manchester. We also show how the fungibility of BTR assets as a ‘networked product’ widens the investment appeal of the tenure type, broadening and deepening housing financialization.