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Research Article

Neoliberal Urbanization and Urban Enclosure(III): Financialization of Housing and Enclosure

신자유주의 도시화와 도시 인클로저(III)- 주택의 금융화와 인클로저 -

Yongchang Kima*
김 용창a*
aProfessor, Department of Geography, College of Social Sciences and Institute for Korean Regional Studies, Seoul National University
a서울대학교 사회과학대학 지리학과 교수, 서울대학교 국토문제연구소 겸무연구원
*Corresponding Author
31 August 2024. pp. 522-541
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Abstract

This paper analyses that among various contemporary enclosures, the financial enclosure of housing is a typical new enclosure that emerges in the advanced stage of capitalism. As a strategy for solving the financial crisis, the state excluded methods such as mortgage strip-down or eminent domain solutions for underwater mortgage debt for the socially disadvantaged. At the same time, the financialisation and securitisation system, with institutional support from the state, provided a new way of profiting for institutional investors, including large private equity funds. This created a paradox in which Wall Street, the main culprit of the financial crisis, was again used as an opportunity to grab housing, and single-family housing became the target of new commodification and securitization, and housing enclosure was promoted. Subsequently, the single-family rental market became a major target for institutional investors, giving rise to financialised landlords and global corporate landlords as a new form of large-scale land ownership. These financialised housing enclosures are not significantly different from what Marx called reckless terrorism. Today, the enclosure developed in the public-private takings of urban development and the financialisation of housing is a representative means of primitive accumulation, an ongoing process in contemporary capitalism, where the principles of exploitation and expropriation are in a dialectical relationship in the evolutionary process of capital accumulation.

Keywords
financialisation and enclosure
primitive accumulation
fictitious capital
single-family rental securitization
corporate landlords
cramdown

이 논문은 현대의 다양한 인클로저 가운데 주택의 금융적 인클로저가 고도화된 자본주의 단계에서 나타나는 대표적인 새로운 인클로저임을 분석한다. 금융위기 해결 과정에서 국가는 사회적 약자를 위한 채권강제감축이나 모기지 공용수용 방법을 배제하였던 반면에, 금융화와 증권화 방법을 통해 대규모 사모펀드를 비롯한 기관투자가들에게 새로운 이윤추구의 길을 제공하였다. 그 결과 금융위기의 주범인 월스트리트를 다시 주택 사냥꾼으로 활용하는 역설을 낳으며, 전에 없이 단독주택이 새로운 상품화와 증권화의 대상이 되었고, 주택 인클로저가 촉진되었다. 이를 계기로 단독임대주택 시장이 본격적인 기관투자가의 투자대상이 되었고, 새로운 대토지소유형태로서 금융화된 지주, 글로벌 기업형 임대주택사업자가 부상하였다. 이러한 금융적 주택 인클로저는 마르크스가 난폭한 테러리즘이라고 부른 것과 크게 다르지 않다. 오늘날 도시개발의 사적공용수용, 주택의 금융화에 기반하여 전개되는 인클로저는 본원적 축적의 대표적인 수단이자 현대 자본주의에서도 지속되는 과정이며, 착취와 수탈의 원리는 자본축적 과정에서 변증법적 관계에 있는 자본주의 진화원리이다.

키워드
금융화와 인클로저
본원적 축적
의제자본
단독임대주택 증권화,
기업형 임대사업자
채권강제감축
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Information
  • Publisher :The Korean Geographical Society
  • Publisher(Ko) :대한지리학회
  • Journal Title :Journal of the Korean Geographical Society
  • Journal Title(Ko) :대한지리학회지
  • Volume : 59
  • No :4
  • Pages :522-541
  • Received Date : 2024-06-24
  • Revised Date : 2024-07-31
  • Accepted Date : 2024-08-05
  • DOI :https://doi.org/10.22776/kgs.2024.59.4.522
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