Extracting rents through foreclosures: The rescue of Catalunya Banc as a new urban strategy following the burst of the Spanish bubble

Abstract

Using the paradigmatic example of Catalunya Banc, this paper analyses the Spanish varieties of the new financial engineering used to appropriate urban rent by home dispossession. It aims to contribute to the study of the new forms of financialization that have appeared since 2008. Particular attention is given to the role of the state, the emergence of private equity funds as global real estate owners and how this has translated into a wave of evictions due to mortgage foreclosures. In short, this article highlights the implications of the uneven development resulting from the exhaustion of the so-called Spanish model of accumulation during the real estate boom years.

Keywords

• financialization
• bank bailout
• housing policy
• foreclosures
• home dispossession
• spain