The Global Economic Crisis and the Reshaping of Housing Opportunities

This paper begins by establishing the multi-scalar interconnectivity between global financial flows, the economic crisis and housing. Focusing particularly on developments in England, it then considers the transformation of debates and the justification for the "socialization of losses" and the substantial cuts in public expenditure through a neo-liberal "austerity" agenda. The paper argues that rather than addressing the fundamental tensions and contradictions within the current financialized model of capitalism, outlined in the first part of the paper, the responses of the UK Coalition Government and financial institutions have reinforced the recalibration of risk and responsibility. It then goes on to demonstrate the dynamics of, and contradictions within, the housing system in the context of wider policy and societal change. The paper highlights the emergence of strategies with the potential not only to reshape housing opportunities but also to further diminish access to, security and quality of appropriate housing across all tenures. © 2013 Copyright Taylor and Francis Group, LLC.