![]() ![]() Sassen would even argue that if those buildings are sitting there half empty, they are still delivering profits to their owners via their financializing. Notably, making asset-backed securities that can be bought and sold easily – where the building or some part of it is the “asset.”.’ First, it is a form of buying urban land, which is often far more difficult to own than the building on top of the land secondly, it can be used by investors to play the financial markets. But it might also involve two other things. ![]() One issue is the familiar fact that it is a way of cleansing one’s irregular wealth – to put it kindly. ![]() Lynd Professor of Sociology, Columbia UniversityĬo-Chair Committee on Global Thought, Columbia University. ‘If the current large-scale buying continues, we will lose this type of making that has given our cities their cosmopolitanism’, she warned already two years ago in The Guardian. Whereas cities are the spaces where those without power get to make a history and a culture, says Saskia Sassen. Money is power – an inconvenient truth when it comes to urban environments around the globe, where wealthy corporations are taking advantage of their fortunate position at the expense of the many less fortunate inhabitants. ![]()
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