The commodification of a rent-regulated housing market. Actors and strategies in Viennese neighbourhoods

Against the background of price increases on the one hand and strong tenement regulations in Vienna’s historic housing stock on the other, this article analyses the actors and strategies of commodification. Following a mixed-methods approach, this case study analyses 90 historic tenement buildings in nine neighbourhoods. Our analysis reveals the increasing relevance of institutional actors as (co-)owners, which goes hand in hand with declining holding periods. As local actors are highly diverse, we have identified five types of actors and four commodification strategies, pointing towards a spatially differentiated division of labour. This actor constellation, dominated by micro actors, suggests that the specific situation and regulation of a market brings different types of actors to the fore. Most of the identified actors, and particularly the funding of their projects, have no relation to financial markets and sources; from this perspective, the concept of commodification provides greater insight into the dynamic of this specific housing market segment than the lens of financialisation does.