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Has mortgage capital found an inner‐city spatial fix?

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  • Elvin Wyly
  • Mona Atia
  • Daniel Hammel

Abstract

For two generations, urbanists have analyzed how residential mortgage lending reflects and reinforces inner‐city inequality. Yet the basic dichotomies of this literature have been eroded by parallel developments in community organizing, public policy, and restructuring of financial services. Securitization, institutional structure, and increasingly sophisticated market segmentation have altered the relationship between mortgage capital and the inner city, redrawing patterns of exclusionary redlining into more complicated, stratified inclusion into prime and subprime reinvestment flows. In this article, we analyze lending dynamics in neighborhoods at the nexus between gentrified reinvestment and enduring poverty in 23 large U.S. cities. A strong, sustained resurgence of capital investment is woven together with enduring racial‐ethnic exclusion that cannot be blamed on borrower deficiencies. Institutional restructuring and secondary‐market linkages reinforce newer class and racial‐ethnic inequalities through subprime segmentation: Lenders’ willingness to serve black borrowers, for instance, is becoming closely associated with subprime specialization.

Suggested Citation

  • Elvin Wyly & Mona Atia & Daniel Hammel, 2004. "Has mortgage capital found an inner‐city spatial fix?," Housing Policy Debate, Taylor & Francis Journals, vol. 15(3), pages 623-685.
    • Handle: RePEc:taf:houspd:v:15:y:2004:i:3:p:623-685
    DOI: 10.1080/10511482.2004.9521516
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    Cited by:

    1. Andrejs Skaburskis & Markus Moos, 2008. "The Redistribution of Residential Property Values in Montreal, Toronto, and Vancouver: Examining Neoclassical and Marxist Views on Changing Investment Patterns," Environment and Planning A, , vol. 40(4), pages 905-927, April.
    2. Siân Butcher, 2020. "Creating a gap that can be filled: Constructing and territorializing the affordable housing submarket in Gauteng, South Africa," Environment and Planning A, , vol. 52(1), pages 173-199, February.
    3. Derek Hyra, 2015. "The back-to-the-city movement: Neighbourhood redevelopment and processes of political and cultural displacement," Urban Studies, Urban Studies Journal Limited, vol. 52(10), pages 1753-1773, August.
    4. Paul Langley & Andrew Leyshon, 2017. "Capitalizing on the crowd: The monetary and financial ecologies of crowdfunding," Environment and Planning A, , vol. 49(5), pages 1019-1039, May.
    5. Andrejs Skaburskis, 2010. "Gentrification in the Context of ‘Risk Society’," Environment and Planning A, , vol. 42(4), pages 895-912, April.

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