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作者

Sarah Launius;Mark Kear

来源

URBAN GEOGRAPHY,Vol.40,Issue9,P.1335-1355

语言

英文

关键字

Financialization,credit-constraint,urban development,tax increment financing (TIF)

作者单位

School of Geography and Development, University of Arizona, Tucson, AZ, USA

摘要

The financialization of urban development occurs even under conditions of credit constraint. The paper demonstrates that credit scarcity is an important and under-examined driver of policy improvisation and institutional development. Using the case of Tucson, Arizona, we show that local and extra-local interests overlap and cross-pollinate to produce unique hybrids –  geographically specific and contingent institutional forms cultivated by local growth machines to attract outside financial interests. These dynamics are illustrated with a sales-tax-based tax increment financing district that employs “enhanced financings” to attract extra-local sources of debt and equity. We find that the financialization of urban development in the credit-constrained city is not just a process of abstraction, but also of particularization in which extra-local dollars flow through embedded local networks. We conclude with a call for greater attention to the intersections of finance and urban life in “ordinary cities”.KEYWORDS: Financialization, credit-constraint, urban development, tax increment financing (TIF)AcknowledgmentsThanks first go to all of our interviewees. We would also like to acknowledge three anonymous reviewers for their comments and insights on an earlier draft as well as Kevin Ward for his guidance in responding to their concerns. Additional thanks go to Sallie Marston, Heather Whiteside, Jeffrey Banister, Vincent Del Casino and Brian Marks who read and commented on early versions of the article. Finally, Alex Tarr and John Stehlin, whose AAG session on the changing logics of urban competitive strategy motivated the article. Any errors or other shortcomings that remain are our own.Disclosure statementNo potential conflict of interest was reported by the authors.Additional informationFundingThis work was supported by the University of Arizona Social and Behavioral Sciences Research Institute [16DRS0536].