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Sassen , chapter 4 & 5

Sassen , chapter 4 & 5. Chapter 4: The new urban economy Chapter 5: Case studies in the new urban economy: Miami, Toronto, Sydney, NYC. The new urban economy. Cities are key sites for the production “PRODUCER SERVICES” 1970-2005, PS quadrupled from 6.3 to 28.8 million.

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Sassen , chapter 4 & 5

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  1. Sassen, chapter 4 & 5 Chapter 4: The new urban economy Chapter 5: Case studies in the new urban economy: Miami, Toronto, Sydney, NYC
  2. The new urban economy Cities are key sites for the production “PRODUCER SERVICES” 1970-2005, PS quadrupled from 6.3 to 28.8 million. Why? (1) both firms and households are using more PS, and (2) dispersal of manufacturing Why concentrating in global cities? Innovation, and “agglomeration economies” Implanting a new “VALORIZATION DYNAMIC” Competition for neighborhoods, some land uses profitable, others are now downgraded.
  3. The new “Valorization Dynamic” in global cities – “gentrification”
  4. Context for understanding Gentrification in the neighborhoods of the Global City Massive post-WWII central city decline Suburbanization Population decline Increasing poverty concentrations abandonment Created a deepening “rent gap” in the central city
  5. Theorectical Explanations: WHY? Economic (the production side) Cultural (the consumption side) Local-political
  6. Economic Developers (and other land-based interest groups) begin to exploit the deepening rent gap KEY: the profit motive
  7. Developers “fill-in” the “rent gap”, making money in doing so, and promoting neighborhood transformation
  8. Other Economic Arguments Changes in the economy Particularly, the dramatic expansion of high-paying PS and FIRE jobs in certain CBDs This, in combination with long-commutes makes central city neighborhoods more attractive to the young urban professional Interest rates (very low throughout the 90s) “green-lining”
  9. Cultural These theories highlight the consumer preferences of the new professional class Anti-suburbanism The role of gender and female labor participation The broader “cultural turn” towards an appreciation of history, heritage, roots, place, nostalgia, and things from an earlier period
  10. Local-Political This theory argues that city governments work to promote gentrification, that they are “growth machines” Zoning TIFs Infrastructural improvements Quality of life concerns in gentrifying areas
  11. Infrastructural Improvements
  12. The role played by other urban actors Developers – build large-scale developments in “iffy” areas.
  13. Real Estate Agents Act as “scouts” searching for neighborhoods ripe for gentrification THE PROCESS: geographical expansion after the establishment of small nodes of re-investment or residential “beacheads”
  14. Developers: build “fortress” architecture along the “frontier”
  15. Real Estate Agents: neighborhood re-naming
  16. City government: social control zones
  17. Consequences Positive City tax base City image and tourism dollars Makes some particular groups significant profit Banks Real estate agents Developers Individual property owners
  18. Negative Displacement Lower quality of life for displaced residents
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