Saskia Sassen ~ Who Owns Our Cities – And Why This Urban Takeover Should Concern Us All

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XiashaDoes the massive foreign and national corporate buying of urban buildings and land that took off after the 2008 crisis signal an emergent new phase in major cities? From mid-2013 to mid-2014, corporate buying of existing properties exceeded $600bn (£395bn) in the top 100 recipient cities, and$1 trillion a year later – and this figure includes only major acquisitions (eg. a minimum of $5m in the case of New York City).

I want to examine the details of this large corporate investment surge, and why it matters. Cities are the spaces where those without power get to make a history and a culture, thereby making their powerlessness complex. If the current large-scale buying continues, we will lose this type of making that has given our cities their cosmopolitanism.

Indeed, at the current scale of acquisitions, we are seeing a systemic transformation in the pattern of land ownership in cities: one that alters the historic meaning of the city. Such a transformation has deep and significant implications for equity, democracy and rights.

Read more: http://www.theguardian.com/cities/who-owns-our-cities

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