Lecture 4

November 6th : Real Estate investment and finance

Downs, A. (2009) Real estate and the financial crisis. How turmoil in the capital
markets is restructuring real estate finance. Washington: Urban Land Institute.
[Chapter 4]

Harvey, D. (2007) Neoliberalism as Creative Destruction The ANNALS of the

American Academy of Political and Social Science 610/1: 21-44

Gotham K. (2009) Creating liquidity out of spatial fixity: the secondary circuit of
capital and the subprime mortgage crisis. International Journal of Urban and
Regional Research 33/2: 355-371.

Since the classic work of Henri Lefebvre and David Harvey, the secondary circuit of
capital has been a focal point for debate among critical urban scholars. Against the
background of contemporary debates on financialization, this article investigates the
institutional and political roots of the subprime mortgage crisis. Empirically, the article
situates the current turmoil of the US mortgage sector with reference to a series of ad
hoc legal and regulatory actions taken since the 1980s to promote the securitization
of mortgages and expand the secondary mortgage market. Securitization is a process
of converting illiquid assets into transparent securities and is a critical component of
the
financialization of real estate markets and investment. Specifically, I examine the
crucial role played by the US Treasury Departments Office of the Comptroller of the
Currency (OCC) and the Department of Housing and Urban Development (HUD) in
creating the polices and legal-regulatory conditions that have nurtured the growth of a
market for securitizing subprime loans. Theoretically, the article examines the
subprime mortgage crisis as an illustration of the contradictions of capital circulation
as expressed in the tendency of capital to annihilate space through time.

Lizieri, C. & Pain, K. (2014) International Office Investment in Global Cities: The
Production of Financial Space and Systemic Risk, Regional Studies 48/3: 439455.

Lecture 5
November 11th: Culture and events as drives of urban growth and regeneration
Garcia, B. (2004) Urban regeneration, arts programming and mega-events,
Glasgow 1990, Sydney 2000 and Barcelona, 2004, International Journal of
Cultural Policy 10:1:103-118.
The potential of arts activity as a tool for urban regeneration has been widely
discussed since the early 1980s. In parallel, notions of cultural/urban tourism and
arts/city marketing have gained great popularity among marketers, city planners
and cultural policy-makers alike. Major events are seen as effective catalysts for city
regeneration processes as they are able to merge tourism strategies with urban
planning and can boost the confidence of local communities. However, arts
programming has yet to achieve a position that allows it to be perceived as a relevant
contributor to the success and legacy of large-scale urban events. This article
explores the contradiction between the celebrated potential of the arts in urban
regeneration processes and their poor position within major events. In so doing, it
compares the experiences of three cities, each host to major events with strong arts
and cultural components: Glasgow 1990 European City of Culture; Sydney 2000
Olympic Games and Olympic Arts Festivals, and Barcelona 2004 Universal Forum for
Cultures.

Greene, S. (2003) Staged Cities: Mega-events, Slum Clearance and Global

Capital, Yale Human Rights & Development Journal 6: 161-187

Hall, M. (2006) Urban entrepreneurship, corporate interests and sports

megaevents: the thin policies of competitiveness within the hard outcomes of
neoliberalism. The Sociological Review 54: 59-70

Pratt, A. (2008) Creative Cities: Cultural Industries and the Creative Class,
Geografiska Annaler, Series B. Human Geography 90/2: 107-117
The aim of this article is to critically examine the notion that the creative class may or
may not play as a causal mechanism of urban regeneration. I begin with a review of
Floridas argument focusing on the conceptual and theoretical underpinnings. The
second section develops a critique of the relationship between the creative class and
growth. This is followed by an attempt to clarify the relationship between the concepts
of creativity, culture and the creative industries. Finally, I suggest that policy-makers
may achieve more successful regeneration outcomes if they attend to the cultural
industries as an object that links production and consumption, manufacturing and
service. Such a notion is more useful in interpreting and understanding the significant
role of cultural production in contemporary cities, and what relation it has to growth.
Lecture 6
November 13th: Community participation and community contracts
Baxamusa, M. (2008) Empowering Communities through Deliberation The Model
of Community Benefits Agreements, Journal of Planning Education and Research
27/3: 261-76
This article presents some insights into making participatory processes meaningful.
It argues that these processes need to expressly empower communities through
grassroots organizing, coalition building, and democratic deliberation. Community
benefits agreements are new models of this power process. These are private
agreements between community coalitions and developers. Case studies of two large
projects in California, the Los Angeles International Airport expansion in Los Angeles
and the Ballpark Village in San Diego, are presented. These studies demonstrate
certain unique features that make participation an exercise in the redistribution of
power.

Been, V. (2010) Community Benefit Agreements: a new local government tool or

another variation on the exactions theme?, The University of Chicago Law
Review 77/5, 1-35

Blakely, G. (2010) Governing Ourselves: Citizen Participation in Barcelona and

Manchester, International Journal of Urban and Regional Research 34/1: 130-145
Barcelona and Manchester have become paradigmatic examples of
governancebeyond- the-state, new localism or local state entrepreneurialism.
Whatever the label, citizen participation has become a key feature of governance in
each city. This article argues that a useful way of understanding the developing
relationship between governance and citizen participation is through the analytical
perspective of governmentality. This perspective illuminates two paradoxes that
characterize the new governance arrangements in these two European cities. The first
paradox is that the power of the state is not necessarily diminished despite the
emerging plurality of actors involved in governance. The second paradox lies in the
fact that the spread of participatory practices as an integral element of new modes of
governance does not necessarily lead to citizen empowerment.

Pathirana, V. & Shenk, Y. (1992) The community contract system in Sri Lanka: an
innovative approach for the delivery of the basic services to the urban poor.
Habitat International 16/4: 3-14

Lecture 7
November 18th: Large development projects and change (Tom Daamen)
Adams, D. & Tiesdell, S. (2010) Planners as Market Actors: Rethinking StateMarket Relations in Land and Property, Planning Theory and Practice 11/2: 187207
ABSTRACT This paper challenges the dichotomous distinction between planning and
the market promoted by mainstream economists, by arguing that markets should be
seen as socially constructed not given. Drawing on recent developments in
institutional and behavioural economics, it contends that what is required is not for
planners to become market actors, but rather to realise they are already market
actors intricately involved in framing and re-framing property markets. By
highlighting planners potential to re-make, rather than merely accept, market
conditions, the paper calls for statemarket relations in land and property to be
accorded a central place within the new spatial planning.
Healey, P., Transforming Places through Major Projects. From: Healey, P (2010)
Making Better Places - The Planning Project in the Twenty-First Century. London:
Palgrave Macmillan

Long, N., Ogunlana, S., Quang, T &, Lam, K (2004). Large construction projects
in developing countries: a case study from Vietnam, International Journal of
Project Management, 22/7, 553-561
Although various studies have been undertaken into the factors affecting delays, cost
overruns, quality, safety, and productivity, etc. and other problems in specific types of
projects, these studies seldom discuss common and general problems of construction
projects. Thus, comprehensive studies on these problems are essential. Since the
problems are rather contextual, the studies need to focus on a specific geographical
area, country or region. This paper presents problems of large construction projects in
Vietnam. Data analysi revealed that the problems could be rouped under five major
factors: (1) incompetent designers/contractors, (2) poor estimation and change
management, (3) social and technological issues, (4) site related issues, and (5)
improper techniques and tools.

Lecture 8
November 25th: Non-financial compensation instruments and land readjustment
Krabben, E. van der & B. Needham (2008) Land readjustment for value
capturing, A new planning tool for urban redevelopment, Town Planning Review
79: 651-72
Debates with respect to financial problems of public-sector infrastructure
development increasingly focus on ways to improve value capturing. Two issues play a
crucial role in this debate: how much value can be captured and how can we
maximize the value to be captured? In this paper a conceptual model is presented
that enables defining the optimal level of public sector infrastructure development
combining a social and financial perspective. Using the model, it is possible, in
principle, to define the maximum level of value capturing. Additionally, the paper
provides empirical evidence of the potentials of value capturing in three Dutch case
studies. The case studies show that the potential value to be captured as a result of
investments in rail infrastructure is substantial, but also that it is unknown whether
value capturing would be higher in case of alternative investment levels. It will be
argued that the conceptual model might be useful to define the optimal level of
investment in accessibility in each case study.

Spaans, M., L. Janssen-Jansen & M. van der Veen (2011) Market-oriented

compensation instruments: lessons for Dutch urban redevelopment, Town
Planning Review 82/4: 425-440
Market-oriented compensation instruments have recently been the focus of
considerable attention among planners in several countries, as it is increasingly
suggested that the market and not the state should resolve planning problems, with
little or no public financial intervention. After earlier experiments in rural areas,
planners in the Netherlands are currently looking for an application of these
instruments in urban redevelopment practices. The article reflects on these types of
instruments in urban redevelopment. Some US cases will be used as illustration, as
the country has a long tradition with these instruments, whereas they are relatively
new in the Netherlands.
Veen, M. van der, M. Spaans & L.B. Janssen-Jansen (2010) Using compensation
instruments as a vehicle to improve spatial planning: challenges and
opportunities, Land Use Policy 27/4: 1010-1017
Planners are increasingly adopting market-oriented compensation instruments. This is
not only the result of a shift from government to governance, but also because
governments are increasingly required to compensate private citizens for losses
incurred due to planning regulations. Market-oriented compensation instruments have
a broad scope as they also enable non-financial compensation opportunities. Nonfinancial compensation schemes normally use not necessarily transferable rights to
compensate for a loss in economic value. Countries that adopt such instruments
such as The Netherlands, the US and Spain often not only use them for
compensation, but also to recoup some of the windfall profits that are then used for
the improvement of urban and regional areas.
The benefits of these instruments are currently being debated and this article adds to
the discussion by revealing the circumstances in which non-financial compensation
instrumentsmakea useful contribution to the planning of tomorrows world. The
assessment found that an instruments success mainly depends on its specificity, its
capability to facilitate co-production and its capability of finding an effective balance
between loss and compensation through rights. Although we generally present a
favourable view of these instruments, the article ends with a discussion of some of
their drawbacks.

Lecture 9
November 27th: BIDs/TIFs and contractualism (Grey Lloyd)
Peel, D. & Lloyd G. (2008) Re-generating Learning in the Public Realm: Evidencebased Policy Making and Business Improvement Districts in the UK, Public Policy
and Administration 23: 189-205
An integral part of the modernization ethos of contemporary governmental priorities
in the UK is the interest provoked by the evidence-based policy movement. This is
primarily influenced by concerns with establishing and sharing what works. It also
resonates with a parallel development in public sector policy and practice which
explicitly incorporates theories of learning as part of the zeitgeist of the Learning
Age. This article considers the rhetoric and practice around the generation of policy
learning and research-practice evidence with respect to the experiences of Business
Improvement Districts in the UK by contrasting two modes of empirical research
based on observation and experiential learning. It contrasts the dissemination
practices with respect to the generation of evidence and what this means for the
development of urban policy practices.

Peel, D., Lloyd, G. & Lord, A. (2009) Business Improvement Districts and the
Discourse of Contractualism, European Planning Studies 17/3: 401-421
Business improvement districts (BIDs) are increasingly being advanced in a range of
national contexts as a new delivery mechanism for securing improvement,
regeneration and enhanced service delivery in specifically delineated districts. This
paper considers BIDs as an example of a modern institutional design that is
reconfiguring existing economic and legal regimes within town centres. Drawing on
the theories of new institutional economics and transaction costs, the paper discusses
how the contractual turn in urban governance advances our conceptual understanding
of the rationale, scope and significance of partnership working. The discussion brings
together emerging literatures around new ways of understanding partnership working
in government thinking. It contrasts the advocacy and use of BIDs with the (previously
established) practices of town centre management. It asserts that BIDs represent a
new form of formalized and contractualized partnership working in sub-municipal
governance, which has particular spatio-temporal implications for statemarketcivil
relations.
Lloyd M. & Peel D. (2012) Soft Contractualism? Facilitating Institutional Change
in Planning and Development Relations in Scotland, Urban Research and
Practice 5/2: 239-255
Devolution in the United Kingdom has involved the creation of different
quasiautonomous political administrations. As part of an attempt to encourage
institutional learning, there has been a turn to concordats to facilitate cooperation on
matters of shared concern, to communicate appropriately and in a timely way, to work
in a helpful and open manner and to treat information in confidence. In parallel, the
reform of statutory land-use planning systems in the devolved United Kingdom has
involved debates around the need for a cultural change to implement a relatively
more positive model of planning and development amongst the diversity of
stakeholders which have similarly invoked new forms of public diplomacy. The
Edinburgh Planning Concordat sets out in some detail the agreed step-by-step actions
to be effected and the respective responsibilities of the local authority and developers
at the different stages in the land-use planning process. Such anticipated cooperation
and coordination in the land-use planning and property development community could
suggest a stronger basis for decision making and the articulation of the public
interest. Locating the discussion against the backdrop of devolution and planning
reform in Scotland, and within theories of new contractualism, this article examines

the rise of soft forms of public diplomacy as a means to facilitate cultural change and
planning reform.