Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism

Affordable housing policy in the developed world has been undergoing a systematic commodification for several decades, including a push for homeownership as the normalized tenure and a commodity unto itself. Scholars suggest this push for homeownership is part and parcel of a neoliberal asset-based...

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Autor principal:	Matthew C. Record
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	housing pensions risk management commodification neoliberalism affordable housing Risk in industry. Risk management HD61 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/d1659fd6e83f4511bcba39670171a5ca
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spelling	oai:doaj.org-article:d1659fd6e83f4511bcba39670171a5ca2021-11-25T18:08:42ZOffsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism10.3390/jrfm141105471911-80741911-8066https://doaj.org/article/d1659fd6e83f4511bcba39670171a5ca2021-11-01T00:00:00Zhttps://www.mdpi.com/1911-8074/14/11/547https://doaj.org/toc/1911-8066https://doaj.org/toc/1911-8074Affordable housing policy in the developed world has been undergoing a systematic commodification for several decades, including a push for homeownership as the normalized tenure and a commodity unto itself. Scholars suggest this push for homeownership is part and parcel of a neoliberal asset-based welfare to supplement, or even outright replace, traditionally defined benefit pension schemes. These policies individualize risk and re-fashion individual citizens as long-term financial planners, navigating the uncertainty inherent in international financial markets and general financial management. Less deeply explored, however, are the perverse incentives this system creates for homeowners to protect their home “investment” by leveraging planning policies, zoning, and land-use restrictions to preserve the community status quo and lock in the value of their home. In a policy environment in which long-term financial risk is individualized and public social welfare and pension systems are relegated to the smallest number of individuals possible, this type of NIMBYism (Not in My Backyard) is rather rational behavior, even as it simultaneously staunches the supply of new housing and drives up prices for non-homeowners. As such, this analysis synthesizes the existing research to make a formal theoretical connection between the neoliberal push for commodified housing, asset-based welfare, and the intractable political problem of NIMBYism.Matthew C. RecordMDPI AGarticlehousingpensionsrisk managementcommodificationneoliberalismaffordable housingRisk in industry. Risk managementHD61FinanceHG1-9999ENJournal of Risk and Financial Management, Vol 14, Iss 547, p 547 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	housing pensions risk management commodification neoliberalism affordable housing Risk in industry. Risk management HD61 Finance HG1-9999
spellingShingle	housing pensions risk management commodification neoliberalism affordable housing Risk in industry. Risk management HD61 Finance HG1-9999 Matthew C. Record Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism
description	Affordable housing policy in the developed world has been undergoing a systematic commodification for several decades, including a push for homeownership as the normalized tenure and a commodity unto itself. Scholars suggest this push for homeownership is part and parcel of a neoliberal asset-based welfare to supplement, or even outright replace, traditionally defined benefit pension schemes. These policies individualize risk and re-fashion individual citizens as long-term financial planners, navigating the uncertainty inherent in international financial markets and general financial management. Less deeply explored, however, are the perverse incentives this system creates for homeowners to protect their home “investment” by leveraging planning policies, zoning, and land-use restrictions to preserve the community status quo and lock in the value of their home. In a policy environment in which long-term financial risk is individualized and public social welfare and pension systems are relegated to the smallest number of individuals possible, this type of NIMBYism (Not in My Backyard) is rather rational behavior, even as it simultaneously staunches the supply of new housing and drives up prices for non-homeowners. As such, this analysis synthesizes the existing research to make a formal theoretical connection between the neoliberal push for commodified housing, asset-based welfare, and the intractable political problem of NIMBYism.
format	article
author	Matthew C. Record
author_facet	Matthew C. Record
author_sort	Matthew C. Record
title	Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism
title_short	Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism
title_full	Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism
title_fullStr	Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism
title_full_unstemmed	Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism
title_sort	offsetting risk in a neoliberal environment: the link between asset-based welfare and nimbyism
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/d1659fd6e83f4511bcba39670171a5ca
work_keys_str_mv	AT matthewcrecord offsettingriskinaneoliberalenvironmentthelinkbetweenassetbasedwelfareandnimbyism
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Offsetting Risk in a Neoliberal Environment: The Link between Asset-Based Welfare and NIMBYism

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