1. Giving back to get ahead: Altruism as a developer strategy of accumulation through affordable housing policy in Toronto and Vancouver
- Author
-
Zachary Hyde
- Subjects
Sociology of culture ,Sociology and Political Science ,Frame analysis ,Public housing ,05 social sciences ,0211 other engineering and technologies ,0507 social and economic geography ,021107 urban & regional planning ,02 engineering and technology ,Symbolic capital ,Private sector ,Political economy ,Capital (economics) ,Affordable housing ,Profitability index ,Business ,050703 geography - Abstract
In recent years local governments in many North American cities have engaged in “land value capture,” which involves state actors exchanging greater density for condominium developers through rezoning as a way to build social housing and affordable rental units. This paper focuses on how these policies are framed and implemented by developers, planners and politicians in two large Canadian cities, Toronto and Vancouver, to address a long-standing but under-theorized question: what is the relationship between altruism and profitability for private development companies? Drawing on concepts from economic and cultural sociology, including Beckert's fictional expectations, Goffman's frame analysis, and Bourdieu's forms of capital, I challenge existing accounts of developers as either following the logic of profit maximization, or “giving back” through charitable acts. Instead, I argue that land value capture policies involve the process of “giving back to get ahead;” through acts of gift-giving developers enhance their symbolic capital, or reputational prestige, leading to new opportunities for profit-making. Thus I show how meaning and symbolism accompany the pursuit of monetary gains and mystify “giving back” as a strategy of accumulation for the private sector. This research holds implications for understanding “condo-ization” as a form of urbanism, as well as the increasing privatization of affordable housing in North America.
- Published
- 2022
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