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This article explores the way local states can challenge the process of housing financialization, by focusing on policy innovation for housing vulnerability. Building upon theoretical discourses that emphasize the influence of financial investors in shaping policy frameworks, we suggest that institutional settings that develop independently of financial logics and prioritize social policies can both incite shifts in financial investors' strategies and change the dynamics in the financialization of housing. This is the case even within rental systems where local states demonstrate limited capacity to intervene in housing markets. Using desk-based research and interviews with expert informants, this study investigates the way new municipalism policies have addressed housing vulnerability in Barcelona. It considers investors' responses to an institutional framework that prioritized social criteria, and interrogates the relation between housing policy and financial innovation. Key findings suggest that housing financialization is a dynamic process, contingent on the way different actors interrelate and mutually redefine power relations in housing affairs. [ABSTRACT FROM AUTHOR]

London's housing crisis is rooted in a neo-liberal urban project to recommodify and financialise housing and land in a global city. But where exactly is the crisis heading? What future is being prepared for London's urban dwellers? How can we learn from other country and city contexts to usefully speculate about London's housing future? In this paper, we bring together recent evidence and insights from the rise of what we call ‘global corporate landlords’ (GCLs) in ‘post-crisis’ urban landscapes in North America and Europe to argue that London's housing crisis—and the policies and processes impelling and intervening in it—could represent a key moment in shaping the city's long-term housing future. We trace the variegated ways in which private equity firms and institutional investors have exploited distressed housing markets and the new profitable opportunities created by states and supra-national bodies in coming to the rescue of capitalism in the USA, Spain, Ireland and Greece in response to the global financial crisis of 2007–2008. We then apply that analysis to emerging developments in the political economy of London's housing system, arguing that despite having a very low presence in the London residential property market and facing major entry barriers, GCLs are starting to position themselves in preparation for potential entry points such as the new privatisation threat to public and social rented housing.

The rapid internationalisation of the Spanish property market has triggered debates about the main characteristics of emerging post-crisis urban dynamics. Financial and urban policy reforms have shaped a model depicted by incessant rent increases and displacements. Echoing these concerns, this article addresses two interconnected objectives about the way policy restructuring encouraged transnational investments into Spanish real estate and the concomitant socio-spatial effects this wider asset reshuffling has produced. Both queries are discussed by pinpointing the multi-scalar investment strategies of the private equity firm, Blackstone, which emerged as the predominant institutional investor during the recovery phase of the Spanish property market. The article initially sketches out the trajectory of the political economy of housing in Spain, and then it focuses on the strategies pursued by Blackstone for the acquisition of real estate and housing stock. The following sections connect the nodes of the financial chain that link this investor to former social housing tenants whose homes are by now owned by Blackstone. The spatial and social effects of this change in property ownership demonstrate the importance of in-depth research about the financial nodes that interplay with and shape the post-crisis urban condition in and beyond Southern Europe. [ABSTRACT FROM AUTHOR]

Understanding long-term trends in aerosol loading is essential for evaluating the health and climate effects of airborne particulates as well as the effectiveness of pollution control policies. Here we introduce a method to construct a combined annual and seasonal AOD long time series using the Along-Track Scanning Radiometers (ATSR: ATSR-2 and AATSR) and MODerate resolution Imaging Spectroradiometer Terra (MODIS/Terra), which together cover the period of 1995–2017. The long-term (1995–2017) annual and seasonal combined AOD time series are presented for the all of mainland China, for southeastern (SE) China and for 10 selected regions in China and analyzed to reveal the AOD tendencies during the last 23 years. Linear regression has been applied to individual L3 (1°×1°) pixels of the annual and seasonal combined AOD time series to estimate the AOD tendencies for three periods: 1995–2006 (P1) and 2011–2017 (P2), as regarding the changes in the emission reduction policies, and the whole period 1995–2017 (WP), when combined AOD time series is available. Positive tendencies of annual AOD (0.006, or 2 % of AOD, per year) prevailed across all of mainland China before 2006 due to emission increases induced by rapid economic development. In southeastern China, the annual AOD positive tendency in 1995–2006 was 0.014, or 3 % of AOD, per year in SE China, reaching maxima (0.020, or 4 % of AOD, per year) in Shanghai and the Pearl River Delta regions. Negative AOD tendencies (−0.015, or −6 % of AOD, per year) were identified across most of China after 2011 in conjunction with effective emission reduction in anthropogenic primary aerosols, SO2 and NOx (Jin et al., 2016, van der A et al., 2017). The strongest AOD decrease is observed in Chengdu (−0.045, or −8 % of AOD, per year) and Zhengzhou (−0.046, or −9 % of AOD, per year) areas, while over the North China plane and coastal areas the AOD decrease was lower than −0.03, or ca. −6 % of AOD, per year. In the less populated areas, the AOD decrease was small. The AOD tendencies for the whole period 1995–2017 were much less pronounced compared to P1 and P2. The reason for that is that positive AOD tendency has been observed at the beginning of WP (in P1) and negative AOD tendency has been observed at the end of WP (in P2), which partly cancel each other during 1995–2017. In the WP, AOD was slightly increasing over the Beijing-Tianjin-Hebei area (0.008, or 1.3 % of AOD, per year) and the Pearl River Delta (0.004, or 0.6 % of AOD, per year). A slightly negative AOD tendency (−0.004, or −0.7 % per year) was observed in the Chengdu and Zhengzhou areas. Seasonal patterns in the AOD regional long-term trend are evident. The contribution of seasonal AOD tendencies in annual tendencies was not equal along the year. While the annual AOD tendency was positive in 1995–2006, the AOD tendencies in winter and spring were slightly negative (ca. −0.002, or −1 % of AOD, per year) over the most of China during that period. AOD tendencies were positive in summer (0.008, or 2 % of AOD, per year) and autumn (0.006, or 6 % of AOD, per year) over all mainland China and SE China (0.020, or 4 % of AOD, per year and 0.016, or 4 % of AOD, per year in summer and autumn, respectively). The AOD negative tendencies in 2011–2017 were higher compared to other seasons in summer over China (ca. −0.021, or −7 % of AOD, per year) and over SE China (ca. −0.048, or −9 % of AOD, per year). The results obtained in the current study show that the effect of the changes in the emission regulations policy in China during 1995–2017 is evident in AOD gradual decrease after 2011. The effect is more visible in the highly populated and industrialized regions in SE China. [ABSTRACT FROM AUTHOR]

Aerosol optical depth (AOD) patterns and interannual and seasonal variations over China are discussed based on the AOD retrieved from the Along-Track Scanning Radiometer (ATSR-2, 1995–2002), the Advanced ATSR (AATSR, 2002–2012) (together ATSR) and the Moderate Resolution Imaging spectrometer (MODIS) aboard the Terra satellite (2000–2017). The AOD products used were the ATSR Dual View (ADV) v2.31 AOD and MODIS/Terra Collection 6.1 (C6.1) merged dark target (DT) and deep blue (DB) AOD product. Together these data sets provide an AOD time series for 23 years, from 1995 to 2017. Differences between the MODIS C6.1 and C6 AOD products with respect to AOD coverage and validation with Aerosol Robotic Network (AERONET) over China are briefly discussed, showing better validation results for C6.1: the correlation coefficient has increased from 0.9 in C6 to 0.92 in C6.1; bias has been slightly lowered from 0.007 to 0.006. ADV and MODIS AOD validation results show similar high correlation with AERONET AOD (0.88 and 0.92, respectively), while the corresponding bias is positive for MODIS (0.06) and negative for ADV (−0.07). Validation of the AOD products in similar conditions, when ATSR and MODIS/Terra overpasses are within 90 minutes from each other and when both ADV and MODIS retrieve AOD, show that ADV performs better than MODIS in autumn, while MODIS performs slightly better in spring and summer. In winter, both ADV and MODIS underestimate AERONET AOD. Similar AOD patterns are observed by ADV and MODIS in annual and seasonal aggregates. ADV-MODIS difference maps show that MODIS AOD is generally higher than that from ADV. During the period 1995–2006, AOD was increasing in the SE of China. Between 2006 and 2011, AOD was not changing much, showing minor minima in 2008–2009. From 2011 onward, AOD is decreasing in the SE of China. Both ADV and MODIS show similar seasonal AOD behavior. The spring AOD maxima in the south is shifting from spring to summer along the eastern coast in the direction to the north. Similar patterns exist in year-to-year ADV and MODIS annual AOD tendencies in the overlapping period. The agreement between sensors in year-to-year AOD changes is quite good. The large AOD differences exist between regions, for both sensors. The consistency between ATSR and MODIS as regards the AOD tendencies in the overlapping period is rather strong in summer, autumn and overall for the yearly average, while in winter and spring, when there is a difference in coverage between the two instruments, the agreement in the AOD tendencies is lower. [ABSTRACT FROM AUTHOR]

The retrieval of aerosol properties from satellite observations provides their spatial distribution over a wide area in cloud-free conditions. As such, they complement ground-based measurements by providing information over sparsely instrumented areas, albeit that significant differences may exist in both the type of information obtained and the temporal information from satellite and ground-based observations. In this paper, information from different types of satellite-based instruments is used to provide a 3-D climatology of aerosol properties over mainland China, i.e. vertical profiles of extinction coefficients from CALIOP, a lidar flying on board the CALIPSO satellite, and the column-integrated extinction (AOD), available from three radiometers: ESA's ATSR-2, AATSR (together referred to as ATSR) and NASA's MODIS/Terra, together spanning the period 1995-2015. AOD data are retrieved from ATSR using the ADV v2.31 algorithm while for MODIS the Collection 6 (C6) DTDB merged AOD data set is used. These data sets are validated and differences are compared using AERONET version 2 L2.0 AOD data as reference. The results show that, over China, MODIS slightly overestimates the AOD and ATSR slightly underestimates the AOD. Consequently, MODIS AOD is overall higher than that from ATSR, and the difference increases with increasing AOD. The comparison also shows that none of the ATSR and MODIS AOD data sets is better than the other one everywhere. However, ATSR ADV has limitations over bright surfaces where the MODIS DB was designed for. To allow for comparison of MODIS C6 results with previous analyses where MODIS Collection 5.1 (C5.1) data were used, also the difference between the C6 and C5.1 DTDB merged data sets from MODIS/Terra over China is briefly discussed. The AOD data sets show strong seasonal differences and the seasonal features vary with latitude and longitude across China. Two-decadal AOD time series, averaged over the whole mainland China, are presented and briefly discussed. Using the 17 years of ATSR data as the basis and MODIS/Terra to follow the temporal evolution in recent years when ENVISAT was lost requires a comparison of the data sets for the overlapping period to show their complementarity. ATSR precedes the MODIS time series between 1995 and 2000 and shows a distinct increase in the AOD over this period. The two data series show similar variations during the overlapping period between 2000 and 2011, with minima and maxima in the same years. MODIS extends this time series beyond the end of the ENVISAT period in 2012, showing decreasing AOD. [ABSTRACT FROM AUTHOR]