Housing and the Welfare State after the Global Financial Crisis
- Romana Xerez, PhD (ISCSP/CAPP University of Lisbon, Portugal)
- Peter Kemp, DPhil (University of Oxford, United Kingdom)
Housing has played an important role in both the origins and the aftermath of the global financial crisis. The securitization and onward sale of mortgage and credit card debt – including unsustainable loans to ‘sub-prime’ borrowers - facilitated the growth of ‘privatized Keynesianism’ and helped fuel the upward spiral of consumer lending by banks. When boom turned to bust in 2007/08, thereby sparking of the global financial crisis, the fall-out for ordinary people - and especially for low-income households - has been far reaching. The growth in unemployment and under-employment, combined with cuts in the social safety-net due to fiscal retrenchment, have led to increased rent and mortgage arrears, evictions and homelessness across Europe and especially in the Mediterranean welfare regime which has been most affected by the Eurozone. Meanwhile, funding for social housing has been reduced and housing benefit rates have been cut in some countries. Alongside this retrenchment, homeownership has fallen, and private renting has increased, especially among young people, thereby highlighting the limits of ‘asset-based welfare’ strategies.
This stream will examine the new housing crisis with particular emphasis on its implications for the welfare state in the new era of fiscal austerity. Papers will address one or more of the following themes:
- Housing: the wobbly pillar in the welfare state?
- Homeownership and the limits of ‘asset-based welfare’
- The new housing crisis
- Housing poverty and inequality
- Theorizing and researching housing welfare regimes
Abstracts will be invited for papers that seek to address one or more of these themes both theoretically and empirically. They may draw on research that employs qualitative, quantitative or mixed methods. Preference will be given to papers that are cross-national in perspective.
〈 List of Stream Themes