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Editorial.

This paper explores the ways in which housing wealth is producing new forms of differentiation among households. In doing so, it will argue that ‘asset based welfare’ is now better conceived as ‘asset based social stratification’ and that social class rather than generation remains the primary social divide. However, these class divides are increasingly shaped by the differential ability to accumulate and deploy primarily housing -based assets. These new forms of social (re) stratification will vary societally, temporally and spatially and are currently most evident in what can be described as older, mature home ownership societies. But similar developments and emerging fissures can be observed in newer, ultra home -ownership societies such as China and in the broader interconnections between the mobilization of family assets and the shift from consumer to market societies.

Home ownership has been in decline in a number of developed societies since the early-2000s driven, primarily, by declining entry among younger households who have been increasingly pushed into the rental sector. This trend has been associated with a growing intergenerational divide, or even conflict, and the emergence of ‘Generation Rent’. This paper explores the conditions surrounding diminishing access to owner-occupation among new households with a focus on the historic maturation of home ownership sectors, the restructuring of the political economy around financialized housing wealth and the inter-cohort dynamics surrounding the accumulation and transfer of housing wealth. The paper takes an international perspective drawing on evidence from two parallel, but contrasting cases: Japan and the UK. The analysis illustrates the interrelatedness of inter- and intra-generational inequalities, with the former reinforcing the latter. It also focuses on the role of families as both a moderator of generational inequity at the micro level as well as an enhancer of socioeconomic inequalities overall.

This paper argues that financialisation exacerbates gender inequity in the United States. During the Recession, wealth-stripping activities targeted single female homeowners prompting severe asset depletion among single women, people of color, and those who depend on them. Rather than protecting them from risk, their home equity and bodies absorbed the failures of capitalism within their network. The paper draws on a thematic analysis of interviews with 21 single female homeowners who experienced mortgage default. Rather than focusing on risk incidence, I take their relational pathways as the object of inquiry demonstrating how activities of gendered care work act as conduits and amplifiers of financialised risk that extends the responsibility for unpaid social provision throughout the lifespan. The analysis demonstrates how their status as homeowners positioned them in between market failures and the consequences of austerity thereby restructuring the function of home equity.

The importance of the institution of family in housing practices has deep historical roots in Greece, and families tend to follow certain housing strategies such as late emancipation from the parental home, intergenerational house transfers and financial support for housing. Providing and maintaining a housing solution for young members is one of the top worries in this geographical region, and it is relieved via intergenerational micro-solidarities. Moreover, today’s crisis and austerity are threatening, through indirect budgetary cuts and rising taxation, the housing well-being of the citizenry which is supported only by family welfare. Nonetheless, the family still constitutes the main shock absorber of social and economic turbulence, but at what price?

Although financialization of housing is well known global concept, in our paper we attempt to present how financialization produces new spaces and household practises in a Central Eastern European semi-pheripheral context. We approach this framework through an anthropological investigation, the transformation of allotment gardens what we consider as a combination of social and spatial transformations after the 1990s. In our case study we are curious how different waves of financialization influence the formation of the transformation of an informal housing space and how informal practices of the households could be an agency against financialization.

This article explores the trajectory of so-called guaranteed social housing in the Czech Republic as an example of penetrating financial instruments into the public policy realm. The project, promoted by the government’s Agency for Social Inclusion, was intended to encourage private landlords to rent their properties to people in need through commercial insurance against the risk of rent defaults. Using policy documents, media and interviews with governmental officers, the article describes the performative strength of financial instruments in the sphere traditionally occupied by the welfare state. In financialisation literature, the proliferation of financial instruments is often described as a one-way process in which these instruments colonise public domains. However, the empirical case discussed in the article shows that this process is much more complex and contingent, and financial instruments are not used as the best option but rather as a last resort in a situation marked by weak policies.