As inovações financeiras e sua legislação como alavancas da financeirização: a especulação imobiliária e os fundos de investimento imobiliário no município de São Paulo (1990-2019)

Abstract

Information and Communication Technologies (ICTs) “broke” with the space-time boundary and allowed, in real time, the interconnection between individuals, states, banks, exchanges and financial markets. They deepened the consolidation of an accumulation regime with the financial dominance in the contemporary, considered by some scholars as financialization. The 2008 crisis, which began in the US subprime market, has spread to other branches and has had cascading effects worldwide. The Brazilian government has adopted strategic measures to be less affected by the crisis. Among the measures is the implementation of the Program My House My Life, which used funds from the Pension Funds which accentuated real estate speculation. In the 21st century there are protests worldwide about the interference of financialization and real estate speculation in cities. Many properties are empty as property and rente prices have been rising to very high levels. In order to contribute to the discurssion about financialization and the right to housing, this study seeks to analyze the historical process of financialization of the Brazilian real estate Market through the development of Real Estate Investment Funds – REIF as a financial innovation in the municipality from São Paulo. The methodology employed in the research consists of theoretical and empirical methods. The first part of the research begins with delimitation of land rente until it reaches financial innovations and REIFs. The second part deals with the liberalization in Brazil, encompassing the historical study of the legislation on the formation of the Brazilian capital market, the financial market and expands for analysis of the REIF and real estate speculation in São Paulo.