Büşra Gezer (p), Zeynep Enlil

In the literature, the emergence of creative class which is called artists, bohemians or new middle class by different researchers is concerned with development of creative industries in urban centers in process of urban reconstruction. A creative class has emerged by the fact that the service sectors which could be organized in a post-fordist production organization in contrast to fordist production organization and which prioritize technology and creativity have filled fields emptied by industry sector in urban centers. Within scope of study the relationship between creative class and gentrification in the context of its effects on urban centers on local scale through Yeldegirmeni-Kadıkoy is focused. In order to understand changing process in Yeldegirmeni, semi-structured interviews were conducted in 2 different sections with different user groups. According to results of interviews Yeldegirmeni which is a very attractive settlement by artists due to its features (historical and cultural identity) has entered the changing process in which rental and property values began to increase with increase in the number of art workshops and cafes in years of 2013-2014. This process defined as 1st stage of gentrification has been followed by 2nd stage of gentrification in which households with low income have been displaced by student groups, the shopkeepers who were unable to cope with increased rents have been displaced by cafes and craftsmen who are settled elements of neighborhood culture in Yeldegirmeni have been displaced by artists. The neighborhood life of Yeldeğirmeni where it is possible to see signs from 3rd stage of gentrification today faces danger of extinction due to weakening of neighborhood relations. The issue of which role should be taken by whom against this danger was discussed together with actors interviewed and study was concluded with 'conclusion' chapter in which findings of field study were evaluated in associated with literature.

André Chagas (p), Guilherme Rocha (p)

For a long time, housing policies have been instituted in an effort to improve the quality of life of the poorest citizens. In developing countries, urbanization has increased the number of slums, supporting the creation of housing programs like the Minha Casa Minha Vida (MCMV) program, launched in 2009 in Brazil. The program was intended to provide better housing conditions for low-income families. To reduce the construction costs, however, the houses were built in areas outside of the cities, far from the business and employment centers. In this paper, we took advantage of a random selection of families in Rio de Janeiro (one of the most important cities in Brazil) and São José do Rio Preto (a big city in São Paulo state, Brazil) to evaluate the impact of the Minha Casa Minha Vida program on social conditions. By combining two administrative databases, we were able to measure changes in the labor market for both groups, those selected and not selected (for the program). The first conclusion was that even with a random-selection criterion like the lottery, the program did a bad job selecting the beneficiary families, benefiting only the ones least linked to the labor market. Individuals with better job conditions chose to remain in their current house, regardless of its structural condition or the characteristics of the neighborhood. To the beneficiary, the program negatively affected the labor supply, reducing the likelihood that the beneficiary would be able to be formally employed. Also, the program increased the proportion of families receiving income subsidies from the government. This work is one of the first articles to analyze microdata from MCMV, providing an essential measure of the program’s impact.

Mei-se Chien (p)

The aim of this paper is to investigate how global liquidity affects international housing prices around the world. Being based on the model of Cesa-Bianchi et al.(2015), panel cointegration and fully modified OLS of Pedroni (2001, 2004) are executed to examine the long run equilibrium between global liquidity and housing prices, and the generalized impulse response approach(GIRF) is applied to analysis the relative strengths and the transmission mechanisms between the variables. The panel data sample covers 36 countries form 2000Q1 to 2017Q4, and the empirical results are shown as the following. First, the FMOLS estimating results of the full sample show that the effect of global liquidity on housing prices is significantly positive, and this effect is higher in the developing economies than in the developed economies. Second, consumption can cause a higher effect on housing prices in the developing economies, but income can significantly affect housing prices only in the developed economies. Third, the results of GIRF show that the short-run impact of global liquidity on housing prices is significant only in the developing economies. As to the short-run impacts of consumption and income on housing prices, the impacts in the developing economies are higher and last for a shorter period, and the developed economies have lower but longer-period impacts.