Urban Policy and Property Development: The Institutional Relations of Real-Estate Development in an Old Industrial Region | Zendy

Patsy Healey | Zendy

Open Access

Urban Policy and Property Development: The Institutional Relations of Real-Estate Development in an Old Industrial Region

Author(s) -

Patsy Healey

Publication year - 1994

Publication title -

environment and planning a economy and space

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.74

H-Index - 129

eISSN - 1472-3409

pISSN - 0308-518X

DOI - 10.1068/a260177

Subject(s) - real estate , public policy , business , urban planning , property (philosophy) , real estate development , property management , private sector , public sector , industrial policy , economic system , economic growth , economics , market economy , economy , finance , engineering , civil engineering , philosophy , epistemology

The impact of public policy on the opportunities available for property development in an urban region and the effect of such policy on the institutional organisation of the property-development sector are examined. Also explored are the problems of generating autonomous private-sector development capacity in a fragile local economy (Tyne and Wear in North East England) experiencing decline in its traditional industrial base, within which active property markets may only exist with respect to certain types of properties and locations. The tension between a financial orientation and a production orientation towards property development is highlighted. During the 1980s, planning and urban policy in Britain promoted the former orientation, but the needs and opportunities of the local economy emphasised the latter. The importance of understanding the specificities of local property-development organisation and relations for the design and evaluation of public policy directed at the property sector is stressed.

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