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Introduction To The Forum: From Third To Fifth‐Wave Gentrification

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  • Manuel B. Aalbers

Abstract

‘The Changing State of Gentrification’ (2001) by Jason Hackworth and the late Neil Smith is one of the most influential papers ever published in TESG. By introducing three waves, or periods, of practices and patterns of gentrification, it changed the way we think about gentrification. This Introduction to the Forum discusses the three waves introduced by Hackworth and Smith as well as fourth wave introduced by Lees et al. Finally, I will argue that during the global financial crisis we have entered fifth‐wave gentrification. Fifth‐wave gentrification is the urban materialisation of financialised or finance‐led capitalism. The state continues to play a leading role during the fifth wave, but is now supplemented – rather than displaced – by finance. It is characterised by the emergence of corporate landlords, highly leveraged housing, platform capitalism (e.g. Airbnb), transnational wealth elites using cities as a ‘safe deposit box’, and a further ‘naturalisation’ of state‐sponsored gentrification.

Suggested Citation

  • Manuel B. Aalbers, 2019. "Introduction To The Forum: From Third To Fifth‐Wave Gentrification," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 110(1), pages 1-11, February.
    • Handle: RePEc:bla:tvecsg:v:110:y:2019:i:1:p:1-11
    DOI: 10.1111/tesg.12332
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    Cited by:

    1. Matthew Hayes & Hila Zaban, 2020. "Transnational gentrification: The crossroads of transnational mobility and urban research," Urban Studies, Urban Studies Journal Limited, vol. 57(15), pages 3009-3024, November.
    2. Purcell, Thomas & Ward, Callum, 2022. "The political economy of land value capture in the UK: rent and viability in Salford’s new municipalist turn," LSE Research Online Documents on Economics 116664, London School of Economics and Political Science, LSE Library.
    3. Bjarke Skærlund Risager, 2021. "Financialized Gentrification and Class Composition in the Post‐Industrial City: A Rent Strike Against a Real Estate Investment Trust in Hamilton, Ontario," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 282-302, March.
    4. Jianling Li & Changdong Ye & Jiangxue Yang, 2022. "Rail-Induced Social Changes in Central Guangzhou, China," Sustainability, MDPI, vol. 14(21), pages 1-13, October.
    5. Wouter van Gent & Rik Damhuis & Sako Musterd, 2023. "Gentrifying with family wealth: Parental gifts and neighbourhood sorting among young adult owner-occupants," Urban Studies, Urban Studies Journal Limited, vol. 60(16), pages 3312-3335, December.
    6. Agustin Cocola-Gant & Ana Gago, 2021. "Airbnb, buy-to-let investment and tourism-driven displacement: A case study in Lisbon," Environment and Planning A, , vol. 53(7), pages 1671-1688, October.

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