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Property-led urban regeneration: panacea or placebo?

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Abstract

In recent years urban policy has come to rely increasingly on private-sector property development to provide the driving force. Popular opinion is sharply divided about the value of this approach. In this paper, an examination is made of five ways in which property could contribute to urban economic regeneration: through the direct employment effects of construction-related activity; by accommodating the expansion of indigenous firms; by attracting inward investment; by revitalising run-down neighbourhoods; and by initiating area wide economic restructuring. Appropriate property development can have positive economic effects but it has to be part of a more holistic approach that embodies concerns for people living in deprived areas and for the underlying condition of the local economy. Unrestrained market-led development may have detrimental consequences for the economic fabric of cities and for the quality of life of their residents.

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  • I Turok, 1992. "Property-led urban regeneration: panacea or placebo?," Environment and Planning A, Pion Ltd, London, vol. 24(3), pages 361-379, March.
  • Handle: RePEc:pio:envira:v:24:y:1992:i:3:p:361-379
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    Cited by:

    1. van der Krabben, E., 1995. "Urban dynamics : A real estate perspective : An institutional analysis of the production of the built environment," Other publications TiSEM 0934260d-3fcc-4e5f-aa7c-5, Tilburg University, School of Economics and Management.
    2. Wu, Qiyan & Zhang, Xiaoling & Shang, Zhengyong & Li, Zaijun, 2015. "Political-economy based institutional industry complex and sustainable development: The case of the salt-chemical industry in Huai’an, China," Energy Policy, Elsevier, vol. 87(C), pages 39-47.
    3. Edrissi, Ali & Poorzahedy, Hossain & Nassiri, Habibollah & Nourinejad, Mehdi, 2013. "A multi-agent optimization formulation of earthquake disaster prevention and management," European Journal of Operational Research, Elsevier, vol. 229(1), pages 261-275.
    4. Hermanus Geyer Jr, 2011. "The Retail City in Greater Birmingham – The changing face of urban retail districts as a result of retail-led regeneration and containment policy," ERSA conference papers ersa11p1358, European Regional Science Association.
    5. Yakup Egercioglu, 2006. "The Effects of Property Relations on Urban Renewal Project," ERSA conference papers ersa06p34, European Regional Science Association.
    6. Peter Howley, 2008. "Social Capital and the Neighbourhood," Working Papers 0823, Rural Economy and Development Programme,Teagasc.
    7. Bernard Henri Nicot & Fiona Wishlade & Laurent Davezies & Douglas Yuill & Sandra Taylor & Rémy Prud' Homme, 1998. "Economic and social cohesion in the European Union: the impact of Member States' own policies," Post-Print hal-01138700, HAL.
    8. Ari-Veikko Anttiroiko, 2016. "City-as-a-Platform: The Rise of Participatory Innovation Platforms in Finnish Cities," Sustainability, MDPI, Open Access Journal, vol. 8(9), pages 1-31, September.

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