The capture of land rents in medium cities: Analysis based on real estate securitization

Abstract

The project in question aims to understand the processes and dynamics of real estate securitization, using the systematic analysis, tabulation and mapping of the data contained in the terms of issuance of Real Estate Receivables Certificates (CRIs). It seeks to analyze this sophisticated financial market instrument, which has the logic of capturing land rents from real estate debts, providing liquidity to low-liquid goods and connecting them to the financial market. We seek to carry out an analysis that privileges the articulation between the scales, the identification of the agents involved and the analysis of how state agents, such as CEF, funds under the control of the State (FGTS) and the Brazilian Savings and Loan System (SBPE), has been contributing to the advancement of these processes. The proposed analysis has a territorial profile for medium-sized cities, allowing the valuation of a profile that has been neglected by the specialized bibliography. The analysis based on local real estate allows to identify how and to what extent this instrument is able to adapt to local real estate markets and what is its capacity to act, intervene and model recent urban space production processes.