Our cities are changing. Around the world, more and more money is being invested in buildings and land. Real estate is now a $217 trillion dollar industry, worth thirty-six times the value of all the gold ever mined. It forms sixty percent of global assets, and one of the most powerful people in the world—the president of the United States—made his name as a landlord and developer.
Samuel Stein shows that this explosive transformation of urban life and politics has been driven not only by the tastes of wealthy newcomers, but by the state-led process of urban planning. Planning agencies provide a unique window into the ways the state uses and is used by capital, and the means by which urban renovations are translated into rising real estate values and rising rents.
Capital City explains the role of planners in the real estate state, as well as the remarkable power of planning to reclaim urban life.
“Samuel Stein’s lucid explanation for how we got to where we’re at shines urgent light on the origins and development of what he incisively calls ‘the Real Estate State.’ Capital City places gentrification in a structurally extensive and intensive urban geography of dispossession. All who struggle for the right to the city should read this book, and realize afresh how capitalism saving capitalism from capitalism must provoke our political imagination.”
“Capital City casts a cold and brilliant light on the underlying political dynamics of global cities and rightly concludes that real estate and finance are in charge. This sobering book has to be part of our toolkit as we try to find the moorings for a powerful democratic pushback in local political struggles.”
“Want to know why the rent’s so high? Samuel Stein meticulously documents and analyzes the rise of the rip-off ‘real estate state,’ the instruments of its power, the invidious ‘plansplaining’ arguments of its defenders, and, above all, its accelerating ethnic and class cleansing of American cities, gentrification-frenzied New York in the vanguard. This superbly succinct and incisive book couldn’t be more timely or urgent.”
“Samuel Stein has written a book for those tired of merely describing gentrification and displacement, who are looking for explanations as well as new programs for action. Capital City puts it all together, the theory and the practices of urban transformation, with a timely and urgent appeal. This is a lively user’s guide to the changing landscape of the American city.”