Resumen La inserción de las economías subdesarrolladas al proceso global de financiarización se ha realizado en un contexto de dependencia, cuyas diferencias se discuten bajo el concepto de financiarización subordinada. En este escenario, se analiza el proceso de titulización a partir de la emisión de bonos respaldados por hipoteca emitidos por los fondos públicos de vivienda en México, lo cual ha dinamizado el mercado inmobiliario de vivienda social. A partir de la revisión de los informes financieros sobre los certificados bursátiles (CEDEVIS y TFOVIS), se establece que la venta de deuda hipotecaria ha servido para poder otorgar más créditos hipotecarios a los derechohabientes, lo que forma parte de la subsidiaridad estatal que respalda al sector inmobiliario privado, situación que caracterizó la política de construcción masiva de las últimas dos décadas.

Abstract Emergent economies have entered the global financialization process in a context of dependency; the differences that characterize this process are discussed below under the concept of subordinate financialization. In this scenario, we analyze the securitization process based on mortgage-backed bonds issued by public housing funds in Mexico, which has boosted the social housing real-estate market. From the review of financial reports on stock certificates (CEDEVIS and TFOVIS), it is established that the sale of mortgage debt has allowed granting more mortgage loans to the beneficiaries, which is part of the state subsidiarity that supports the private real-estate sector, a situation that has characterized the massive-construction policy of the past two decades.

Abstract: Are housing policies designed to maintain social order and not address real housing problems? Starting with a reflection on the concept of post-politics, understood as a negotiation of interests that reaches an agreement that acquires the form of consensus, housing policy in Mexico is analyzed and, in a particular way, the implications at the local level through the agreements for the authorization processes of urban complexes in municipalities of the Metropolitan Area of the Valley of Mexico; this is done by taking up international and local documents on the topic, as well as through semi-structured interviews with municipal and state government officials. It is concluded that the post-political consensus is built from two dimensions, on the one hand, through regulations imposed by international organizations and the federal government and the tensions between different levels of government and real estate companies. In this way, the post-politics consensus can be understood from the superposition of discourses and practices at different levels, where the possibility of questioning politics and political projects around housing production is excluded.

Resumen: ¿Las políticas de vivienda son diseñadas para mantener un orden social y no para atender los verdaderos problemas habitacionales? A partir de una reflexión acerca del concepto de post-política, entendida como la negociación de intereses que alcanza un acuerdo que adquiere la forma de consenso, se analiza la política de vivienda en México y, de manera particular, las implicaciones a nivel local de los acuerdos para los procesos de autorización de conjuntos urbanos en municipios de la Zona Metropolitana del Valle de México. Esto se realiza a la luz de documentos internacionales y locales sobre la materia, así como a través de entrevistas semiestructuradas a funcionarios públicos de los gobiernos municipales y estatales. Se concluye que el consenso post-político se construye a partir de dos dimensiones: por un lado, mediante la normativa impuesta por parte de organismos internacionales y del gobierno federal y, por otro, a partir de las tensiones entre los distintos niveles de gobierno y las empresas inmobiliarias. De esta manera, el consenso de la post-política se puede entender desde la superposición de discursos y prácticas en diferentes niveles, en donde se excluye tanto la posibilidad de cuestionar la política como los proyectos políticos en torno a la producción de vivienda.

Abstract: The housing policy in Mexico has been characterized by favoring access to property. Towards the decade of the nineties of the twentieth century, the reduction of state inter- vention is promoted, promoting the domination of the private sector in the formal hou sing market. This has encouraged large and medium-sized cities with a marked growth in housing supply, as occurs in the eastern and northern periphery of the Metropolitan Area of Valley of Mexico. This article analyzes the characteristics of the social housing based on the concept of habitability, contrasting the official data on the improvement of the physical characteristics of the house with information obtained from field work on the housing conditions and its urban environment. It is suggested that the growing supply of social housing on the periphery of Mexico City is affecting the habitability conditions of the residents, contrary to the official discourse on improving housing conditions.

Resumen: La política de vivienda en México se ha caracterizado por favorecer el acceso en propiedad. Hacia la década de los noventa se promueve la disminución de la intervención del Estado, propiciando el dominio del sector privado en el mercado formal de vivienda. Esto ha incentivado en las ciudades grandes y medias un marcado crecimiento de la oferta de vivienda, tal como ocurre en la periferia oriente y norte de la Zona Metropolitana del Valle de México. En el presente artículo se analizan las características de la oferta de vivienda social a partir del concepto de habitabilidad, contrastando los datos oficiales sobre el mejoramiento de las características físicas de la vivienda con información obtenida a partir de trabajo de campo sobre las condiciones de la vivienda y su entorno urbano. Se plantea que la creciente oferta de vivienda social en la periferia de la Ciudad de México está afectando las condiciones de habitabilidad de los residentes, contrario al discurso oficial de mejoramiento de las condiciones de vivienda.

Abstract The housing policy in Mexico is characterized by transiting between promoting the massive construction of housing in the urban periphery and the redensification in central areas. In the case of the Mexico City Metropolitan Area (MCMA), this has resulted in the confinement of low-income inhabitants in northern and eastern peripheral suburbs, characterized by poor urban equipment, infrastructure, and services, while various selected spaces in the central area are intended for middle-and high-income populations. In the early twenty-first century, the conditions of the “facilitator State” (Puebla, 1999 and 2006), which set favorable conditions for the reproduction of capital, made of the real estate and financial sectors the primary agents in housing construction. The housing sector was considered as a major component of economic activity in the construction industry; therefore, the mass production model was given a significant boost. In the period 2000-2006, support for the real estate offer was stimulated by increasing the number of credits for the purchase of new houses. At that time, more households were built than in any other period, with nearly 1.8 million houses (Iracheta, 2015). In the period 2006-2012, the credit system was maintained, and even strengthened, evidencing the growing importance given to housing construction as a catalyst of the national economy from the beginning of this century. This situation led to the expansion and excessive growth of the urban periphery in medium and large cities, resulting in various issues in the construction of housing areas. Many issues relate to poor infrastructure and urban equipment, few employment sources, and problems related to the quality of basic services such as education and healthcare (Arango, 2013; Cervantes and Maya, 2017; Linares, 2013). This has translated into an increase in abandoned houses. To face this expansion and excessive growth at the periphery of Mexican cities, the discourse of government agencies started stressing the urgent need to mitigate and reverse the consequences of mass housing construction. In this context, at the end of the first decade of this century, a series of regulatory provisions were set forth aiming to promote redensification. The 2014-2018 National Housing Program will be the main instrument for this end. However, two aspects are worth mentioning. First, redensification has benefited middle-and middle-high income inhabitants; second, the discourse has stressed redensification as a factor that reduces expansion and, consequently, the known consequences of mass housing construction, while in reality construction in peripheral areas continues being a good business. As regards the MCMA, the formal housing market scheme can be differentiated in two senses. In central areas, resulting from both federal and local policies - as was the case with “Bando 2” - the construction of households intended for middle-and middle-high income inhabitants was promoted (Benlliure, 2008). In parallel, northern and eastern areas in the urban periphery were allocated to the construction of housing projects for low-income sectors since the price of land is lower relative to delegations and municipalities in central areas of the city. In all municipalities of the MCMA, excluding the 16 districts of Mexico City, the construction of 685,782 houses for more than 3,000,000 inhabitants has been approved from 2000 to 2015 (Secretaría de Desarrollo Urbano y Metropolitano, 2016). This situation reveals the urban expansion of the metropolitan periphery. Some aspects that characterize this massive construction include inadequate conditions in terms of infrastructure, equipment, and basic services, which have led to the abandonment of houses and represent key issues. These dynamics in the center and the periphery can be interpreted as an unequal geographic development process (Harvey, 1990; Smith et al., 1984) that is producing differentiated spaces in the MCMA. The end result is the confinement of low-income inhabitants towards the periphery, while various selected spaces in the central area are intended for the high-income population.

Resumen La política de vivienda en la Zona Metropolitana del Valle de México se caracteriza por un tránsito entre la construcción masiva de vivienda en la periferia urbana y la redensificación en las áreas centrales. Retomando el concepto de desarrollo geográfico desigual se realiza una revisión sobre la modificación en las políticas habitacionales y los subsidios públicos para la adquisición de vivienda, tanto en la periferia como en áreas centrales. Desde los argumentos propuestos por la geografía crítica se establece que las dinámicas residenciales presentan una tendencia a la concentración de población de bajos ingresos en la periferia metropolitana, mientras a la par, se revalorizan espacios de uso habitacional de las áreas centrales destinados a sectores de población de mayores ingresos. Con ello se aprecia una diferenciación espacial promovida por el mercado formal de vivienda.

Abstract In the recent expansion of studies on gentrification in Latin America, there seems to be a lack of discussion between different approaches and a hasty closure of the dispute between demand side and supply side explanations. The authors of this paper aim to contribute to the argument analyzing the production of consumers as part of the production of space. The aforementioned process entails an ideological work developed by diverse types of agents, leading to the creation of a symbolic rent gap. The discussion is illustrated with the case of two commercial areas in the center of Mexico City, which resulted from urban renewal of previously downgraded sectors.

Resumen En la proliferación reciente de estudios sobre gentrificación en Latinoamérica es apreciable la falta de discusión entre las diferentes posturas adoptadas y un cierre precipitado del enfrentamiento entre las perspectivas de la producción y del consumo. Los autores del texto pretenden entrar en esta polémica analizando la producción de los consumidores como parte de la producción del espacio, un proceso que implica un trabajo ideológico que puede ser desarrollado por diversos agentes y que conduce a la creación de un rent gap simbólico. Este argumento se ilustra con el caso de dos enclaves comerciales en el área central de la Ciudad de México, resultado de procesos de renovación urbana sobre sectores previamente degradados.

Resumo Vários fatores que influenciam a deterioração urbana das áreas centrais da cidade do México. Além de discutir essas causas, as principais intervenções habitacionais que foram implementadas, onde ferrugem faz parte de um discurso legitimador das medidas tomadas são apresentados. Dois estágios diferentes intervenções são propostas: por um lado, impulsionada pelas intervenções do setor público; e em segundo lugar, as implementadas com estreita participação do sector privado. No entanto, ambas as intervenções, têm em comum que têm sido medidas que afetaram setores de baixa renda, onde uma estratégia selectiva pode ser visto pelas intervenções habitacionais.

Abstract Various factors that have influenced the urban decay of the central areas of Mexico City. Beyond discussing these causes, the main housing interventions that have been implemented, urban decline is part of a legitimizing discourse of the measures taken are presented. Two stages differing interventions are proposed: on the one hand, driven by the public sector interventions; and secondly, those implemented with close involvement of the private sector. However, both interventions, have in common that have been measures that have affected low-income sectors, where a selective strategy can be seen for the housing interventions.

Resumen Diversos son los factores que han incidido en el deterioro urbano de las áreas centrales de la ciudad de México. Más allá de discutir dichas causas, se exponen las principales intervenciones habitacionales que se han implementado, en donde el deterioro urbano forma parte de un discurso legitimador de las medidas adoptadas. Se proponen dos etapas que diferencian las intervenciones realizadas: por un lado, intervenciones impulsadas por el sector público; y por otro lado, aquellas implementadas con estrecha participación del sector privado. No obstante, ambas intervenciones, tienen en común que han sido medidas que han afectado a sectores de bajos ingresos, en donde se aprecia una estrategia selectiva para realizar las intervenciones habitacionales.