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This article explores the way local states can challenge the process of housing financialization, by focusing on policy innovation for housing vulnerability. Building upon theoretical discourses that emphasize the influence of financial investors in shaping policy frameworks, we suggest that institutional settings that develop independently of financial logics and prioritize social policies can both incite shifts in financial investors' strategies and change the dynamics in the financialization of housing. This is the case even within rental systems where local states demonstrate limited capacity to intervene in housing markets. Using desk-based research and interviews with expert informants, this study investigates the way new municipalism policies have addressed housing vulnerability in Barcelona. It considers investors' responses to an institutional framework that prioritized social criteria, and interrogates the relation between housing policy and financial innovation. Key findings suggest that housing financialization is a dynamic process, contingent on the way different actors interrelate and mutually redefine power relations in housing affairs.
Alexandri et al. (Thu,) studied this question.