20 requiring housing developments which contain greater than 15 units should contain 20% affordable units. (Williams, 2019) Beyond S106 avoidance, Silver points towards financial aid granted to institutional investors in the form of “various loans provided by local or national government [sic] to stimulate construction.” (Silver, 2018:6) This financing amounted to “£215 million [...] from Greater Manchester Housing Fund (GMCF) which has provided a series of loans to developers over the last three years [2015-2018].” (Silver, 2018:12) With a separate £50 national government loan, the total “amounts to £265 million, supporting the construction of 5,330 units with average financial support at £29,719 per unit, none of which are designated for affordable or social housing.” (Silver, 2018:12) As national government conditions for financing GMHF disallows the use of local government loans for the construction of affordable housing. (Silver, 2018) Instead, financing was directed towards the Build-to-Rent (BtR hereafter) sector, following the demise of the owner-occupier market, where “the number of residential units in the [owner occupier] development pipeline reached a high of over 4,000 units in 2006 before dropping to less than 500 units in 2010, 2011 and 2012.” (Silver, 2018:5) BtR projects have therefore “emerged from the local and national government focus on remaking the private rented market [...] institutionally friendly” (Silver, 2018:5). The Manchester Model of production reconfigures housing as a spatial fix and a site of extraction (Rolnik, 2019) through providing State guarantees to entice and secure institutional funding. Where the effectiveness is evidenced through an investigation of a specific institutional arrangement, Manchester Life Development Corporation, and the transformation of a formerly derelict neighbourhood of north Manchester, Ancoats.
Global Landlords in Post-Crisis Manchester
Deployment of the Manchester case study through revelation of operative shells ignites an analysis of a specific institutional arrangement which reinforces claims of post-crisis radicality of
