Advertisement

Financial Drivers and Urban Coastal Development in Miami, Florida

  • Kathleen Sullivan Sealey
  • Ray King Burch
  • P.-M. Binder
Chapter
Part of the SpringerBriefs in Geography book series (BRIEFSGEOGRAPHY)

Abstract

Miami Dade County (MDC) urban centers have a unique geographic location between Biscayne Bay and the massive wetlands of the Everglades. Water can come from both sides of MDC as well as percolate up from the groundwater. Sea level rise (SLR) impacts all of these connected sources of water, meaning Miami will be faced with more severe and frequent flooding into the foreseeable future. This chapter will explain the connection between urban development, the expenditure of funds, and the role of financing. Financing is the underlying requirement to convert development planning into development action; thus, recovery from disasters requires linking environmental issues back to the financial system.

Keywords

Capital markets Financial innovation Housing Mortgage securitization Urban development 

References

  1. 1982. The secondary market in residential mortgages. In: DEVELOPMENT., U. S. D. O. H. A. U. (ed.). Washington, D.C.Google Scholar
  2. (DTCC), D. T. A. C. C. 2009. Annual Report 2008.Google Scholar
  3. ADAMS, A. G. 1957. Some Pre-Boom Developers of Dade County. Tequesta. Miami, FL.Google Scholar
  4. ADELINO, M., SCHOAR, A. & SEVERINO, F. 2012. Credit supply and house prices: evidence from mortgage market segmentation (No. w17832). National Bureau of Economic Research. In: RESEARCH, N. B. O. E. (ed.). Washington, D.C.Google Scholar
  5. AKHTAR, M. A. 1994. Causes and consequences of the 1989–92 credit slowdown: overview and perspective. Studies on Causes and Consequences of the 1989-92 Credit Slowdown. New York, NY: Federal Reserve Bank of New York.Google Scholar
  6. AMBROSE, B. W. & PEEK, J. 2008. Credit Availability and the Structure of the Homebuilding Industry. Real Estate Economics, 36, 33.CrossRefGoogle Scholar
  7. ANARI, A. & KOLARI, J. 2002. House prices and inflation. Real Estate Economics., 30, 17.CrossRefGoogle Scholar
  8. ANTONINI, G. A., FANN, D. A. & ROAT., P. 2002. A Historical Geography of Southwest Florida Waterways Volume Two - Placida Harbor to Marco Island. In: GRANT, F. S. (ed.).Google Scholar
  9. ATWOOD, A. 2012. A State of War: Florida from 1939 to 1945. PhD, Florida International University.Google Scholar
  10. BLACKSTONE GROUP, L. P. 2017. Invitation Homes Inc. Form S-11, Preliminary Prospectus In: COMMISSION., U. S. S. A. E. (ed.).Google Scholar
  11. BORD, V. M. & SANTOS, J. A. C. 2012. The rise of the originate-to-distribute model and the role of banks in financial intermediation. Economic Policy Review, 18, 13.CrossRefGoogle Scholar
  12. BORIO, C. & ZABAI, A. 2016. Unconventional monetary policies: a re-appraisal. In: SETTLEMENTS, B. F. I. (ed.) Bank of International Settlements Working Papers. Google Scholar
  13. BOTTS, H., DU, W., JEFFERY, T. & SUHR, L. 2015. 2015 CoreLogic storm surge report. In: INC., C. (ed.).Google Scholar
  14. BROWN, J. 2014. The rise of rich man’s subprime. Fortune. Google Scholar
  15. CARSON, R. L. 1955. Forty Years of Miami Beach. Tequesta. Google Scholar
  16. COSTANZA, R., DE GROOT, R., BRAAT, L., KUBISZEWSKI, I., FIORAMONTI, L., TSUTTON, P., FABER, S. & GRASSO, M. 2017. Twenty years of ecosystem services: How far have we come and how far do we still need to go? Ecosystems Services, 28, 16.CrossRefGoogle Scholar
  17. DAILY, G. C. 1997. Nature’s services: societal dependence on natural ecosystems, Washington, D.C, Island Press.Google Scholar
  18. DAILY, G. C., POLASKY, S., GOLDSTEIN, J., KAREIVA, P. M., MOONEY, H. A., PEJCHAR, L., RICKETTS, T. H., SALZMAN, J. & SHALLENBERGER, R. 2009. Ecosystem Services in Decision Making: Time to Deliver. Frontiers in Ecology and the Environment, 7, 21–28.CrossRefGoogle Scholar
  19. DAVIS, G. F. & KIM, S. 2015. Financialization of the Economy. Annual Review of Sociology, 41.CrossRefGoogle Scholar
  20. DEADY, E. L. & RUPPERT, T. 2015. The link between future flood risk and comprehensive planning. The Reporter Vol. XXXVII, 8.Google Scholar
  21. DIAZ-BRIQUETS, S. 1984. Cuban-owned businesses in the United States. Cuban Studies, 14, 8.Google Scholar
  22. DOWNS, A. 2007. Niagara of capital: how global capital has transformed housing and real estate markets, Washington, D.C, Urban Land Institute.Google Scholar
  23. ECKSTEIN, S. 2009. The immigrant divide: How Cuban Americans changed the US and their homeland. Routledge., Routledge.Google Scholar
  24. EMMONS, W. R. 2012. Don’t Expect Consumer Spending to Be the Engine of Economic Growth It Once Was. The Regional Economist. St. Louis, MO, USA: Federal Reserve Bank of St. LouisGoogle Scholar
  25. EPA 2012. Growing for a Sustainable Future: Miami-Dade County Urban Development Boundary Assessment. In: OFFICE OF SUSTAINABLE COMMUNITIES, S. G. P. U. S. (ed.). United States Environmental Protection AgencyGoogle Scholar
  26. FAVARA, G. & IMBS, J. 2015. Credit supply and the price of housing. The American Economic Review, 105, 34.CrossRefGoogle Scholar
  27. FCIC 2011. The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. In: COMMISSION, F. C. I. (ed.). Department of Public Affaris.Google Scholar
  28. GMCVB 2016. Greater Miami and the Beaches 2016 Visitor Industry Overview. Greater Miami Convention and Visitors Bureau.Google Scholar
  29. GOODELL, J. 2017. The water will come: Rising seas, sinking cities, and the remaking of the civilized world, New York, NY, Little, Brown and COmpany.Google Scholar
  30. GREENSPAN, A. & KENNEDY, J. 2008. Sources and uses of equity extracted from homes. Oxford Review of Economic Policy, 24, 24.CrossRefGoogle Scholar
  31. HALPIN, D. W. & SENIOR, B. A. 2009. Financial management and accounting fundamentals for construction. , John Wiley & Sons.CrossRefGoogle Scholar
  32. HANC, G. 1997. History of the eighties: lessons for the future, an examination of the banking crises of the 1980s and early 1990s (Vol. 1). In: CORPORATION., F. D. I. (ed.).Google Scholar
  33. HANSON, S., NICHOLLS, R. J., RANGER, N., HALLEGATTE, S., CORFEE-MORLOT, J., HERWEIJER, C. & CHATEAU, J. 2011. A global ranking of port cities with high exposure to climate extremes. Climatic Change, 104, 22.CrossRefGoogle Scholar
  34. HARRIS, E. S., BOLDIN, M. & FLAHERTY, M. D. 1994. The credit crunch and the construction industry. In: YORK., F. R. B. O. N. (ed.). New York, USA: Federal Reserve Bank of New York.Google Scholar
  35. HAUER, M. 2017. Sea level rise induced migration could reshape the US population landscape. ICPSR - Interuniversity Consortium for Political and Social Research.Google Scholar
  36. HUD 1982. The secondary market in residential mortgages. In: DEVELOPMENT, U. S. D. O. H. A. U. (ed.). Washington, D.C.Google Scholar
  37. HUD 2012. HUD. 2012. Spotlight on the housing market in Miami-Fort Lauderdale-Pompano Beach, Florida. U.S. Department of Housing and Urban Development. July 2012. 5p.Google Scholar
  38. https://portal.hud.gov/hudportal/documents/huddoc?id=HUDMIAMIScorecard.pdf. In: DEVELOPMENT, U. S. D. O. H. A. U. (ed.). Washington, D.C.
  39. IRR 2016. Greater Downtown Miami Annual Residential Market Study Update. Prepared for the Miami Downtown Development Authority (DDA). Integra Realty Resources (IRR)Google Scholar
  40. ISRAEL, K. F. 2017. In the long run are we all unemployed? The Quarterly Review of Economics and Finance, 64, 15.CrossRefGoogle Scholar
  41. JORDA, O., SCHULARICK, M. & TAYLOR, A. M. 2016. The Great Mortgaging: Housing Finance, Crises, and Business Cycles. National Bureau of Economic Research Working Paper Series. Cambridge, MA.Google Scholar
  42. KEEN, S. 2013. Predicting the ‘Global Financial Crisis’: post-Keynesian macroeconomics. Economic Record, June 2013, 89, 228–254.CrossRefGoogle Scholar
  43. KENNEDY, M. 1995. Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth, Stranger Journalism.Google Scholar
  44. KNIGHT-FRANK 2012. The Wealth Report 2012: a global perspective on prime property and wealth. In: RESEARCH, K. F. (ed.). Knight Frank Real Estate.Google Scholar
  45. KRIPPNER, G. R. 2005. The financialization of the American economy. Socio-economic Review, 3, 35.CrossRefGoogle Scholar
  46. LAMBIN, E. F., GEIST, H. J. & LEPERS, E. 2003. DYNAMICS OF LAND-USE AND LAND-COVER CHANGE IN TROPICAL REGIONS. Annual Review of Environment and Resources, 28, 205–241.CrossRefGoogle Scholar
  47. LEAMER, E. 2015. Housing really is the business cycle: what survives the lessons of 2008–09? Journal of Money, Credit and Banking, 47, 8.Google Scholar
  48. LI, D. X. 2000. Li, D. X. (2000). On default correlation: A copula function approach. The Journal of Fixed Income, 9, 11.CrossRefGoogle Scholar
  49. LILLEY, W. I. 1980. The Homebuilders’ Lobby. In: PYNOOS, J., SCHAFER, R. & HARTMAN, C. W. (eds.) Housing Urban America.: AldineTransaction.Google Scholar
  50. LINDNER, F. 2014. The interaction of mortgage credit and housing prices in the US IMK Working Paper. Google Scholar
  51. MACKENZIE, D. & SPEARS, T. 2014. The formula that killed Wall Street’: The Gaussian copula and modelling practices in investment banking. Social Studies of Science, 44, 15.Google Scholar
  52. MARKELL, D. L. 2016. Emerging Legal and Institutional Responses to Sea-Level Rise in Florida and Beyond In: FLORIDA STATE UNIVERSITY COLLEGE OF LAW, P. L. R. P. (ed.) Public Law Research Paper. Google Scholar
  53. MARTINEZ, N. 2016. Access to public spaces, waterfront locations driving healthy luxury condo market in south Florida. UrbanLand, The Magazine of the Urban Land Institute. Google Scholar
  54. MAYER, C. J. & SOMERVILLE, C. T. 2000. Residential construction: Using the urban growth model to estimate housing supply. Journal of Urban Economics, 48, 24.CrossRefGoogle Scholar
  55. MDC 2014. Sea Level Risk Task Force Report and Recommendations. In: DEPARTMENT OF PLANNING, M.-D. C., FL (ed.). Miami-Dade County, Florida, USA.Google Scholar
  56. MEADOWS, D. H. 1999. Leverage points: Places to intervene in a system In: HARTLAND, V. (ed.) Meadows, D. H. Google Scholar
  57. MEHRLING, P., POZSAR, Z., SWEENEY, J. & NEILSON, D. H. 2013. Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance [Online]. Available: http://ssrn.com/abstract=2232016
  58. MELMAN, S. 2010. Structure of the Home Building Industry. In: ECONOMICS, H. (ed.). National Association of Home Builders.Google Scholar
  59. METHODOLOGY, C. F. S. S. A. 2015. Summary Report: 2012 National Resources Inventory. In: NATURAL RESOURCES CONSERVATION SERVICE, U. D. O. A. (ed.). owa State University, Ames, Iowa.Google Scholar
  60. Miami Dade County. 2011. 2010 Census Demographic and Housing Profile of Commission Districts in Miami-Dade. In: RESEARCH SECTION, D. O. P. A. Z., MIAMI-DADE COUNTY, FL, USA.Google Scholar
  61. Miami-Dade County. 2009. MIAMI-DADE COUNTY FACTS – 2009: A Compendium of Selected Statistics. Miami-Dade County Department of Planning & Zoning, Planning Research Section, April 2009. http://www.miamidade.gov/planning/library/reports/2009-miami-dade-countyfacts.pdf.
  62. MILGRAM, G. 1994. A chronology of housing legislation and selected executive actions, 1892–1992. In: REPORT, C. R. S. (ed.). Government Printing Office.Google Scholar
  63. MODESTINO, A. S. & DENNETT, J. 2013 Are American home owners locked into their houses? the impact of housing market conditions on state-to-state migration. Regional Science and Urban Economics, 43, 15.CrossRefGoogle Scholar
  64. MOLOTCH, H. 1976. The City as a Growth Machine: Toward a Political Economy of Place. American Journal of Sociology, 82, 309–332.CrossRefGoogle Scholar
  65. NRC 2016. Progress Toward Restoring the Everglades: The Sixth Biennial Review – 2016. In: NATIONAL RESEARCH COUNCIL, P. T. R. T. C. E. S. I. S. (ed.) National Academies Press. Google Scholar
  66. ORHANGAZI, È. 2008. Financialization and the US Economy. , Edward Elgar Publishing.Google Scholar
  67. OWENS, D. 1985. South Florida condos are high-rise ghost towns. Chicago Tribune October 12, 1985.Google Scholar
  68. PARIS, C. 2013. The super-rich and the globalisation of prime housing markets. Housing Finance International, 27, 10.Google Scholar
  69. POZSAR, Z. 2014. Shadow banking: the Money View. Shadow Banking Colloquium (INET) New Yoir, NY: Credit Suisse.Google Scholar
  70. RANIERI, L. S. 1996. The origins of securitization, sources of its growth, and its future potential. In: FISHMAN, M. J. & KENDALL, L. T. (eds.) A primer on securitization. Boston, MA, USA: MIT Press.Google Scholar
  71. RAYMOND, E. 2014. Are Single-Family Rental Securitizations Here to Stay. In: RESEARCH., F. R. B. O. A. R. E. (ed.).Google Scholar
  72. RUPPERT, T. 2011. Reasonable Investment-Backed Expectations: Should Notice of Rising Seas Lead to Falling Expectations for Coastal Property Purchasers? Journal of Land Use & Environmental Law, 26, 37.Google Scholar
  73. SAEZ, E. 2016. Striking it Richer: The Evaluation of Top Incomes in the United States. University of California.Google Scholar
  74. SENATE, U. S. 1934. National housing act : hearings before the Committee on Banking and Currency,. In: UNITED STATES SENATE, S.-T. C., SECOND SESSION, ON S-3603. MAY 16-24, 1934. (ed.).Google Scholar
  75. SNOWDEN, K. A. J. 2010. The Anatomy Of A Residential Mortgage Crisis: A Look Back To The 1930s. In: MITCHELL, L. E. & WILMARTH JR, A. E. (eds.) The panic of 2008: causes, consequences and implications for reform. Edward Elgar Publishing.Google Scholar
  76. STARWOOD 2014. Starwood Waypoint Residential Trust. Form 8-K. United States Securities and Exchange Commission.Google Scholar
  77. STROUD, N. 2012. A History and New Turns in Florida’s Growth Management Reform. Journal of the Marshall Law Review 45, 830.Google Scholar
  78. SULLIVAN SEALEY, K., BINDER, P., & BURCH, R. K. 2017. Financial Credit Drives Urban Land-use Change in the United States: A case study of coupled Human-Natural Systems Anthropocene, in press.Google Scholar
  79. THORNTON, M. 2005. Skyscrapers and business cycles. Quarterly Journal of Austrian Economics, 8, 23.CrossRefGoogle Scholar
  80. VICKERS, R. B. 2007. Panic in Paradise: Florida’s Banking Crash of 1926, University Alabama Press.Google Scholar
  81. VON MISES, L. 1949. Human Action, Auburn. Alabama, USA, Ludwig von Mises InstituteGoogle Scholar
  82. WURSTHORN, M. & ANDRIOTIS, A. 2015. Understanding the Mechanics—and Risks—of Securities-Based Loans. Wall Street Journal, August 28, 2015.Google Scholar

Copyright information

© The Author(s), under exclusive licence to Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  • Kathleen Sullivan Sealey
    • 1
  • Ray King Burch
    • 2
  • P.-M. Binder
    • 3
  1. 1.The University of MiamiCoral GablesUSA
  2. 2.Financial AnalystHonoluluUSA
  3. 3.College of Agriculture, Forestry and Natural Resource ManagementUniversity of HawaiiHiloUSA

Personalised recommendations