Financeirização da política habitacional: limites e perspectivas

Abstract

The current work interprets the results of the housing credit policy in terms of housing as a universal right.The analysis is based on primary data from the Central Bank of Brazil, Caixa Economica Federal, and related literature.The analysis is based on the main sources of funding: SBPE and FGTS.Both sources operate simultaneously in the Housing Financial System (SFH) and Real State Financial System (SFI).The operation of the SFI in the framework of the public housing policy is also assessed.The current structure of the SFH acquired a new logic with the approval of the SFI in 1997.The recent advancements in the regulatory framework, with important legal modifi cations, have contributed to fi nancing the SFH to achieve record numbers in recent years.However, despite all the eff ort to fully assemble the SFI, public and semi-public funding sources still constitute the pillars of the housing policy in eff ect.The recent numbers highlight the importance of the credit expansion as a mechanism to expand the access of lower income classes to the consumer market.Also noteworthy is the importance of the government's regulation in the achievement of those numbers.The fi nancial sophistication of the SFI prompts the discussion of the neoclassical model of fi nancial effi ciency, which collides with the concept of housing as a universal right.In addition, the current consensus is that a fi nancial model when well executed is able to promote any public policy.The current work also analyzes the lack of debate of public policies from this angle.The reduction of public policies to fi nancial discourse results in the fi nancialization of the housing policy, with negative impact in housing access and universalization.

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