Who owns our cities – and why this urban takeover should concern us all

The huge post-credit crunch buying up of urban buildings by corporations has significant implications for equity, democracy and rights

Does the massive foreign and national corporate buying of urban buildings and land that took off after the 2008 crisis signal an emergent new phase in major cities? From mid-2013 to mid-2014, corporate buying of existing properties exceeded $600bn (395bn) in the top 100 recipient cities, and $1trillion a year later - and this figure includes only major acquisitions (eg. a minimum of $5m in the case of New York City).

I want to examine the details of this large corporate investment surge, and why it matters. Cities are the spaces where those without power get to make a history and a culture, thereby making their powerlessness complex. If the current large-scale buying continues, we will lose this type of making that has given our cities their cosmopolitanism.

If the current buying continues, we will lose the type of making that has given our cities their cosmopolitanism

Privatisation in the 90s has resulted in a reduction of public buildings and an escalation in large, corporate ownership

A large city is a frontier zone where actors from different worlds can have an encounter with no rules of engagement

Related: The privatisation of cities' public spaces is escalating. It is time to take a stand