To begin with, it is necessary to mention, that the urban regeneration (or urban renewal) is the program, aimed to rebuild the urban areas in order to increase the density of living. Originally, it was initiated in 1940s in the USA, and continued up to 1980s.
Introduction
The world statistics reveal, that at least two thirds of the all over population lives in what is called the urban surroundings. In mostly populated regions, such as Europe, this proportion approaches 95%. (Evans, Jones, 2008) Nevertheless, the cities require to be rebuilt in order to correspond the latest requirements for the increasing world population. Some buildings are old and dangerous for dwelling; that is why they need to be rebuilt. Sometimes the municipalities aim to increase the living density of the cities. The innovative architectural projects also require some territory, and this territory, as a rule is located in the center. All the renewal projects aim to increase the social sustainability, however, it entails numerous complex procedures, associated with law, insurance, finances, and the citizens, who involuntary appeared to be engaged into the regeneration process frequently stay unsatisfied.
The Matters of Urban Regeneration
The Urban Regeneration program is regarded to be rather controversial, and generally includes the resettlement of the citizens, the destruction of business buildings etc. In UK, in particular, it is also featured by the use of Compulsory Purchase, as it is necessary to reclaim the private property, and the Compulsory purchase is the only legal instrument for it. Sometimes it may cause racial conflicts, as Urban Regeneration is also called “Negro Removal”. The Urban Renewal programs entail the participation of banks, insurance companies, and community organizations (Urban Regeneration, 2006).
Actually, in spite of the huge number of the problems, that Urban Renewal entails, it effects the actual revitalization, however this is the matter of numerous debates. The supporters regard it as the engine of financial development, while the opponents blame it for the regressing mechanism for increasing the wealth of the riches, and enlarging the taxes for the poor.
The renewal of the important parts of cities has been a strategy objective of succeeding governments for the recent time. The fact is that, urban renewal processes are rather complex in the financial point of view, as it requires essential investments and human resources. Nevertheless it may be useful for the support of the weak markets of realty, or vice versa – the markets that are too concentrated, and can not include all the actors, that wish to be included in it. Actually, weak and confused market indicators in regeneration districts have completed misconstructions taking into account the investment returns and risk that has often led to renewal capabilities being by-passed, notably by some of the largest institutional shareholders.
It is necessary to mention, that the investment, within the frames of Urban Renewal, provides the financial institutions with diversification revenues, still, the essential and the key criteria for the decision making in this sphere stays the balance of the risks, and the possibility of probable return (Prescott, 2000).
It should be emphasized, that the residential property in the UK is often recognized as an investment evaluation, however the information sources are very fragmented, and often it is very difficult to gather the entire image for the successful completion of all the necessary operations, required for the start, and continuation of the renewal process. The residential property is highly significant from the developmental point of view, and the mixed schemes of regeneration intake the significant element into the renewal process. The significant percentage of stock is sold possessor-occupancy, as it is generally held for the aims of the investment regulation and purposes, and for the private needs.
Property Market
First, it is should be mentioned, that the renewal policy is impossible without the steady real property market. The market is created with the help of data resources, and that resources include information about not only the prices, characteristics, condition of the property, but also include the info on the risks, the information about insurance and so on.
Property market information is generally provided for markets as these are the positions with least distinguished risk and therefore are the most attractive markets, that are used by the institutional funds. (Neary, Symes, Brown, 1999)
Taking into account the matter of social sustainability, it is necessary to mention, that the sustainable community is the community, whose interests are satisfied by the government. Unfortunately, the urban renewal processes are often held without the concordance with the people, living in the districts, where the renewal is held. In order to avoid the strikes and the actions of mass grievance, it is necessary to get prepared for the regeneration thoroughly, and study not only the financial and seismic, but also the social situation, and the agreement of the people living in the area.
In order to attain the sustainability, it is necessary to realize the following points:
- Offer access to respectable, affordable and energy competent housing.
- Regenerate disadvantaged urban areas.
- Offer viable and vital town and city centers, assisting to create shared spaces that are available to everyone and suitable for work rest and socialization.
- Offer a strong, vibrant and sustainable voluntary and community sector to provide the improved service delivery.
- Promote strong sustainable communities where people want to live, work and socialize.
Unfortunately, the urban regeneration programs has never fulfilled the hopes of its opponents, nevertheless it has played very significant role for the reconstruction of the cities in the United States, the United Kingdom and lots of other developed states. Politicians, financial experts, culture experts note, that it has positively influenced the political, cultural and economic life of the cities. However, those, who were touched by the rebuilding process never stayed fully satisfied.
Conclusion
In conclusion, it is necessary to emphasize, that the sustainability of the society totally depends on the matters of conformity of the actions with the citizens: the businesspersons, the inhabitants and mainly those who would suffer most. The necessary procedures are numerous, and often complex, nevertheless they influence the success of the renewal projects, and it is argued, that if the social sustainability is on the first place.
References
- Evans, J., Jones, P. (2008) “Urban Regeneration in the UK: Theory and Practice” SAGE Ltd publishing
- Neary, S. J., Symes, M. S., & Brown, F. E. (Eds.). (1999). The Urban Experience: A People Environment Perspective. London: E & FN Spon.
- Prescott, J. (2000). Towards an Urban Renaissance. London: Spon.
- Urban Regeneration. (2006). Architectural Science Review, 49(2), 209.