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Olympic Villages and Large-scale Urban Development: Crises of Capitalism, Deficits of
Democracy?
Author(s): Jay Scherer
Source: Sociology, Vol. 45, No. 5, Special Issue: Sociology and the 2012 Olympic Games (OCTOBER
2011), pp. 782-797
Published by: Sage Publications, Ltd.
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Artide
Olympic
Large-scale
Villages
Urban
Development:
of Capitalism,
and
Crises
Deficits
Sociology
45(5)782-797
2011
The
Author(s)
andpermission:
Reprints
sagepub.
co.uk/journalsPermissions.nav
DOI:10.1177/003803851
1413433
soc.sagepub.com
(DSAGE
of Democracy?
Jay Scherer
ofAlberta,
Canada
University
Abstract
forcitiesto
as keyopportunities
Gamesare widelyregarded
liketheOlympic
Mega-events
construction
of
the
urban
accelerate
Villages.
Olympic
through
projects
large-scale development
are
urbanrenewal
thesedebt-financed
inthecurrent
climate,
However,
strategies
globalfinancial
Thisarticle
examines
andprivate
risk
forbothpublic
notwithout
how,asa result
partners.
significant
Vancouver
localpolitical
ofundisclosed
crisisanda number
ofthe2008economic
commitments,
In
ofthe2010WinterOlympic
fortheconstruction
inherited
theentireresponsibility
Village.
urban
oftheentrepreneurial
limitations
aboutthedemocratic
I raisesomepolitical
turn,
questions
withthese
riskassociated
offinancial
transfer
andthedisproportionate
context
policy-making
ofVancouver
theexperiences
I drawparallels
between
sector.Finally,
tothepublic
developments
andthe
inSydney,
forthe2000Olympics
successful
andtherelatively
partnership
public-private
in
London.
of
the
bailout
recent
Village
development
Olympic
government
Keywords
urbandevelopment,
crisesofcapitalism,
Villages
Olympic
large-scale
Towards
20 12
As we approachthe2012 SummerOlympicsinLondon,itmaybe timelytolookbackat

the
transformed
thathave simultaneously
the set of political-economic
developments
of
a
new
phase competition
mega-eventinto a global media spectacleand spurred
to notethat,
betweencitiesto hosttheOlympicGames.It seemsalmostunfathomable
the
in
justover30 yearsago,fewcitieswereactuallyinterested hosting OlympicGames.
author:
Corresponding
andRecreation,
Education
ofPhysical
E425VanVliet
Associate
Centre,
Professor,
Scherer,
Faculty
Jay
Canada.
Alberta
ofAlberta,
T6G2H9,
Edmonton,
University
Email:
jay.scherer@ualberta.ca
Scherer
783
heldup as
Followingthe 1976 Olympicsin Montreal- an eventthatis stillregularly
evidenceofthesignificant
burdenthatstagingtheGamescan place on hostcities- Los
Angeleswas theonlyseriousbidderforthe1984 Olympiad.However,theLos Angeles
Gameswerea turning
andlocal organizers
havebeen
pointfortheOlympicMovement,
credited
for
substantial
increases
in
television
revenues
and
extensively
amassing
from
the
world's
the
amount
of
sponsorship
largestcorporations,
thereby
limiting
public
investment
in the Games. Germaneto thisarticle,Los Angelesbuiltno significant
infrastructure
fortheGames;theOlympicStadiumused in 1984 was thesame venue
usedinthe1932Games,whileathleteswerehousedinuniversity
dorms(Munoz,2006).
ThewidelyheraldedsuccessoftheLos AngelesOlympicsacceleratedtheincorporation
oftheOlympicsintoa globalpromotional
cultureand 'transformed
theeconomiccalculusassociatedwithhosting
theGames,makingbeinga hostcityonceagainan attractive
much
2005:
indeed,
sought-afterproposition'
(Whitson,
29).
the OlympicGames have become
Againstthe backdropof thesedevelopments,
circuitsofpromotion
and
prestigious
(Wernick,1991) thatarecentralto there-imaging
urbanregeneration
of citiesaspiringto 'reinforce
thecompetitive
strategies
positionof
theirmetropolitan
economiesin a contextofrapidlychanging
local,national,andglobal
conditions'(Swyngedouwet al., 2002: 548). UrbanStudiesscholarshave,
competitive
forseveralyearsnow,drawnattention
to theimpactofnewtechnologies
and deregulaand barriers
thatonce placed limitson the
torypoliciesthathave removedrestrictions
movement
oftrade,investment,
andpeople(withsomeimportant
across
qualifications)
nationalborders.These developments
have together
contributed
to themovementof
industries
andjobs to areaswithcheaperlabourand fewerrestrictions
on theprerogativesof capital.Suchbroadchangeshavebeen,in turn,accompaniedby a concomitant
shift
inthecharacteristics
ofurbangovernance
frommanagerialism
toentrepreneurialism
(Harvey,1989), as citiescompeteformobileformsof investment
(private,as well as
consumers
citizensortourists),
andnewbusinesses,especially
public),affluent
(whether
thetypesofbusinessesinwhichthewell-paying
white-collar
professional
jobs associated
withtheknowledgeeconomyareconcentrated.
In theseurbancompetitions,
a reputation
as a centreof 'worldclass' culture
finally,
andentertainment
is believedtobe important
(Evans,2005; Garcia,2004). While:
... modern
civicinfrastructure
telecommunications
and
(notably
links,
transportation
capacity
a goodeducation
is a necessary
condition
forsuccess... itis widely
believed
thatthe
system)
- also helpsto attract
sortof 'civicimage'- as a centre
ofentertainment
andculture
right
sort'.(Whitson,
2004:1217)
'peopleandcapitaloftheright
Thus,as a resultof theglobalizationof botheconomicactivityand culture,and buttressedbymorepredictable
a
budgetfiguresin thenewOlympicrevenueenvironment,
widerangeofcitiesfromall continents,
incumbent
cities'
like
London
including
'global
andNew York,haveaggressively
tobothSummerandWinter
pursuedthehostingrights
theirclaimsas 'worldclass' destinations
in thechanging
OlympicGamesto reinforce
transnational
economicandculturalhierarchy
ofcities(Shoval,2002).
Beginningwiththe 1992 BarcelonaOlympics,theGameshave also providedcities
withopportunities
to acceleratelarge-scaleurbandevelopment
projectsand revalorize
formerindustrialor under-developed
waterfront
land throughthe construction
of
784
45(5)
Sociology
are envisionedby
extensiveOlympicVillages (Muoz, 2006). These developments
anchorsofnew,sustainas lucrative
civicelitesandtheirprivatepartners
post-Olympic
landis available),fora mobile
'communities'
able lifestyle
(especiallywherewaterfront
who wantaccess to,
urbanresidents
workersand affluent
class of knowledge-industry
and
andcan afford,
condominiums,
shoppingcomplexes, sportandentertainment
luxury
facilities.
are not withoutriskforbothpublic and
However,theseambitiousdevelopments
ofthe
on thevitality
notonlycontingent
'success'
is
financial
as
their
privatepartners,
butalso onbroadernationaland
anddemandforupscalehousing,
localrealestatemarket
because
economicconditions(Swyngedouwet al., 2002). Furthermore,
international
are
are
often
inevitably
costlylong-term
projects,they
large-scaleredevelopments
inunfavourable
forcrisisformation
andcan becometheepicentre
debt-financed,
global
- crisesthatcan be compounded
the
to guarantee
economicconditions
bycommitments
In
an
deadlines.
under
strict
of
deregulated
increasingly
completion OlympicVillages
of
theenactment
global financialmarket,thesepressureshave,at times,necessitated
fast-track
to
institutional
Olympic-related
arrangements
legislationand exceptional
forfinancing
and to accommodatethedemandsof creditors
protection.
developments
- arrangements
between
thatarenowcommonly
negotiated
However,thesearrangements
shareof
a
andbusinessleaders,in-camera cantransferdisproportionate
publicofficials
to thepublicsector,
thefinancialriskassociatedwithOlympicVillage developments
and community
democratic
participaprinciplesof transparency
subverting
potentially
tioninurbanplanning(Lenskyj,2008; Owen,2002).
oftheOlympicVillagedevelopconstruction
Thisarticleexaminesthecontroversial
BritishColumbia(BC). I begin
mentforthe2010 Winter
OlympicGamesinVancouver,
whichserveas thebackdrop
Vancouver'sentrepreneurial
ambitions,
by contextualizing
witha local developer)as
an OlympicVillage(inpartnership
tothedecisionto construct
theset of undisclosed
I
outline
urban
a
of
Next,
project.
development
large-scale
part
a
onset
of
the
with
commitments
global recession
that,
significant
coupled
political
for
theentireresponsibility
and creditcrunchin 2008, resultedin Vancouverinheriting
ofthesecommitments
I also explainhowtherevelation
thedevelopment.
emergedas the
andirrevocably
issueofthe2008municipal
dominant
election,
damagedthepoliticalambiAssociation
Non Partisan
tionsofthemayoralnomineefortheincumbent
right-of-centre
the
levelsof
about
raises
some
final
section
The
civic
questions
political
party.
(NPA)
costsforthepublicsectorthatnowaccompanythesedebt-financed
riskandopportunity
global financialclimate.In so
projectsin the current
large-scaleurbandevelopment
andother
ofVancouver
the
between
and
I
draw
experiences
parallels disjunctures
doing,
recentOlympichostcitiesthathave constructed
OlympicVillagesas partof broader
successful
a relatively
urbandevelopment
partnership
public-private
projects,including:
bailoutof the1 billion
forthe2000 Olympicsin Sydney,and therecentgovernment
OlympicVillagein London.
Spirit of the West
toVancouver'sOlympicVillagedatesbackto the1990swhenmuniciThe background
residential
community
pal officialsfirstenteredintoa discussionto createa sustainable
785
Scherer
on the SoutheastShore of False Creek,a formerindustrialarea situatedon prime

thisvision
land.The SoutheastFalse Creekpolicystatement
harbour-front
supporting
Whistler2010 Bid Corporationwas approvedin 1999, just as the Vancouverforthe2010 OlympicandParalympic
Committee
theVancouver
Organizing
subsequently
to bringthe Olympicsto
WinterGames (VANOC) - began to promoteits intention
a
In November2002,thecitycouncil(thengovernedbyVisionVancouver,
Vancouver.
into
2010 Bid Corporation
entered
Whistler
civicparty)andtheVancouverleft-of-centre
theOlympic
Vancouverto exclusivelyfundand construct
an agreement
thatcommitted
at
False
Creek
location.
the
Southeast
Village
withmunicipalpoliticsinVancouverwillbe awarethatthiswas not
Readersfamiliar
front
landon False Creek.In 1986,Vancouver
theearliestattempt
torevalorizeharbourhostedtheWorld'sFair to celebratethe city'scentennial.Civic leadersand the BC
Government
global attentionto
hoped thatExpo '86 would draw unprecedented
a
the
to
shed
its
as
colonial
Vancouver,
allowing city
reputation 'sleepy'
outposton the
that
was
tied
to
the
BC
lumber
Besides
Canadianperiphery
economically
industry.
a conspicuousattempt
to re-imagethecityas Canada's gatewayto thePacific
marking
Rim(Olds,2001),Expo '86 also provideda keyopportunity
toredevelopunder-utilized
landon theNorthShoreof False Creek- once a CanadianPacificRailway
waterfront
railyard,andthena post-industrial
wasteland- forsubsequentdevelopment.
The land
was eventually
soldtoConcordPacificwhoseprimary
shareholder
is Li Ka-shing,who,
as one of Hong Kong's wealthiestproperty
tycoons,profitedhandsomelyfromthe
boomthattookplace
surgeofinternational
property
speculationandthelocal property
thesale of thelandwas a profound
duringthe 1990s.For manyobservers,
expression
of theglobalizationof Vancouver'seconomyand theincursionof Asian capitalinto
local commercialand residentialproperty
markets(Olds, 2001). However,beyond
thedevelopment
oftheNorthShoreofFalse Creek
investors,
appealingto international
was also envisionedto provideVancouver'sprofessionaland business elite who
workinthedowntown
leisure,shopping,
corporate
complexwiththetypesofupmarket
and entertainment
amenitiesthattheyhave come to expectin anycitythataspiresto
world-classstatus.
The construction
of the2010 OlympicOlympicVillageon theSoutheastShoreof
False Creekneedsto be understood
as a continuation
oftheseurbanrestructuring
processes,as Vancouvercontinuesto stakeits claim as a prosperous,
safe,multicultural,
PacificRim centrewithwaterfront
business-friendly
housingand leisureopportunities
thatare on a parwiththoseon offerin theworld'sotherleadingcities.For civicelites,
thedevelopment
wouldideallyreceivefavourable
televisioncoverageoverthecourseof
theOlympicGames,whilecapturing
theattention
and interest
of touristsand outside
in additionto affluent
investors
residents
in searchofhighdensity
urbanlivingunits.
In2006,municipal
officials
selectedtheCanadiancompany
Millennium
Developments
theOlympicVillageafterthedeveloperoffered
to purchase
(Millennium)to construct
the land forCAD$193 millionand design,finance,and constructover 800 units
of markethousing(and othercommercialspace), as well as additionalcity-owned
buildings(252 unitsof social housing,a community
centre,and a childcarefacility).
Afterprovidingan initialdepositof CAD$29 million,Millenniumenteredinto an
withVancouverto lease the False Creek land untilthe expirationof the
agreement
786
Sociology
45(5)
to purchase
'Olympicexclusive-useperiod',at whichpointthedeveloperwas entitled
theproperty.
It is important
to emphasizethatmunicipalofficialsenteredintoa lease
withMillenniumto maintainthelandtitlebeforeand duringthe'Olympic
agreement
exclusive-useperiod'to ensurethatVancouvercould fulfillits commitment
made to
VANOC to havetheOlympicVillageinplace by 1 November2009. In otherwords,by
in the
leasingtheland,Vancouvercould stillfinishtheOlympicVillagedevelopment
eventthatMillennium
was unableto- a uniqueinstitutional
in
other
that,
arrangement
landacquisitions,
wouldhavebeenunnecessary.
The landpriceseta nationalrecordandprovidedan indication
of therevenuesthat
wereinitially
the
to
the
cost
of
the
land- a purchase
projectedby developer justify high
thatoccurred
nearthepeakofrealestatepricesinVancouver.
Whatwas also evidentwas
theextentto whichmunicipalofficialsadoptedan entrepreneurial
approach.Thiswas a
that
was
to
be
a
lucrative
financial
forthepublicsector:
project
anticipated
opportunity
fromthesale ofpublicland,an expandedtaxbase fromthenew development,
and the
value
of
a
sustainable
in the
state-of-the-art,
envisagedpromotional
neighbourhood
It
can
be
further
that
these
of
are
emblematic
globaleconomy.
proposed
types strategies
of an ongoingshiftaway fromtraditionalstatutory
planningapproachesto more
focused
and
market-centred
interventions.
that
Indeed,theseare interventions
projectare intendedto revalorizeunder-utilized
urbanareas in relationto urbanplanning
thehousingorcultural
needs
objectivesthatarenotsolely- ifatall - aimedat satisfying
of ordinary
residents(Garcia,2004). Relatedto thislatterpoint,thesignificant
price
of the deal withMillenniumalso sparkedconcernsaboutthe abilityof middle-class
Vancouverites
topurchasecondominium
unitsin an over-heating
realestatemarket.
an unusualchoicetobuildthebillion-dollar
Millennium
was,arguably,
development
withover 1000 units.The Canadian developerlacked the levels of experienceand
comofmoreestablished
developersincludingtheothertwoshort-listed
capitalization
panies,ConcordPacific(theLi Ka-shingcompanythathad developedtheExpo site)
theurban
andWallFinancial- bothdevelopersthatplayedmajorrolesin transforming
andsocialprofileofVancouveras a PacificRimgatewayinthe1990s,and
environment
fromthe resultingpropertyboom. However,Millennium's
benefitedsignificantly
The
purchaseofferforthelandwas CAD$20 millionin excessofitsclosestcompetitor.
fortheFalse Creekdevelopment:
developeralso agreedtoall ofVancouver'sconditions
theinclusionofnon-market
greenbuilding
housing,andtheextensiveuse of emergent
It is worthemphasizing
urbanidentity.
andprogressive
to signala trendy
technologies
was drivenneither
oftheseexpensivesustainablefeatures
herethattheincorporation
by
of theInternational
the ambitionsof local developersnortherequirements
Olympic
Committee(IOC) forsuitableathletehousing,butby theambitionof civic elitesto
waterfront
False Creekas theworld'smostsustainable
community.
distinguish
Risky Business
and local officialsforthat
itwas clearthatthedeveloper,
Withthebenefitofhindsight,
market
tojustifythepriceof the
real
estate
a
had
matter, anticipated perpetually
rising
thatsurland deal and thesize of thespeculativedevelopment.
Despitetheoptimism
oftheproject,severalissuesrapidlyemergedto signala newlevel
roundedtheinception
787
Scherer
ofrisk.First,construction
beganat thepeak ofpricesforlabourandbuildingmaterials,
increases
on theoriginalcostestimates.
in
2008,just
By September
resulting significant
was CAD$150 millionover
overa yearawayfromthecompletion
deadline,Millennium
budget,whilepre-salesof thecondounitsweretepid.At thesametime,theonsetof a
reverberated
defaults,
recession,spurred
throughmortgage
byUS sub-prime
significant
the
entire
and
construction
outthecontinental
globaleconomy.In
industry eventually
and thefinancialviabilityof thecostly
lightof concernsovergrowingcost over-runs
Millennium's
local
real
estate
in
a
market,
financing
agency,
project suddenlydeclining
the New York-basedhedge fundFortressInvestment
Group(Fortress),advisedthe
placingthe
developerthatit was breakingtheirCAD$750 millionloan agreement,
in
OlympicVillagedevelopment jeopardy.
Relatedto thislatterpoint- thepowerofa New York-based
hedgefundoversignifiin BC - 1 wantto emphasizejusthow interconnected
andproperties
cantdevelopments
thefateoftheOlympicVillagewas withtheUS housingandbankingcrisis.As is well
to the
known,thiscrisisspurreda significant
panic in theloan market,contributing
financial
banks.
other
Meanwhile,
collapse of severalwell-establishedinvestment
financiallossesandfacedbankruptcy,
institutions
suffered
tremendous
onlytobe saved
billionsofdollars.However,as Harvey(2010) has argued,
bya publicbailoutinvolving
werenotnecessarily
therootcausesofthe
loansandmortgage
securitization
sub-prime
of
financial
crisis.Overthecourseofthelast30 years,an integrated
globalinfrastructure
and as
financialmarketshas emergedagainstthebackdropof economicderegulation
to globalcapitalflowhavebeenall buteliminated.
technicalandlogisticalbarriers
One
ofnewmarkets,
has beentheemergence
consequenceofthesedevelopments
pioneered
withinan unregulated
'shadowbanking'systemthatpermitted
investment
creditswaps
whileinvestorsincreasingly
and currency
investedin derivatives
of asset
derivatives,
valuesand,as Harvey(2010: 21) notes,'even in derivatives
of insurancecontracts
on
- thefinancialization
derivatives
ofassetvalues'.Itwas within
thiscontext
ofcapitalism
thathedgefundsflourished,
enormous
forinvestors.
generating
profits
As thesenew financialmarketshave grown,investment
in production
has declined
andcapitalhas gainedaccess to a globalsupplyofcheaperandmoredocilelabour(e.g.
theex-Sovietblock and now China). These developments
have resultedin persistent
around
the
in
the
US
world,
wage repression
including
(and also Canada; see Laxer,
a
where
between
and
household
2009),
growinggap
wages
spendinghas beencovered
the
of
credit
and
amounts
of
indebtedness
by
expansion
unprecedented
(Reich,2010).
The risinglevels of householddebthave,in turn,spurredtheneed fornew financial
institutions
to supportthedebtsof familiesand individualswhose earningswerenot
withthosewithsteadyemployment
and eventually
to
increasing beginning
extending
less affluent
individuals(Harvey,2010). Financialinstitutions,
Fannie
Mae
including
and FreddieMac, subsequently
began to providesub-primemortgagesthatallowed
individuals
whodidnotqualifyforconventional
topurchasehousingthatwas
financing
built
like
were
also
debt-financed
who,
Millennium,
being
by developers
by various
funds
and
financial
institutions.
Thousands
of
hedge
sub-prime
mortgageswerethen
securitizedand sold to investorsaroundthe world(to otherbanks,pensionfunds,
andinsuredbycompanieslikeAIG, spreading
theillusionthat
municipalgovernments)
the level of risk associatedwiththe new financialproducts- productsthatwere
788
Sociology
45(5)
debt- was minimal.Moreover,whilethe

essentially'packages'of highriskmortgage
ofglobalcapitalism(including
newprivatefinanciers
majorhedgefundslikeJPMorgan
influence
overthesupplyand
wieldedsignificant
Chaseand,to a lesserdegree,Fortress)
demandforhousingin theUS, theyalso financeda numberofurbandevelopment
projects aroundtheworld.WhentheUS housingbubbleburstand a numberof financial
these
institutions
collapsed,theglobalcreditand financialsystemthathad bankrolled
well.
as
projectsimploded
These broadereconomic developmentsand Fortress'sdecision to discontinue
in turn,placed enormouspressureon Vancouverto stabilize
Millennium'sfinancing,
theOlympicVillagedevelopment.
Duringan in-camerameetingon 14 October2008,
MillenniumCAD$100 millionfromthe
advanced
Council
the NPA-majority
City
the
to
cover
Fund
Endowment
(CityofVancouver,
developer'scostover-runs
Property
The
Globeand Mail's
later
three
weeks
made
was
by
public
only
2008). This decision
Besidesquesan
booster.
himself
BC-basedcolumnist,
Olympic
GaryMason (2008)
to
the
advanced
developerduringa
tioningtheamountof publicfundsthathad been
the
condo
unitshadyetto
that
most
of
tothefact
Masondrewattention
privatemeeting,
to
be sold whilethevalue ofrealestatein Vancouvercontinued plungein a deepening
recession.Shortlyafterthese revelationswere made public,tensionswere further
whenVancouver'sChiefFinancialOfficer
resigned- allegedlytheresultof
heightened
concernsthatofficialshad assumedtoo muchfinancialriskto meetits construction
- developments
from
tostatements
thatrancounter
deadlines.All ofthesedevelopments
was secure- coincidedwiththemunicipal
variouscivicelitesthattheproject'sfinancing
electioninNovember2008.
of the municipalelectionis beyondthe scope of this
Althougha fulltreatment
as
oftheOlympicVillageloan commitment
article,I wantto emphasizetheemergence
a keyissueintheelectioncampaignthatdecimatedthepoliticalcareerofPeterLadner,
had
theNPA's mayoralcandidatewho, as chairmanof thecity'sfinancecommittee,
as
a
result
and
the
14
October.
on
chairedthein-camera
campaign,
Throughout
meeting
loan to
Ladnerwas forcedto defendthe confidential
of mountingmedia criticism,
the
risk
to
was
that
he
claimed
at
one
Millennium
losing
willing
and,
point,indignantly
thatmightjeopardizeVancouver'sinterests
electionratherthanrevealinginformation
Ladner'smainpoliticalrival,VisionVancouvercan2008). Predictably,
(Montgomery,
New DemocraticParty(NDP) MemberoftheLegislativeAssembly,
didateand former
to the
on issues pertaining
GregorRobertson,campaignedto providetransparency
benefited
Robertson
Millennium.
with
and
OlympicVillagedevelopment negotiations
on
fromthecontroversial
politicalterrainof theelection,whilethecriticalspotlight
loan also workedto deflectattention
Ladner's role in the confidential
away from
thatcomwiththeVancouver2010 Bid Corporation
Vision's2002 originalagreement
theOlympicVillagedevelopment.
mittedVancouverto exclusivelyfundand construct
wontheelection,and sevenofthe10 seatson VancouverCity
Robertsonsubsequently
CouncilwenttoVisioncandidates.
an imporon the2008 municipalelectionoffers
The impactoftheloan controversy
shouldbe
citizens
when
about
toreflect
tantopportunity
interpretations
uponcompeting
of
urban
matters
and
decisions
and consultedoverimportant
informed
policy.
political
in theNPA arguedthatthedecisionto
On the one hand,Ladnerand his supporters
789
Scherer
urban
of thenewrealityof entrepreneurial
was simplyreflective
withholdinformation
in
interests
the
sensitive
their
the
cost
of
and
bargaining
preserving
policy-making,
takeplace withtheprivatesector.On theotherhand,
thatnow commonly
negotiations
theemergenceof theloan and thefactthatit had been grantedin-cameraas decisive
indicationof thedesireof citiissuesin themunicipalelectionprovidea preliminary
over decisionsthathave significant
zens forfullpublic disclosureand consultation
forthepubliccoffers.
ramifications
itwas striking
In hindsight,
justhowmuchLadnerandhis advisorshad misreadthe
and failedto anticipate
new
structures
of urbangovernance,
for
these
public'sappetite
of
dollarsofpublicfunds
that
shifted
millions
a
over
theresultant
anger
politicalprocess
For manycitizens,theloan
to a developerwithoutdisclosureor publicconsultation.
concerns,includingexcessivecostovercontroversy
symbolizeda hostof inter-related
costsof theGames forthe
the
under-estimated
for
the
runs
(and
Villagedevelopment
in
and
a
Provinceof BC general),1
non-transparent
politicalprocessthatcircumvented
publicdebateandchanneledmoneytoa privatedeveloperandhedgefund.Itcan also be
proposedthatcitizenstookissuewiththegenerouspackagesof financialassistanceon
Thiswas support
thatwas notforthoffer
totheprivatesectorina deepeningrecession.2
and savingsduringthefinancialcrisis,let
comingto individualswholostinvestments
measuresas
alone workingand middle-classresidentswho enduredfiscalausterity
to funding
theOlympicswhilemaking
Vancouverand theBC Government
committed
cutsto socialservicesandpublicprogrammes.
substantive
AfterdefeatingLadner,Robertsonreleasedadditionaladministrative
reportsthat
revealedthecircumstances
underwhichVancouverhad inherited
theentirecostof the
in-camera
council
OlympicVillage.Forexample,an administrative
reportfromanother
on 26 June2007 revealedthatcivicstaff
hadacquiescedtodemandsbyFortress
meeting
fora paymentguaranteeof CAD$190 millionof theCAD$750 millionloan thatthe
NewYork-based
hedgefundhadmadetoMillennium
2007). Atthis
(CityofVancouver,
time,municipalofficialsagreedto providethehedgefundwitha completion
guarantee,
thusobligating
Vancouver
to completetheOlympicVillageintheeventMillennium
was
unableto - an agreement
thattransferred
all
of
the
risk
associated
with
the
virtually
to
The
documents
also
that
revealed
Millennium
was
forced
to
development taxpayers.
with
a
instead
of
a
Canadian
to
finance
the
construcfund,
bank,
negotiate
hedge
major
tionof theOlympicVillage.It can also be proposedthat,had thedevelopment
been
financedbya majorbankin Canada (wheretightly
banks
have
regulated
emergedrelaunscathed
from
the
2008
financial
the
level
of
risk
for
the
tively
crisis),
publicsector
have
been
reduced.
might
significantly
These concessionsprovidean indicationof thepowerthatthehedgefundhad over
municipalofficialsin theclosed-doornegotiations.
Theyalso revealthat,byJune2007,
officials
felt
had
little
choice
but
to
assume
fortheOlympic
municipal
they
responsibility
the
to
find
another
would
have
Village halting project
developer
placedVancouver's
commitment
toVANOC tocompletetheVillagebyOctober2009 injeopardy.As a result
of thesepressures,
in early2009, Vancouverpurchasedtheremainder
of Millennium's
loan
from
Fortress
for
and
refinanced
the
CAD$319.5
million,
building
projectwith
Canadianbanks.Theprompt
mobilization
ofsucha significant
amountoffinancing
was
made
after
the
BC
Government
convened
an
to
only
possible
emergency
meeting pass
790
Sociology
45(5)
Act(Provinceof BritishColumbia,2009):
CharterAmendment
Bill 47, The Vancouver
thatallowedVancouverto borrowan unlimitedamountof moneyto
an amendment
without
financethedevelopment
havingto holda publicreferendum.
Transnational
Neoliberalism'
Urbanism, 'Actually
Existing
a number
ontimeforthe2010 Olympics,
theOlympicVillagewas constructed
Although
and itsassociatedpoliticalprocesses
of questionsaboutthelegacyofthisdevelopment
marremain.First,as a resultofthe2008 economiccrisisanda declininglocal property
in
the
billion-dollar
its
investment
to
has
Vancouver
development.
ket,
struggled recoup
theOlympicVillage
In November2010, at therequestof Millenniumand Vancouver,
and sale of the
was put intoreceivership,
givingthecitycontroloverthemarketing
units
had
340
condominium
201
As ofApril 1,however,
units.3
yettobe sold,
remaining
condoif
the
Even
million.
and Vancouverwas stillowed overCAD$700
remaining
over
lose
well
will
that
Vancouver
estimates
miniumunitsaresold,conservative
suggest
to
too
it
is
also
CAD$230 millionon theproject(Mason,2011). Second,
likely early tell
in
if Vancouverwill benefitfromanytypeof sustainedincrease tourismto theFalse
and theOlympicGamesin
Creekarea as a resultof theOlympicVillagedevelopment
theimpactoftheglobaleconomicdownturn,
general.Besidestakingintoconsideration
ofworld
a caveatagainstinvesting
largehopesin tourismis thattheflowsandpatterns
destinations,
tourism
changeveryslowly issuesthatpose 'challengesfor"peripheral"
as
as Australiaand Korea,neitherof whichhas benefited
as different
e.g. in countries
muchfromtourismin theyearsfollowingtheOlympicsas was perhapsexpectedand
2004: 1230).
hopedfor'(Whitson,
beenraisedaboutthelegacyofsocialhousingassociatedwiththe
have
also
Questions
units
tosellthe252 non-market
hasbeenunderpressure
and
Vancouver
OlympicVillage,
In April2010,municipalofficials
in thedevelopment.
to recoupsomeof itsinvestment
the
votedtokeeponlyhalfoftheoriginalnumberofunitsofsocialhousing,designating
at a segmentof publicserviceemployees.In
otherhalfas marketrentalunitstargeted
letalonepurchasing
theexpenseofrenting,
lightoftherisingcostoflivinginVancouver,
resithecondounitsappearsto be simplybeyondthemeansof thecity'smiddle-class
havesuggested
oftheOlympicMovement
dents.Buildingonthispoint,recentobservers
mayuse theOlympicGamesto showcasemodernlocal identithat,whilecivicofficials
urbanvistasto theworld,thetargetsof thesediscoursesare not
tiesand cosmopolitan
but also local citizenswho are
exclusivelyvisitorsand potentialoutsideinvestors,
the cityin whichtheyreside.
and
themselves
about
to
think
differently
encouraged
to consume'worldclass'
invited
are
residents
transformative
these
practices,
Through
and ... a new and less
of
habits
and
'new
codes
embrace
and
consumption
products
2004:
world'
in
the
their
on
1222).Thishas been
(Whitson,
place
perspective
provincial
thepresence
andCalgary,Canada,where,through
seenincitieslikeBrisbane,Australia,
as
of
been
have
'who
residents
local
peripheral
ofhallmark
thought
traditionally
events,
as peripheral are encouragedto becomemoreambiand have thought
ofthemselves
2004: 1222,emphasisin original).
tiousintheiraspirations'
(Whitson,
79 1
Scherer
Giventhetransformation
andgrowth
ofVancouver'surbanlandscapeoverthecourse
of thelasttwo decades,invitations
forthatcity'sbusinessand professional
classes to
urban
have
been
embraced
these
Yet,
pursuecosmopolitan
lifestyles
bymany.
aspirations
can onlycontinueif thereexistsongoingdemandfromlocal consumers
whosewages
haverisento theextentthattheycan afford
to takepartin thetypesoflifestyles
on offer
in contemporary
'worldclass' cities.Whatwas evidentwithrespectto the Olympic
andthe
Village,then,was thecollisionbetweenthemostrecentcrisisofglobalcapitalism
cumulative
of
two
decades-worth
of
neoliberal
on
local
residents
who
impacts
policies
continue
to encounter
in
costs
of
Vancouver.
now
This
affects
not
soaring
living
onlythe
less affluent
residents
ofVancouver,
butevenbeleaguered
middle-class
familieswhocan
no longerafford
to purchasethecondounitscurrently
on themarketplace,
letalonethe
of
that
houses
their
a
types
parentspurchasedonly generation
ago.
It maywell be worthcomparing
Vancouver'sOlympicVillageexperienceto thatof
intotheglobaleconomy.It
Sydney- a citythat,duringthe 1990s,was also integrated
wasthestatedambition
oftheGovernment
ofNew SouthWales(andtheSydneyOlympic
Bid Limited)to use the2000 OlympicGames to further
secureSydney'sstatusas an
Asia-Pacificregionalheadquarters
and international
tourist
destination.
Indeed,Wilson
forSydneywas torevaluethe
(1996) suggeststhatone ofthemainOlympicimperatives
entire'Olympiccorridor'fromthecityto theWesternSuburbof HomebushBay - an
industrial
siteon theParramatta
Riverwhichwas remediated
ofNew
bytheGovernment
SouthWalesandredevelopedas SydneyOlympicPark- a development
thatincludeda
1000-unit
OlympicVillage.
betweenthe
Sydney'sOlympicVillagewas developedbya public-private
partnership
Government
of New SouthWales and the Mirvac Lend Lease Village Consortium;
intoa new,sustainablewaterfront
followingtheGames,theVillagewas incorporated
suburb.The developingconsortium
fundedtheventurethrough
thesale of housingon
adjacentlandand substantial
pre-salesof unitsin theOlympicVillage.Equallyimporinthecontextofan ongoingrealestateboomandfavouroccurred
tant,thedevelopment
able economicconditions,
andthedevelopersweresubsequently
able to obtainadequate
withouthavingto approachotherfinancialinstitutions,
like a hedgefund.It
financing
tonotethatSydney'sOlympicVillagedevelopment
didnotinclude
mayalsobe important
socialhousing,allowingthedeveloperto sell all oftheresidential
unitsatmarket
rates.
Whilesomerealestatespeculation
didoccur,themainlegacyofthisparticular
develof contaminated
industrial
landand theconstruction
of a
opmentwas theremediation
areaforSydney'smiddleclasses.Like thedeveloper,
too
were
able
new,gentrified
they
to securefinancing
at market
ratesandcouldthusafford
topurchasethecondounits.In
thatSydneysiders
have
considering
Sydney'sexperience,
byno meansam I suggesting
been immuneto theimpactsof neoliberalism.
Nor am I discounting
thestrugglesof
residents
withsoaringcostsofliving,andrisinghousepricesand
Sydney'sless affluent
rentsin thecity- trendsthathaveoccurredalongsidesubstantial
cutsto publicservices
thatwererequiredto pay forthecost of hostingthe2000 OlympicGames (Lenskyj,
2002; Wilson,1996). The lessonsthatcan be drawnfromSydney,however,are that
successorfailureforthesetypesofresidential
initiatives
areproducts
oflargereconomic
In thisinstance,
morestableeconomicconditions
dynamics.
(bothlocallyandglobally)
minimizedthelevelsof riskassociatedwiththedevelopment
bothforthedeveloping
792
Sociology
45(5)
ofNew SouthWales.Still,evenwiththiscaveat,it
consortium
and fortheGovernment
of the2000 OlympicGamesthatthefinal
was onlyseveralyearsafterthecompletion
unitsweresoldbythedeveloper.Thissuggeststhatevenin favourable
economiccondiandrepaytheirfinancing
torecouptheirinvestments
tions,itmaytakeyearsfordevelopers
to accruetheprojectedbenefits
debts.Likewise,it maytakeyearsforgovernments
associatedwithincreasedtaxrevenues.
Nevertheless,
Sydney'sexperienceis perhapsthemost'successful'outof all of the
thathave recentlyconstructed
cities
host
OlympicVillagesas partof largeOlympic
In
of Athens'Olympic
the
scale urbandevelopment
projects. contrast, construction
a
of
the
Games
offers
levelof debtthat
for
the
2004
soberingportrait
Olympic
Village
in thesedevelopments.
can be accruedbythestatein theabsenceofprivateinvestment
was enviLondon'ssuccessfulbid forthe2012 SummerOlympicGames,meanwhile,
sionedto includean ambitious1billionOlympicVillageas theanchorforthebroader
and developmentof a sustainablecommunity
including2800 new resiregeneration
areaofold industrial
EastLondon:a developdencesalongtheRiverLea intheStratford
financed
that
was
to
be
ment
by privatecapital.However,followingthe
completely
theOlympic
the
same
Lend
Lease
economiccrisisof2008,
developerthatconstructed
for
to
secure
financing theLondon
Villageforthe2000 SydneyGames was unable
with
theprojecthadto be 'rescued'bythestate,beginning
Consequently,
development.
2008 to ensurethecontinuation
theprovisionof326millionofpublicfundsinJanuary
has been nationalized.However,ifproperty
The entiredevelopment
of construction.
to thosethat
pricescontinueto stagnatein London,thestatewill facesimilarpressures
in theOlympic
are currently
byVancouverto recoupitsinvestment
beingexperienced
to includea
maywelljeopardizetheoriginalcommitment
Village.Thesedevelopments
be amplified
numberofaffordable
housingunits;tensionsthatwill certainly
significant
measures.
as Britainentersa periodofseverefiscalausterity
ofthedifficulties
Theseissuesprovidean indication
facinganylevelofgovernment
a legacyofsocial
substantial
thatenvisionsinvesting
hopesandresourcesintoproviding
over
thecourseofthe
claims
in
that,
developments;
Village
Olympic
housing large-scale
last 10 years,have becomestandardfeaturesof Olympicbiddingcampaignsand host
- a development
that
thecostlyOlympicVillagedevelopment
In Sydney,
citycontracts.
in favourableeconomicconditions did notincludesocial housing,
was constructed
allowingthedeveloperto sell all of theunitsat marketrates.Moreover,theresulting
seekresidents
forless affluent
barrier
increaseinlandpricesandrentsactedas a further
innuat
been
directed
that
has
a
criticism
area
in
the
new
to
reside
2002),
(Lenskyj,
ing
urbandevelopment
merableculture-led,
projects(Garcia,2004). Less thana decade
of Vancouver'sOlympicVillage occurredduringan economic
later,theconstruction
andjettisonhalf
forthedevelopment
totakeoverthefinancing
Vancouver
crisis,forcing
theseissuesalso point
ofthedesignatedsocial housingunits.In theCanadiancontext,
of urbangovernancewithsufficient
to theneed fornew structures
powersto address
of social diversity
issues of social polarizationand themanagement
(Andrew,2001).
of governance,moreover,that,againstthe grain(and the
These will be structures
aretransparent
approachestourbangovernment,
demands)oftop-downentrepreneurial
includwithall stakeholders
in theirdealingswithbusinessand engagein consultation
advocates.
and
social
low-income
housing
groups
ing
Scherer
793
Relatedto thesepoints,I wantto return

brieflyto thebroaderset of economicand
cultural
that
are
cities
notonlyNorthAmericaandEurope,
pressures
spurring
throughout
butalsoAsia andLatinAmerica,topursuelarge-scale,
debt-financed
urbandevelopment
and
to
consider
who
benefits
from
these
civic
as
projects,
priorities citiescompeteto
attract
membersofwhatRichardFlorida(2002) has called 'thecreativeclass'. Against
thebackdropofeconomicderegulation
andtheemergence
ofglobalfinancialandpropmarkets
has
been
the
ascendance
of
a
new
transnational
where:
urbanism,
erty
ofurbanlifehasbecomea commodity
forthosewithmoney,
as hasthecityitself
ina
Quality
world
where
nichemarketing,
cultural
andknowledge-based
consumerism,
tourism,
industries,
as wellas perpetual
resort
totheeconomy
ofthespectacle,
havebecome
ofurban
majoraspects
2010:175)
political
economy
(Harvey,
of a globalmarketforwaterfront
Coincidingwiththesetrendshas beentheemergence
rivers,harbours,
or,in thecase ofRio de Janeiro,
(landoverlooking
property
expansive
beachesand ocean views) thatglobalbusinesselitescan use as bothtourists
and residents.Thesedevelopments,
itcanbe further
a newstageintherevalproposed,represent
orizationof alreadyvaluable land, and the standardization
of cities accordingto a
privilegedset of global tastesforsimilarculturalamenities:waterfront
communities,
andotherbrandedleisureandentertainhotels,exclusivegolfcourses,shoppingcentres,
mentcomplexes,all ofwhicharemadefamiliar
byglobalmarketing.
Whilecriticism
hasbeendirected
atthestandardization
of'placeless'urbanidentities
designedto suitthe lifestylesof 'extraterritoriais'
(Bauman,2001), manyof these
facenew risksas a resultof the2008 economiccrisis.For example,the
developments
Dubai Worldhad borrowedextensivelyfromBritishand other
government-backed
'declareditcouldnotmeetits
Europeanbankstobuilditsurbanspectacles,butrecently
inlate2009,sendingall manneroftremors
obligations
through
globalmarkets'
(Harvey,
2010: 175). In Beijing,meanwhile,
new officetowers,hotels,and luxuryapartments
manyofwhichwerebuilton speculationandsubsidizedbystateloans- havestruggled
toattract
andtourists
sincethe2008 SummerOlympics.Whilefinaninvestors,
tenants,
cial riskshave alwaysexistedforcitiesand governments
thatpursuelarge-scale,debtfinanced
urbandevelopment
the
of
projects, globalimpacts the2008 financialcrisisare
yettobe fullyappreciated.
As variousgovernments
have absorbedthecostsof thesedevelopments,
theyhave
also beenconfronted
withtheeffectsofyearsof financialrestructuring
and fiscalausmeasures- heightened
levels of social polarizationand a growinggap between
terity
therichandpoor.Thesearethegeographies
ofactually'existingneoliberalism'
(Brenner
and Theodore,2002), whereluxuriouswaterfront
culturalspectacles
developments,
liketheOlympicGames,and otherdisplaysof wealthoccuralongsidehighlevels of
fromthebarriosofRio de Janeiro
to Vancouver,
a city
povertyin majorurbansettings,
withthousandsof homeless.Moreover,thereare always 'opportunity
costs' thatare
- developments
incurred
withthesedevelopments
thatprovidebusinessand
regularly
culturalopportunities
forthecorporatesector,but are oftenaccompaniedby cutsto
social infrastructure
andto othereconomicprojectsthatcouldimprovethelivesofthe
mostvulnerablecitizens.
794
Sociology
45(5)
levelsof inequalityin NorthAmericancitieshave been

Accompanying
heightened
increasingly
polarizedlocal politicalsphereswithinwhichtwoverydifferent
typesof
claimsarebeingmadeon publicresources:
In onecamp,transnational
businesses
andinvestors
withlocalpolitical
and
alignthemselves
businesselitesin pressing
thecase thatdowntown
businessdistricts
needmajorcapital
ifthecityis toattract
'worldclass'sporting
andcultural
new
investments,
facilities,
including
In theother
investment
andtalent.
and
less
affluent
citizens
make
camp,community
groups
claimsabouttheir
needsforlabour-intensive
andforlowprofile
publicservices,
'communityto thecity)seldomuse,butcanmakereal
use' facilities
ofthesortthatelites(andvisitors
inthelivesoflowerincome
differences
families.
2005:42)
(Whitson,
an earlierpoint- thatno visionofcitieswhereeconomicgrowth
HereI wanttoreinforce
wealthandlifestyle
producesspectacular
optionsforsome,whileexcludingandalienatis tenableforanysignificant
duration
oftime.Indeed,overthe
ingotherlocal residents,
courseof thelasttwo decadesin Canada,thepotentialforconflictoverurbanissues,
In
liketheOlympicGames,has beenheightened.
includingthehostingofmega-events
associatedwiththe
Vancouver,forinstance,a numberof infrastructure
developments
environmental
activistsand middleGames were targetedby a rangeof protesters:
of theSea-to-Sky
upperclass residentsof WestVancouverprotestedtheconstruction
highwaythroughEagleridgeBluffs(an endangeredecosystem);while anti-poverty
activistsand residentsof East Vancouverengagedin civil disobedienceagainstthe
priorities
(includingathleteaccommodaspendingof publicfundsforOlympic-related
needforlow-income
housing.
tion)attheexpenseofthecity'slong-standing
thatequatesthepresenceoftheOlympicGameswith
Thus,despitepopularrhetoric
as well as majorcorpothereare significant
benefits,
publicinterests,
community-wide
Thisis preciselywhythereis a needfor
at stakewiththesedevelopments.
rateinterests,
anddisclosureoverthedifferent
typesofclaimsbeingmade
greater
publicconsultation
of
in
addition
to thedevelopment
on publicresourcesby competinginterest
groups,
investment
of
urbanculturalpolicies.These will be policiesthatframethesignificant
'in an assessand relatedinfrastructure
publicfundsrequiredto producemega-events
a balanced
that
seek
to
secure
mentoflongtermculturallegaciesor coherent
strategies
in
2004:
3
the
current
of
benefits'
distribution
and
social
Yet,
13).4
global
(Garcia,
spatial
- andtheemergence
offinancialinstitutions
financialclimateofeconomicderegulation
withbusinessleaders
likehedgefunds- publicofficialsareunderpressureto negotiate
Whilethismaybe acceptable
andlenderswhowantto conducttheirdealingsin-camera.
thelessonforthepublicsectoris that,indoingso,theyriskassumincorporate
settings,
- developments
thatpush
ofthesecostlydevelopments
financial
of
the
much
liability
ing
from
other
and politicalenergiesfurther
civicpriorities
community
projectsand
away
and
tensions
urban
socialneeds,thereby
inequalities.
exacerbating
Conclusion
thisarticle,I have arguedthat,unlikean earlierera of Olympichosting
Throughout
wherethe primaryconcernwas to provideadequate and safe housingforathletes
Scherer
795
the1972OlympicGamesinMunich),themainquestionformany
(especiallyfollowing
cities
andLondon,amongstothers)has
Vancouver,
entrepreneurial (Barcelona,Sydney,
nowbecome:howcan we use therequirement
toprovidean OlympicVillageto accelerate muchbroaderurbandevelopment
waterfront
plans and revalorizeunder-utilized
land?Thesedevelopments
havebeenconstructed,
inpart,toattract
investors
andmobile
membersof thecreativeclass who desire(and can afford)access to world-classshopand upscalehousingin whatevercitytheychooseto
ping,sportand leisurefacilities,
inhabit.The economiccalculusassociatedwithhostingtheGames has, in turn,been
transformed
once again,notsolelybecauseof theexpenseofproviding
state-of-the-art
athletic
but
as
a
result
of
the
civic
ambition
in
embodied
other
facilities,
costlyinfrastructureprojectslike OlympicVillages.Moreover,thesedebt-financed
are
developments
risksforthepublic-private
thatpursuethemaccompaniedby significant
partnerships
risksthat,as Vancouverand London discovered,are further
elevatedand, crucially,
transferred
to thepublicsectorintimesofeconomiccrisis.
The finalissuethatI wishto emphasize,
is transparency:
theissuethat,as we
though,
have seen,came to theforefront
of theVancouvermunicipalelectionin theautumnof
costthepro-business
For
2008, and ultimately
candidate,PeterLadner,themayoralty.
andscholarsalikehavecalledfortheIOC torequirethatcandimanyyearsnow,activists
datecitiesundertake
detailedsocialimpactassessments
andwidespread
publicconsultationpriortobiddingfortheGames.To thissalutary
I addtheneedforongoing
observation,
withlocal citizensthroughout
theentirebuild-upto the
publicdialogueandconsultation
financialclimatewherepublicofficialsare
OlympicGames,especiallyin thecurrent
calledupontonegotiate
withbusinessleadersandotherlenderswhowantto
increasingly
conducttheirdealingsin-camera.
Theseprocesseswould,ideally,provideaccurateand
aboutchangingopportunity
costsand environmental
timelyinformation
impacts,while
financial
riskstobe debatedandcarefully
considered
allowingforemergent
bytheentire
Thisis precisely
whatoccurred
inColoradoin 1972whenvoterssupported
a
community.
statewide
referendum
againsttheuse ofpublicfundstofinancethe1976Winter
Olympics
awardedto Innsbruck,
Austria.
Games,whichtheIOC subsequently
It can be grantedthateven themostrigorousand widespreadprocessesof public
consultation
canbe skewedto support
theinterests
ofpowerful
andwealthygroupswith
thatthe
greaterresources(Schererand Sam, 2008). Moreover,thereare no guarantees
commitments
made
these
will
be
fulfilled.
a
political
during
Still, requirement
processes
forbroaderand ongoingpublic dialogue over decisionsrelatedto the allocationof
publicresourcesfortheOlympicGames- as a matterof urbanculturalpolicy- may
allowcitizenstopartly
reclaiman increasingly
privatized
entrepreneurial
policy-making
context,and fullyengage and debatethe typesof questionsthatinevitablyinvolve
ofthepublicgood.
competing
interpretations
Acknowledgement
I wouldliketothank
DaveWhitson
andKathleen
Hartford
fortheir
comments
onanearlier
helpful
draft
ofthisarticle.
Notes
1 By2006,there
werealready
thattheGameswouldcostBC taxpayers
CAD$1billion
reports
morethantheprovincial
hadpreviously
indicated
government
(Kines,2006).
796
Sociology
45(5)
inthecontext
ofthe2008economic
2 Itisimportant
overtheloanscandal
toconsider
publicanger
- including
toprivate
interests
the
ofdollars
ofpublicfunds
ofbillions
crisisandthetransfer
Fannie
Mae
and
Freddie
and
thebailoutof
ofmortgage
finance
nationalization
Mac,
giants
American
automotive
likeAIG,andtheNorth
industry
companies
majorbanks,insurance
thefederal
andtheprovincial
a CAD$4billionaidpackagefrom
whichreceived
government
inDecember
2008.
ofOntario
government
of
amount
butconfidential,
Millennium
3 In a separate
agreedtopaya significant,
agreement,
avoid
a
court-ordered
to
Vancouver
to
(Bula,2010).
receivership
money
conducted
to
studies
4 Tothiswecanalsoaddtheneedforlongitudinal
bydisinterested
parties
oftheseinvestments
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assesstheeconomic/regenerative,
environmental,
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