From Boom to Bubble
How Finance Built the New Chicago
In From Boom to Bubble, Rachel Weber debunks the idea that booms occur only when cities are growing and innovating. Instead, she argues, even in cities experiencing employment and population decline, developers rush to erect new office towers and apartment buildings when they have financial incentives to do so. Focusing on the main causes of overbuilding during the early 2000s, Weber documents the case of Chicago’s “Millennial Boom,” showing that the Loop’s expansion was a response to global and local pressures to produce new assets. An influx of cheap cash, made available through the use of complex financial instruments, helped transform what started as a boom grounded in modest occupant demand into a speculative bubble, where pricing and supply had only tenuous connections to the market. Innovative and compelling, From Boom to Bubble is an unprecedented historical, sociological, and geographic look at how property markets change and fail—and how that affects cities.
Part 1 Real Estate Speculations
1 The Rhythm of Urban Redevelopment
2 Fast Money Builds the Speculative City
3 Out with the Old: How Professional Practices Construct the Desire for New Construction
Part 2 Chicago in the 2000s
4 Downtown Chicago’s Millennial Boom
5 Who Overbuilt Chicago?
6 Making the Market for Chicago’s New Skyscrapers
Part 3 Building the Future
7 The Slow Build
Epilogue: Why We Will Continue to Overbuild