The concept of an individual or family having an exclusive claim to a specific asset, like a plot of land, which emerged with the long-term investments required by agriculture.
The system by which land is held or owned. In early societies, this was often a tiered hierarchy of obligations and service, rather than simple ownership.
Key historical figures who shaped the early legal and economic concepts of land ownership and management.
A comprehensive survey of land ownership and resources in England, completed in 1086 CE, which provided a detailed record for taxation and administrative control.
Gifts of land and money made by individuals to the Church, often to secure prayers and ensure salvation. This was the primary source of the Church's land accumulation.
A payment to the Church, typically one-tenth of a person's annual produce or earnings.
Religious communities that became powerful economic centers, known for their efficient land management and agricultural innovation.
(Literally "dead hand") A legal status for land owned by a corporation (like the Church) that made it inalienable—it could not be sold or inherited, ensuring it remained with the institution forever.
The dominant social and economic system of medieval Europe, based on land ownership and a hierarchy of obligations.
The market for buying, selling, and leasing land within cities, which became increasingly valuable during the Commercial Revolution.
The lending of money at interest. While officially condemned by the medieval Church, commercial realities led to evolving interpretations and practices.
An influential French abbot who represents the land-based power and economic influence of the Church during the High Middle Ages.
A powerful Genoese merchant who exemplifies the new commercial wealth and its investment in valuable urban real estate.
An asset that a borrower pledges to a lender to secure a loan. If the borrower defaults, the lender can seize the asset.
The most powerful financial institution in 15th-century Europe, based in Florence, which pioneered many modern banking practices.
An influential Florentine banker and statesman whose family's wealth and power were deeply connected to land and its use in finance.
The ease with which an asset can be converted into ready cash without affecting its market price. Real estate is traditionally an illiquid asset.
A loan used to purchase real estate, where the property itself serves as collateral.
The practice of securing a loan with a physical asset (like real estate, factories, or inventory), a foundational concept in modern corporate finance.
An influential English philosopher whose theories on property, based on mixing labor with land, were used to justify colonial land claims.
Large tracts of land granted by European powers to individuals or companies for settlement and exploitation, fundamentally altering existing ownership patterns.
Companies that raise capital by selling shares to investors, allowing them to profit from the exploitation of land and resources in the colonies.
A powerful Dutch joint-stock company that was granted a charter to control vast territories and resources, particularly in the East Indies.
The mass migration of populations from rural areas to cities, dramatically increasing the demand for and value of urban land.
A loan specifically for purchasing property, with the property itself serving as security, which became a widespread financial instrument during this era.
Debt instruments backed by real estate assets, issued to finance large-scale property developments or infrastructure projects.
A German social scientist and philosopher whose work provided a critical analysis of the social and economic impact of industrialization on the working class and land ownership.
An influential banker and founder of the Rothschild banking dynasty in London, whose financial activities were central to funding industrial-scale projects secured by land and real estate.
A series of U.S. programs enacted in the 1930s, which included significant housing initiatives to combat the Great Depression.
A New Deal agency that refinanced mortgages to prevent foreclosure, standardizing the long-term, self-amortizing mortgage.
A U.S. government agency that provides mortgage insurance on loans made by approved lenders, which created the modern low-down-payment, long-term mortgage.
Programs where the government insures loans, protecting lenders from default and encouraging them to offer mortgages with lower down payments.
The post-WWII growth of residential areas on the outskirts of cities, heavily facilitated by new government mortgage policies.
A discriminatory practice where services like loans are withheld from residents of neighborhoods classified as "hazardous," typically those with high concentrations of racial and ethnic minorities.
Government regulations that dictate how land in specific areas can be used (e.g., residential, commercial, industrial).
A key advocate for housing and social reform who championed government initiatives to improve housing conditions.
An American real estate developer who used mass-production techniques to build suburban developments, made possible by FHA-backed loans.
A group of financial instruments that have similar financial characteristics. In this era, real estate was firmly established as a major asset class.
Large organizations, such as pension funds and endowments, that invest capital on behalf of others.
Companies that own or finance income-producing real estate and allow investors to buy shares in the portfolio, similar to a mutual fund. Sam Zell, a prominent American real estate investor, was known for his global investments and for popularizing the REIT structure.
Investment funds that raise capital from institutional investors to acquire and manage real estate assets.
Bonds that are secured by a pool of thousands of residential mortgages.
A major American private equity firm with extensive global real estate holdings, representing the rise of large-scale institutional investment in property. Stephen Schwarzman is the co-founder of The Blackstone Group.
A leading online real estate marketplace company that provides a database of properties and market information to the public. Spencer Rascoff is the Co-founder of Zillow.
A prominent American mortgage lender that was a key player in the expansion of the mortgage-backed securities market in the lead-up to the 2008 financial crisis. Angelo Mozilo is the CEO.
A medieval European hierarchy (c. 5th-15th centuries) where monarchs granted land to nobles in exchange for service, while peasants worked the land without ownership.
Feudal peasants who were legally bound to the land and their lord, lacking freedom and the right to own property.
The legal right of an individual to exclusively possess, use, and dispose of land and other assets.
An English law that clarified legal ownership of land, primarily for tax purposes, and contributed to the evolution of property law.
A historical legal doctrine from English common law where a married woman's rights, including the right to own property, were subsumed by those of her husband.
A series of laws, beginning in the United States (Mississippi, 1839), that granted married women the right to own and control property independently.
A U.S. law that granted land in the American West to settlers, including single women, who were willing to farm and "improve" it.
The first U.S. federal law to define citizenship and affirm that all citizens are equally protected by the law, including the right to own property.
Legally enforceable clauses in property deeds that barred specific racial or ethnic groups from owning or occupying the property.
A landmark U.S. law that prohibited discrimination in the sale, rental, and financing of housing based on race, religion, national origin, and sex.
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