重探都市金融化：探索大臺北都市空權經濟化的過程

Reconfiguring Urban Financialization through the lens of Economization of Air Rights in Greater Taipei

亞洲近年來快速、垂直都市化過程是否涉及都市金融化之進程，至今仍是未定爭論。爭論主因在於：即便高度炒作的土地、建物市場，亦未必有接軌國際金融、發展成衍生性金融商品與市場，例如：不動產證券化、次級房貸。本研究分析都市建築容積的多重經濟化過程，細緻化上述討論。本文以雙北都會區為例，說明臺灣城市上空如何成為住宅開發、社會福利、交通運輸、其他基礎建設計畫……等融資計畫的資源前沿。本研究計畫基於和政府規劃官員、規劃師、估價師、開發業者、仲介與銀行從業人員之深度訪談、焦點團體，佐以規劃公司諮詢文件，檢視臺北都會區的市場導向容積政策工具。分析架構上，本文援引經濟社會學者KorayÇalışkan與Michel Callon理論化「經濟化」，將臺灣空間規劃中的「容積」再概念化為「都市空權」，以強調其做為共有資源之特性。本文介紹臺灣都市治理過程中常見的三種都市空權市場工具──「容積獎勵」、「容積移轉」與「增額容積」個別的市場平臺與競合關係，並勾勒拼裝「都市空權」的政策規劃與市場實作，如何帶動容積經濟化與都市金融化的雙重過程。

The rapid urbanization trend in Asia has raised questions regarding the nexus between urban development and financialization. This research delves into Taiwan's urban landscape, particularly focusing on the Taipei Metropolitan Area, to elucidate how urban airspace has evolved into a resource frontier for financing housing and infrastructure projects. Drawing upon interviews conducted with government officials, urban planners, real estate agents, and banking professionals, this study employs the theoretical lenses of KorayÇalışkan and Michel Callon to understand how ''urban air rights'' are commodified, marketized, and even assetized. It scrutinizes policies such as density bonuses, transferable development rights, and incremental floor area to dissect the dynamics of air rights economization and urban financialization. Ultimately, this research endeavors to enrich our comprehension of the intricate interplay among urbanization, spatial planning, and finance within the Taipei Metropolitan Area.