Abstract

This article explores the Chilean real estate financialization from the formation of the subsidiary State, the programmatic elaboration of housing policies and the leading role that indebtedness has assumed as a mechanism and as a possibility of social distinction. For this, a general review was made of the general transformations of capitalism, in order to position the financial. In this framework, housing has played a key role both as an asset and as a way to absorb surpluses. Based on the latter, general statistics are analyzed at the banking and subsidiary level in the area of ​​housing and it focuses on the documentary analysis of the texts that provide legal support and programmatic direction to these and to the current National Urban Development Policy. From this point, the subsidy instrument is discussed, the relationships it articulates with indebtedness and the current paradigm of social integration is criticized. It closes with a reading on Chilean neoliberalism, which, at least in its spatial and housing aspects, depends on mechanisms of institutional viability for its survival.