ABSTRACT
From the 1990s onwards, most large Latin American inner-city areas have experienced different forms of urban restructuring. Santiago is no exception to this rule. Since 1991, the property-led urban renewal market of Santiago has been quantitatively successful at producing upper-and middle-income housing units in high-rise blocks, also continuously expanding the market towards areas of large rent gaps. This real estate market depends largely on local master-plan rezoning enforced by independent municipal governments alongside a nationalstate subsidy aimed at the acquisition of these residential units. However, it has also been recognized that Santiago's market of renewal produces ground rent dispossession and large-scale socio-spatial displacement, i.e., gentrification by ground-rent dispossession (or GGRD) as the land price paid to owner-occupants is usually below market prices (López-Morales 2011). Since 1990, with the sole exception of Pedro Aguirre Cerda (PAC) comuna, ten of the eleven inner-city municipalities of Santiago have redrafted their local urban master plan, specifically amplifying floor-area ratios (FAR), in order to attract the high-rise real estate market into their areas.
