ABSTRACT
To a large extent, the degree of state intervention to control or ameliorate the conversion process can be explained in terms of the level of tenant protest, the existence of tenant protection and condominium legislation, the extent to which legislative power is decentralized to the city or state level and the prevailing ideology regarding the desirability of state intervention in market processes. State intervention to control or ameliorate the effects of conversions will partly depend upon the existence of a substantial level of resident protest. Where protest is absent or limited, the pressure for the state to intervene will generally be less. Just as resident unrest was mounting in the early 1970s, the speculative property bubble burst and the Bank of England ‘lifeboat’ operation was mounted to limit the damage to the major financial institutions and prevent a major financial crisis.
