《都市更新條例》實施以來問題不斷，原因在於過度傾向新自由主義的法制設計，偏重吸引過剩資本進入老舊建成環境，活絡地產資本主導的二級迴路。本文以新馬克思主義政治經濟取向為基礎，釐清都市建成環境中二級資本迴路、新自由主義治理與都市更新的結構性關係。在分析臺灣近年總體政經脈絡、不動產市場景氣及臺灣的都市更新制度後，本文認為，國家在重大社經危機浮現時，的確有針對不動產市場進行保值的傾向。《都市更新條例》及相關專案政策皆顯現這個企圖，創造出「國家主導擴大租隙」的獎助機制。另外，透過分析臺北市已完成的都市更新案例，本文發現，「國家主導擴大租隙」的空間修補效果的確有助於提高完工建案之價值。惟不同於西方經驗，臺北市案例顯示，「擴大租隙」使都市更新較少發生於老舊城區，反而流入房市熱絡地段。這套作法也形成臺灣都更體系特殊的「在地尺度化新自由主義」─治理議程上未曾與實踐全球化的新都市意像結合，卻在制度上回應全球新自由主義的投機趨向，最終則圖利在地房產資本集團。

The ‘Urban Renewal Act’ has encountered several problems since its enforcement because of the institutional bias toward neoliberalism to attract inward investment into the dilapidated built environment and to stimulate the property-based secondary circuit of capital. This study applies a neo-Marxist political economy approach to exploring the structural relationships among the secondary circuit of capital, neoliberal urban governance, and urban renewal in the field of urban built environment. Analysis of the macro environment of political economy, the business cycle of the property market, and the institution of urban renewal in Taiwan reveal that, whilst the critical socioeconomic crisis is indeed apparent, the state tends to keep on ‘revalorizing’ property market. The state intention can be find from the ‘Urban Renewal Act’ and specific renewal policies, which have established a set of incentives through ‘state-led expanded rent gap’. Analyses of completed renewal projects in Taipei reveal that the effect of spatial fix driven by the ‘state-led expanded rent gap’ indeed has facilitated to increase the value of completed projects. Unlike the experience of western cities, the case of Taipei indicates that the mechanism under expanded rent gap has stimulated the occurrences of renewal projects less in downtown but more in the areas with property boom. The institution has also formed the rise of special ‘locally scaled neoliberalism’ in the urban renewal system in Taiwan, which seldom connects governing agenda with new global urban imagineering, institutionally responds to the speculative tendency of global neoliberalism, and ultimately benefits the local property capitalist bloc.