This exchange considers the unrecognised interplay between two major political-economic trends shaping contemporary Europe, namely the upward trend in housing-induced inequalities and rising support for populist politics. Europe’s housing systems have undergone dramatic transformations in recent decades that are exacerbating housing precarities, wealth inequalities and socio-spatial polarization. At the same time, European politics has witnessed a growing acceptance of populist political rhetoric, values and policies as populists exploit citizens’ economic anxieties and perceived cultural grievances. Yet, existing research overlooks the connections between housing system dynamics, housing precarities and political disaffection. In response, this exchange proposes a new approach – housing discontent - to capture how deepening housing precarities and place inequalities are influencing social attitudes, political values and preferences and resulting in a more polarised contemporary politics.