How, and how much, do housing policies lead to economic and social inequality? Governments increasingly rely on housing markets for economic growth and the privatization of risk, and industries have developed around country-specific policies and attempt to shift the politics of housing to reflect their interests. As a result, households find themselves entering a market that is more tuned to economic growth than economic opportunity. Perhaps most important, deep political cleavages form within housing markets. These cleavages form because current housing policies create winners and losers across class, race, gender, and age. Country-specific housing policies moderate or intensify these cleavages, as do housing booms and busts. This paper offers a framework to understand how these cleavages form. It then considers the effect of current housing policies on one important subgroup of the population: young people in 20 high-income OECD countries. In particular, it identifies which housing policies enable young people to exit the parental home. Younger generations suffer from the very policies that helped older generations enter the housing market.