Across Europe, housing markets are burning up. Slow growth and low interest rates have pushed vast amounts of speculative capital into real estate investments in Europe’s major cities — from Copenhagen to London to Madrid. The dynamics of these housing markets are both transforming the shape of European cities and threatening the sustainability of their economies. In some cases, house price bubbles continue to inflate, increasing economic and spatial inequality. In others, housing bubbles have burst, sending local economies into recession. This panel explores the political causes and consequences of Europe’s housing mania. David Adler (University of Oxford) examines the relationship between housing bubbles and the welfare state in Britain, arguing that rising house prices produce polarization in preferences over social policy between owners and renters. Professor Peter Thisted Dinesen (University of Copenhagen) examines the impact of house prices on vote choice in Denmark, presenting evidence that rising house prices generate support for governing parties. Stéfanie André (Tilburg University) examines the impact of mortgage debt on vote choice in the Netherlands. Javier Moreno Zacares (University of Warwick) examines the political foundations of Spain’s housing bubble, focusing on patterns of land speculation from 1997 to 2008. And Professor Caroline Dewilde (Tilburg University) examines the impact of these bubbles on the livelihoods of low-income renters across Europe. Together, these papers suggest that Europe’s political economic landscape will be shaped in fundamental ways by its bricks and mortar. Professor Ben Ansell (University of Oxford) will serve as chair and panel discussant.