This paper analyses the relative merits of demand‐side and supply‐side strategies for attacking the housing problems faced by low‐income renters. The analysis is distinctive in that it takes seriously the emerging consensus among international housing scholars about the centrality of housing quality sub‐market dynamics and spatial considerations. Received theory about the nature of housing sub‐markets and their adjustments to policy interventions is used to critique previous evaluations of supply‐and demand‐side approaches and to provide fresh insights into their ability to achieve a wide variety of programmatic goals. Numerous dimensions of spatial considerations—externalities, area‐wide abandonment and revitalisation, local reinvestment psychology, racial and economic integration and freedom of household locational choice—are applied to a further consideration of these two strategies, again using several alternative goals. Finally, the paper argues for the importance of context‐driven housing policy formulation. Problem definition, goal weighting, and metropolitan housing market, socio‐economic, and governmental characteristics collectively must be considered before an unambiguously ‘best’ housing strategy can be identified. Nevertheless, the paper concludes that, with the typical context, the demand‐side approach is superior to the supply‐side approach.
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