Increased precarity has defined people’s housing situation (Anacker, 2019), with housing often described as characterized by a state of crisis (Holgersen & Blackwell, 2025). This precarity is reflected in the rapidly growing literature on the housing crisis Çelik, 2024; Hochstenbach et al., 2025). A similar situation can be observed in Iceland, where housing issues have become one of the most pressing concerns, often emphasized as a housing crisis without necessarily delving into what the phrase constitutes. This chapter examines the notion of “housing crisis” in the Icelandic context, asking what kind of “crisis” housing is considered to be, in addition to exporing some of the factors that have contributed to it. We seek to draw attention to the housing crisis as being a complex and multilayered phenomenon, where for some it can be abrupt, involving future “cancellation” (Loftsdóttir 2019), while revolving around a more chronic crisis for others (Vigh, 2008) or a combination of both.