The article explores the dynamics of the financialization of housing and the role housing movements play in challenging it in the Lisbon Metropolitan Area. It analyses the state's role as a crucial promoter of the finance-real estate - tourism complex and focuses on the case of Habita, a social movement organization. It describes how the financialization of housing has developed historically by referring to its spatial-temporal dynamics, impacts and specific policies. Moreover, it illustrates the contribution of financialization to the violation of housing rights and explores how housing movements seek to challenge its processes and impact. Finally, it argues that such movements, despite an enormous imbalance of power and constraints of agency, have succeeded in contesting and interrupting some rent and financial extraction processes and impeding some further commodification of housing. However, their achievements can be considered insufficient, precarious or temporary, as they fail to change the underlying structural dynamics. On the other hand, they questioned the basis of the accumulation process, fostered the right to housing, and were important mobilizers of different subjectivities, denaturalizing and questioning the dominant paths, showing the possibility of building alternatives to the financialization and commodification of housing. Methodologically, the article draws on ethnographic and activist research. The study contributes to the body of literature on the policies and impacts of the financialization of housing, the consequent violation of housing rights, and social movements outcomes, highlighting experiences from Lisbon, a European periphery and a city "off the map" (Robinson, 2002) in terms of urban theory-making.

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housing financialisation,social movements,state,Portugal,housing precarity,evictions