This paper argues that commodification of housing plays a key role in the reproduction of social and economic relations and contributes to debates by, firstly, recognising modern slavery as a fundamental intersection of economic and social vulnerability intimately connected to experiences of housing. Secondly, rather than understanding modern slavery in terms of exclusion, it should be understood as a form of adverse incorporation in the labour market and housing. Awareness, therefore, of critical realism as an analytical framework usefully takes debates beyond exploring relations between housing supply and housing experience to also include political economy and ideology. From this broader ontology of housing, it is possible to emphasise housing within reproduction of social and economic relations and consider ways in which this relates to modern slavery.