This report outlines the urgent need for investment in solutions for people who are “locked out” of decent, affordable housing in the European Union. It brings a specific angle to broader debates about housing affordability by focusing on the solutions needed for those most marginalized in today’s housing markets and systems in Europe. It argues that the EU’s investment agenda 2021 – 2027 could boost investment in solving homelessness and housing exclusion and makes recommendations about how to achieve this. It shows that channeling investment into tackling homelessness and housing exclusion could maximize the social impact and help reach the additionality objectives of the EU’s investment agenda.