The financing of the Austrian housing construction activities is characterised by a typical triangle between developer, public sector and capital market, lets say: equity capital, public housing subsidies and outside capital. This basic principle is applied for all dwellings Ò in single-family houses, which are more than 90% owned by private persons, and also for the dwellings in multi-storey houses which are professionally developed and rented or sold. The public subsidies still play an important role in this triangle. First I want to describe the Austrian housing stock but also the housing financing system. Than I will show some noticeable properties of the housing subsidy system. At the end I will point out several effects as well as in social, economic and ecological aspects.