With sustained house price inflation in recent decades undermining the capacities of many younger people to form independent households, intergenerational relations have intensified, with increasing pressure on parents to assist their offspring, especially in supporting homebuying. This paper examines realignment between generations around transfers and the role of housing systems, policies and practices therein. Whilst recent research emphasises the experiences of young receivers, this paper addresses the impact on, and roles of, parent givers. We focus on Hong Kong as a remarkably tight housing market with high concentrations of older-cohorts in both homeownership and public rental housing, as well as very limited housing access for younger-cohorts. Our analysis builds on a quantitative survey of 1,012 parents co-residing with adult-children (aged 25–35 years), complemented by qualitative interviews with a small sub-sample of respondents. Our findings not only demonstrate the impact of intergenerational housing inequalities on family practices, but also how housing, welfare and policy transformations are shaping both intergenerational responsibilities and expectations of government.