Housing, as one of the fundamental components of the spatial structure of cities, plays a decisive role in the reproduction of socio-spatial inequalities. Despite the emphasis of housing policies in Iran on equity-oriented goals, empirical evidence indicates that the implementation outcomes of these policies in the metropolitan area of Tehran have led to the intensification of spatial and class disparities. However, a significant research gap exists in the systematic and critical analysis of housing policy mechanisms and their role in the production and reproduction of structural inequalities over a long-term period. Accordingly, the present study aims to analyze the role of housing policies in reproducing structural inequalities in the metropolitan area of Tehran over the period 1979–2025. This research is qualitative in approach and critical-analytical in nature. Data were collected through the analysis of upstream documents, including laws, development plans, and official housing policy documents, as well as semi-structured interviews with 18 experts in housing and urban management selected through purposive and snowball sampling. To enhance data validity, triangulation of sources, member checking, and overlap coding control were employed. Data analysis was conducted using thematic analysis based on Braun and Clarke’s approach, grounded in the concepts of spatial justice and structural injustice. The findings reveal that housing policies in Tehran have gradually shifted away from redistributive functions toward the commodification of space and the reinforcement of a profit-driven land market logic. Fiscal constraints on the state and the absence of a stable urban financing system have pushed urban management toward reliance on local revenue sources, resulting in the concentration of capital in more advantaged urban areas.