Chinese people's housing conditions have been fundamentally improved since the welfare-oriented public housing allocation was replaced by market allocation in 1994 when the marketization reform of the housing reform was conducted. China’s housing security system was then gradually built up. However, considerable problems exist in China’s current affordable housing-dominated housing security system, such as, incapability of ensuring social fairness, decrease of resource allocation efficiency, and increase of rent-seeking and corruption. Based on full and accurate empirical research, this research project aims to propose a feasible housing security system which balances equity and efficiency well.