In the framework of a free market economy such as the Chilean one, and a global crisis of access to housing, a production of a popular habitat is generated that presents a series of threats both for the residents themselves, as well as for society in their own right. as a whole, to the extent that an unequal system is reproduced. To develop the proposed argument, the case of the city of Valparaiso is taken, where there is evidence of a decrease informal access to this asset, expressed in an increase in informality and residential precariousness. This is accompanied by a greater exposure to natural hazards (i.e. fires, mass removals) that translate into risks, enhanced by the location conditions of the case under study. In this way, it is shown that those involved live in disadvantaged conditions with respect to other social groups, a situation that can be reversed neither by policies nor by planning. The foregoing becomes even more relevant within the framework of a constituent process such as the one Chilean society is experiencing.