The novel opens in early twentieth-century Stockholm during a severe housing shortage. Adrian Stråvall, a meticulously cautious man driven by a deep-seated fear of poverty and a desire for social elevation, maneuvers through the city's complex financial and social networks. While his university friend Gunnar Wiepe represents the old aristocracy whose fortunes are slowly declining, Adrian sees an opportunity to leverage the housing crisis. He begins acquiring properties, exploiting desperate tenants, and partnering with ruthless speculators like the shady magnate Gehnfeldt.
Adrian's ambitions eventually lead him to court Harriet Wiepe, aiming to solidify his place in high society through a strategic marriage. Meanwhile, a young couple, Hervor Tedelius and Folke Hjelm, struggle desperately to find a modest apartment so they can marry. Their prolonged hardship and repeated rejections by ruthless landlords expose the human cost of the housing market controlled by speculators.
Hervor falls into deep despair as their wedding is indefinitely postponed due to the lack of a home. The narrative intertwines the lives of the aristocratic Wiepe family, the cynical speculator Stråvall, and the ordinary people crushed by systemic greed. As Adrian accumulates wealth, his personal life unravels under the weight of his paranoia and moral decay. The story reaches its emotional peak during an epidemic that strikes the city, claiming lives and altering the destinies of both the privileged and the destitute. Ultimately, the novel paints a stark picture of a society where human homes are treated as mere commodities, leaving a trail of broken lives in the pursuit of wealth.
