Contemporary inequalities in South Africa remain deeply shaped by institutional and spatial injustices of Apartheid-era land governance. Drawing on racial capitalism, this study situates housing inequality within the historical processes of land dispossession under minority rule. While prior research emphasizes policy, it often overlooks how the legacy of Apartheid continues to shape access to land, housing, and economic opportunity. This paper asks how post-Apartheid perceptions of land rights, economic hope, and race relate to present-day deprivation. Using data from The Justice of Land in a Land of Injustice (2004) and the 2022 South African census, the study examines links between 2004 perceptions and 2022 housing deprivations across South Africa’s nine provinces. Regression results show race remains a significant predictor of deprivation, though perceptions are not statistically significant. Still, perceptions reveal how individuals understand inequality and relative deprivation, highlighting how Apartheid’s legacies continue to shape contemporary spatial and economic inequalities.