We contribute to the evaluation of urban renewal policies based on a large-scale program launched in France in 2004. Using an estimator aimed at avoiding bias in the estimation of treatment effects that are heterogeneous across treatment groups or time periods, and complementing its results with a more precise double fixed effects difference-indifferences estimator, we find no significant aggregate impact of the program on housing prices. We identify four dampening factors that can explain this lack of aggregate impact: a sometimes insufficient level of funding per neighborhood, a stigma effect in the most deprived neighborhoods, the isolation of some neighborhoods located far from city centers, and the concentration of the program's funding on types of operations associated with small impacts on housing prices.