Modernist large housing estates in southern Europe developed between the 1950 and 1970s have suffered from dual physical decay and stigmatization over the last three to four decades, challenging public, para-public and private actors. This article addresses recent regeneration strategies and urban policies in Barcelona in a context of the 'marketization' of housing, austerity and a decrease in public resources. By means of a comparative approach, two regeneration projects of housing estates in Barcelona are analysed in terms of modes of governance and their social consequences since 2000. The mixed methodology consists of direct observations and analysis of the designs of the urban interventions; semi-structured interviews with the main urban actors and a sample of residents; and a tentative evaluation of recent social changes in these neighbourhoods. The results show: first, the positive outcomes of initiatives and the limits of the different strategies of urban regeneration carried out to address persistent forms of social exclusion; and second, the relation of these positive outcomes and limitations to changes in governance and the structure of land ownership, which constitutes a controversial aspect in the development of the projects. The role of different actors in regeneration and the reproduction of social inequalities and segregation are discussed. This points to the contingent nature of neoliberal governance as evidenced by the complexity and heterogeneity of its operation at the intra-urban scale even in apparently similar large housing estates in southern Europe. Modernist large housing estates in southern Europe developed between the 1950 and 1970s have suffered from dual physical decay and stigmatization over the last three to four decades, challenging public, para-public and private actors. This article addresses recent regeneration strategies and urban policies in Barcelona in a context of the 'marketization' of housing, austerity and a decrease in public resources. By means of a comparative approach, two regeneration projects of housing estates in Barcelona are analysed in terms of modes of governance and their social consequences since 2000. The mixed methodology consists of direct observations and analysis of the designs of the urban interventions; semi-structured interviews with the main urban actors and a sample of residents; and a tentative evaluation of recent social changes in these neighbourhoods. The results show: first, the positive outcomes of initiatives and the limits of the different strategies of urban regeneration carried out to address persistent forms of social exclusion; and second, the relation of these positive outcomes and limitations to changes in governance and the structure of land ownership, which constitutes a controversial aspect in the development of the projects. The role of different actors in regeneration and the reproduction of social inequalities and segregation are discussed. This points to the contingent nature of neoliberal governance as evidenced by the complexity and heterogeneity of its operation at the intra-urban scale even in apparently similar large housing estates in southern Europe.