The conceptualization of the neoliberalization of social housing has been largely dominated by Harloe’s models, which define it as the transition from a ‘mass’ to a ‘residual’ model. However, this definition fails to capture the emergence of ‘affordable’ housing policies. Blessing suggests instead conceptualizing neoliberalization through privatization and marketization. This definition helps analyze the focus on the diversification of the supply into mid-market rents. Drawing on mixed-method research, this paper demonstrates the relevance of Blessing’s analysis. To illustrate this, I will take the example of a large French intercommunality, which appears as non-neoliberal due to the absence of residualization. Our findings demonstrate that marketization and privatization have, however, influenced the nature of social housing provision by leading to an absolute decrease in low-rent units through demolitions and sales, and an increase in mid-market rent housing units. In conclusion, the findings emphasize the need for researchers to delve into the issue of social housing exclusion and its underlying mechanisms.