After the long-lasting divestment in the Italian public housing system and the privatization of over 20% of the stock, many public dwellings are vacant or in substantial need of maintenance. The article aims at contributing to the literature that addresses the crisis of public housing, by investigating alternatives to its privatization in Italy, a context of heavy divestment and devolution. It draws on original material from the case study of the Quattro Corti project, an unprecedented form of hybrid collaboration between public housing providers and housing cooperatives for the regeneration and management a small portion of the public housing stock in Milan. We investigate the context at different scales (state, neighbourhood, building) and analyze the partnership through extended field work and interviews to stakeholders, tenants and managers. Finally we address opportunities and challenges for a wider implementation of such partnerships in Italy, as part of a strategy to prevent privatization.