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Abstract: In the years of postwar reconstruction, the INPS, principal Italian social security authority, pursuits an important real estate politics, especially in the capital city. Through an original study of the INPS archives, the essay retraces the political, legislative and administrative choices that led to the construction of this estate. The supported hypothesis is that the residential heritage produced is marked by an ambiguity since its building: it represents at the same time a solid guarantee of investment for the pension funds and a quantitative and qualitative response to the lack of housing for INPS employees. This ambiguity between need and investment influences the locations chosen for the buildings, the profiles of intended residents and, more generally, the construction and dissolution of the public city through time.