In this report we look at the architecture of energy upscaling programmes in Greece to date and see whether there are any safety nets embedded in them that can disincentivise or prevent rent spikes and rent increases as a result of renovation investments. The aim is to underline the shortcomings of the Greek NRRP in bridging climate neutrality with housing cost neutrality. The underlying hypothesis, as will be argued, is that the coordinates set by and found in the Greek proposal, marked by an emphasis on energy efficiency without due consideration of social impact, and not factoring, in the design, regulationand control against potential spikes in housing costs, jeopardize the set of principles listed by the RWS, at the risk of the Greek NRRP becoming a facilitator of predatory housing commodification, contributing to exacerbated tenure inequality and housing financialization. We therefore assume, based on studies showing that energy efficiency measures add higher priced housing to the market and lead to a decreaseof affordable housing for low-income households in any given city, that in the absence of rent controls, regulations and embedded measures in programmes to limit the social risk from the price impact of renovations there is reasonable certainty that large-scale renovations of the residential housing stock can lead to at the least deepening of social divisions and more likely to a sharpening of housing exclusion, a decline in living conditions and a serious risk of formal and primarily informal evictions. The report tries to answer the following key questions: What are the specificities of the Greek housing model and its trajectory that need to be taken into account so that the Renovation Wave will not simply lead to a Renoviction Wave? What kind of interventions and changes should be made to make the Greek NRRP a tool bridging the two principles of creating energy efficient and affordable housing?