The real property value in Moscow has remained at about the same level for a decade and the mass media strongly support the idea of a “cost of life success” associated with the purchase of housing in Moscow both in terms of the life quality in the capital and the profitability of investing. The authors dispel this “myth” both from a financial and environmental point of view taking into account the problem of assessing the environmental risks of the population in connection with the program of housing renovation being actively implemented in Moscow now. It is noted that the renovation program faces an environmental catastrophe for Moscow and the Moscow region because of the urban densification and the unresolved issues of garbage disposal. The regulatory legal acts have been analyzed that are directly violated by the renovation program, including the Constitution of the Russian Federation.