Housing First is a hegemonic model of homeless services that advocates immediate placement in permanent supportive housing without preconditions such as sobriety, treatment, or employment. Federal authorities in the United States have adopted Housing First as a governmentality to make social investments through homeless policy. Although research has examined logics that federal authorities used to make this social investment, sociologists have devoted little attention to techniques that frontline workers use to yield returns on social investment in neoliberal cities. This knowledge gap hinders sociologists from theorizing contemporary urban poverty governance. I make three contributions that address this shortcoming. First, I present a unique qualitative analysis that examines techniques that Housing First providers in a U.S. Rust Belt county use to select a lease configuration for their clients. Second, I expand the definition of economization to incorporate logics that Housing First providers use to estimate transaction costs they will confront while mediating rental market exchanges with a particular lease configuration. Third, I demonstrate, unlike federal policymakers who economize homeless populations as public expenditures to make social investments, service providers economize homeless individuals as transaction costs to yield returns on Housing First in urban communities.Literal homelessness, sleeping in a place unfit for human habitation, is an enduring characteristic of American society in the neoliberal era (Herring 2019a;Mitchell 2003;Smith 1996;Stuart 2016). As the stagflation crisis eroded household incomes, the neoliberal turn in U.S. housing policy rendered subsets of the poor homeless in cities across the country (Wolch and Dear 1993). In 2019, 175 out of every 100,000 Americans experienced literal homelessness. Risk of literal homelessness, however, is unequally distributed across status groups. Latinx are approximately 1.28 times more likely than non-Latinx, women 1.51 times more likely than men, Whites 2.85 times more likely than Asians, Blacks 4.78 times more likely than Whites, and Native Americans 5.71 times more likely than Whites to experience literal homelessness (U.S. Department of Housing and Urban Development 2020). Thus, although homelessness has decreased by 20% since 2010, it remains a feature of American poverty that is tied to social status.Federal responses to homelessness have evolved over time (Willse 2015). In the 1990s, welfare reformers adopted "Treatment First" as a governmentality