In China, the regeneration of “Villages in the City” (ViCs) is related to the spatial problem of urban governance, while the affordable housing of new citizens is associated with the social problem of urban governance. Actually, they are twin problems of urban governance in the Chinese context. However, due to the separation of disciplines and the departmental administrative system, Chinese academic communities and local governments separately treated the twin problems for a long time. In view of this, the historical opportunity of urban village regeneration needs to be taken to change informal housing into legal and formal housing. This suggestion can synchronously solve the two historic governance problems of the regeneration of ViCs and new citizens affordable housing, and at the same time establish a joint settlement mechanism for urban village renewal and new citizens affordable rental housing supply. We put forward a “2242” affordable housing supply framework for new citizens, and apply it to Guangzhou. The empirical result shows that the housing demand of all new citizens can be basically satisfied and it can prevent ViCs from spreading and regenerating when 50% of ViCs in Guangzhou renewing.