Boatman Drive in Etruria, Stoke-on-Trent, will be reopened after the city council investigated a year ago at a cost of about £100,000.
The authority stated it would "continue to monitor the road for any changes" and that it would be installing traffic lights.
Residents said they felt "abandoned".
Cracks in the road appeared in 2018 and people have had to live with sunken gardens and collapsed driveways. The road was closed while investigations took place.
Property owner Stephen Davis said "with all the works that went on last year with the engineers on site" he thought there was hope "something was finally happening".
But he added: "After months of waiting, after a report was issued, to be told that they're just gonna stick some traffic lights up and keep monitoring the situation is a bit of a kick."
In a statement, the council said it had spent "considerable time and resources" in investigating issues affecting the highway.
It added it was responsible for its maintenance and the "extent of the highway does not extend to all of the land below the carriageway and does not extend to any of the land adjoining the highway".
The council said work had been focused on safety and a traffic regulation order would limit the "weight of vehicle access onto the site".
Developer Redrow said following the development's completion about 18 years ago the council "took legal responsibility for the roads on the development".
It stated: "We hope any works can be completed by the Council at the earliest opportunity for the benefit of the community, and separated from any conversations with other parties."
Severn Trent said it was investigating reports of a potential leak on the Boatman Drive estate.
The water company added this would require installing a "boundary box" and it would be in talks to get permission to make an excavation to get this fitted.