Ok, sounds like Village of the Damned but previous posts rule that out. Also kinda sounds like 'Storm of the Century' but the kids don't burn down anything...
So we can rule out:
Village of the Damned
Children of the Corn [at least 1, I know there are 5 or 6 of them]
Storm of the Century
The Outsiders
The Lost Boys
The Goonies [although it would have been really cool if they had burned something down in this one]
Have you tried the Wes Craven IMDB page?
http://www.imdb.com/name/nm0000127/
He does alot of really farkeled stories...could be him.
Also typed in 'urban kids are evil' under the plot search in IMDB and it came up with
http://www.imdb.com/title/tt0087480/plotsummary.