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When landlords and local governments convert housing from rent control to market rate, every facet of community life is affected, including the population composition of residents, relations among neighbors, and the physical environment of the space. This paper analyzes how the meaning of home has been transformed in one community through its recent transformation from rent-controlled to market-rate housing. Using the case study of New York City’s Stuyvesant Town (Stuy Town) and its sister development Peter Cooper Village, we show how a place that was once an affordable home for middle-class veterans and their families became a temporary destination for young urbanites seeking affordability, convenience, and luxury.