Recent debates question whether assemblage urbanism provides an appropriate framework for addressing the housing question under late capitalism. On one side, proponents note the capacity of assemblage to reveal the complex emergence of events, places and processes, whereas critics argue assemblage accounts provide deep empirical detail but avoid engaging with political economy. This paper addresses such criticism through an assemblage account of local activism in the context of ownership changes that threatened the rent-regulated Stuyvesant Town neighbourhood in Manhattan. We adopt an assemblage methodology to examine this case of privileged tenant activism and find that it provides an additive lens for understanding the networks of relations that influenced the community during the mid-2000s. Noting that assemblage and the financial ecologies approach are similar in their attendance to relational thinking, we describe how these approaches can be used in conjunction to better understand the linkages between housing and financialization.