Current research on Brazilian vacant buildings where squatters live tends to paint a familiar picture: the occupants are united in struggle, resolute in their understanding that squatting is within their constitutional, legal, and natural rights. However, drawing on new data from Rio de Janeiro, we argue that researchers have an incomplete understanding of this process. Our findings reveal considerable ideological variation among occupants regarding their rights to occupy abandoned property, including their understandings of private ownership versus the social function of property. In our analysis, we explain this ideological variation through what we call “moral economies of occupation.” Specifically, we focus on lived experiences of losing or being excluded from secure housing and the remembered role that the state played in that lived experience. This, we argue, is crucial for understanding why some occupants believe in their rights to squat while others doubt it.