diff --git a/packages/downgrader/src/shared.ts b/packages/downgrader/src/shared.ts
index 091a5d4..be27712 100644
--- a/packages/downgrader/src/shared.ts
+++ b/packages/downgrader/src/shared.ts
@@ -3,7 +3,7 @@ export const DROP: unique symbol = Symbol('drop')
 // The document root as a `$ref`, and the base outside any schema with an `$id`.
 const ROOT = '#'
 
-const PLACEHOLDERS = new WeakSet<object>()
+const REPLACED = new Map<string, WeakSet<object>>()
 
 export interface Context {
   readonly resolve: (ref: string) => unknown
@@ -178,10 +178,12 @@ export function hasType(type: unknown, name: string): boolean {
   return type === name || (Array.isArray(type) && type.includes(name))
 }
 
-export function placeholder(): Record<string, unknown> {
-  const out = {}
-  PLACEHOLDERS.add(out)
-  return out
+// Sets a value that stands in for whatever the source holds under `key`
+// instead of converting it. A `$ref` into that source location then dangles,
+// so it is inlined rather than kept pointing at the stand-in.
+export function replace(target: Record<string, unknown>, key: string, value: unknown): void {
+  REPLACED.set(key, (REPLACED.get(key) ?? new WeakSet<object>()).add(target))
+  setOwn(target, key, value)
 }
 
 export function allOfItems(allOf: unknown): unknown[] {
@@ -964,12 +966,12 @@ function danglesIn(output: unknown, source: unknown, tokens: readonly string[] |
       to = undefined
     }
     from = child(from, token)
-    to = child(to, token)
+    to = REPLACED.get(token)?.has(to as object) ? undefined : child(to, token)
     if (from === undefined) {
       return false
     }
   }
-  return to === undefined || (isRecord(to) && PLACEHOLDERS.has(to))
+  return to === undefined
 }
 
 export function downgrade(root: unknown, convert: Convert, removed: readonly string[] = []): unknown {
diff --git a/packages/downgrader/src/v3.1-to-v3.0.ts b/packages/downgrader/src/v3.1-to-v3.0.ts
index c39b4b4..080a45b 100644
--- a/packages/downgrader/src/v3.1-to-v3.0.ts
+++ b/packages/downgrader/src/v3.1-to-v3.0.ts
@@ -27,10 +27,10 @@ import {
   list,
   map,
   mergeRef,
-  placeholder,
   rebasedRef,
   refOr,
   removedPrefixes,
+  replace,
   resourceOf,
   setOwn,
 } from './shared'
@@ -269,7 +269,7 @@ function convertType(out: Record<string, unknown>, type: unknown): boolean {
   if (rest.length === 1) {
     out.type = rest[0]
     if (nullable) {
-      out.nullable = true
+      replace(out, 'nullable', true)
     }
   }
   else if (rest.length > 1) {
@@ -292,7 +292,7 @@ function convertType(out: Record<string, unknown>, type: unknown): boolean {
     out.enum = [null]
   }
   else {
-    out.not = {}
+    replace(out, 'not', {})
   }
   return false
 }
@@ -313,7 +313,7 @@ function finishSchema(out: Record<string, unknown>, schema: Record<string, unkno
   }
   if (has(schema, 'const')) {
     loose ||= has(schema, 'enum') && !(Array.isArray(schema.enum) && schema.enum.includes(schema.const))
-    out.enum = [clone(schema.const)]
+    replace(out, 'enum', [clone(schema.const)])
   }
   loose = convertType(out, schema.type) || loose
   const { exclusiveMaximum, exclusiveMinimum, maximum, minimum } = schema
@@ -338,7 +338,7 @@ function finishSchema(out: Record<string, unknown>, schema: Record<string, unkno
     }
   }
   if (out.type === 'array' && out.items === undefined) {
-    out.items = placeholder()
+    replace(out, 'items', {})
   }
   return loose ? loosened(out) : out
 }
diff --git a/packages/downgrader/tests/v3.1-to-v3.0/schema/references.test.ts b/packages/downgrader/tests/v3.1-to-v3.0/schema/references.test.ts
index f8c45a2..1ca1543 100644
--- a/packages/downgrader/tests/v3.1-to-v3.0/schema/references.test.ts
+++ b/packages/downgrader/tests/v3.1-to-v3.0/schema/references.test.ts
@@ -78,6 +78,34 @@ describe('references into removed keywords', () => {
     })
   })
 
+  // `const`, a null-only `type`, and `"null"` in `type` write new values over
+  // `enum`, `not`, and `nullable`. A `$ref` to the original keyword must get
+  // the original schema, not the value that replaced it.
+  it.each([
+    [
+      'a not that a null-only type replaces',
+      { not: { $ref: '#/properties/a/not' }, properties: { a: { enum: ['x'], not: { type: 'string' }, type: 'null' } } },
+      { not: { type: 'string' }, properties: { a: { enum: ['x'], not: {} } } },
+    ],
+    [
+      'an enum that const replaces',
+      { properties: { t: { const: { type: 'integer' }, enum: [{ type: 'string' }] }, x: { $ref: '#/properties/t/enum/0' } } },
+      { properties: { t: { enum: [{ type: 'integer' }] }, x: { type: 'string' } } },
+    ],
+    [
+      'an enum that a null const replaces and a null-only type narrows',
+      { properties: { t: { const: null, enum: [false], type: 'null' }, x: { $ref: '#/properties/t/enum/0' } } },
+      { properties: { t: { enum: [null] }, x: { not: {} } } },
+    ],
+    [
+      'a 3.0 nullable that null in type replaces',
+      { not: { $ref: '#/properties/a/nullable' }, properties: { a: { nullable: false, type: ['string', 'null'] } } },
+      { not: { not: {} }, properties: { a: { nullable: true, type: 'string' } } },
+    ],
+  ])('inlines a $ref to %s, rather than pointing it at the replacement', (_name, input, expected) => {
+    expect(convertSchema(input)).toEqual(expected)
+  })
+
   // A standalone schema has no document around it, so pointers into
   // `components` or `webhooks` cannot be checked and stay as written.
   it('leaves references and mapping entries that point outside the schema as written', () => {
diff --git a/packages/downgrader/tests/v3.1-to-v3.0/spec/components.test.ts b/packages/downgrader/tests/v3.1-to-v3.0/spec/components.test.ts
index 5c2799f..5363a16 100644
--- a/packages/downgrader/tests/v3.1-to-v3.0/spec/components.test.ts
+++ b/packages/downgrader/tests/v3.1-to-v3.0/spec/components.test.ts
@@ -51,6 +51,24 @@ it('keeps examples as they are, since 3.0 examples have the same fields', () =>
   })
 })
 
+// The conversion replaces this `not` with `not: {}` (see
+// schema/references.test.ts), so the `$ref` to it gets the original.
+it('inlines a schema $ref to a keyword the conversion replaced', () => {
+  expect(convertSpec({
+    components: {
+      schemas: {
+        A: { enum: ['x'], not: { type: 'string' }, type: 'null' },
+        B: { not: { $ref: '#/components/schemas/A/not' } },
+      },
+    },
+  }).components).toEqual({
+    schemas: {
+      A: { enum: ['x'], not: {} },
+      B: { not: { type: 'string' } },
+    },
+  })
+})
+
 it('clones a malformed components value unchanged', () => {
   expect(convertSpec({ components: 'junk' }).components).toBe('junk')
 })