Central capabilitarian theories of well-being focus exclusively on actual opportunities to attain states of being and doing that people have reason to value. Consequently, these theories characterise ill-being and disadvantage as deprivations of such opportunities and attainments. However, some well-being aspects are inherently negative. They make up the difference between not being well and being unwell in that they constitute ill-being. While disadvantage can be plausibly captured by deprivations, ill-being cannot be fully captured by them. I support this claim by (...) analysing cases involving inherently negative aspects of homelessness that are not mere deprivations of opportunities to attain beings and doings that people have reason to value. I conclude that ill-being is not only about what one cannot be and do, but also about one’s enduring, and opportunities to avoid, negative beings and doings. Theories and policies should reflect this to get things right, and to do right by people. (shrink)