diff --git a/code/lib/preview-api/src/modules/addons/hooks.ts b/code/lib/preview-api/src/modules/addons/hooks.ts
index e695938a444d..ce1643315824 100644
--- a/code/lib/preview-api/src/modules/addons/hooks.ts
+++ b/code/lib/preview-api/src/modules/addons/hooks.ts
@@ -70,7 +70,7 @@ export class HooksContext<TRenderer extends Renderer, TArgs extends Args = Args>
   init() {
     this.hookListsMap = new WeakMap();
     this.mountedDecorators = new Set();
-    this.prevMountedDecorators = this.mountedDecorators;
+    this.prevMountedDecorators = new Set();
     this.currentHooks = [];
     this.nextHookIndex = 0;
     this.currentPhase = 'NONE';
@@ -191,7 +191,7 @@ export const applyHooks =
     );
     return (context) => {
       const { hooks } = context as { hooks: HooksContext<TRenderer> };
-      hooks.prevMountedDecorators = hooks.mountedDecorators;
+      hooks.prevMountedDecorators ??= new Set();
       hooks.mountedDecorators = new Set([storyFn, ...decorators]);
       hooks.currentContext = context;
       hooks.hasUpdates = false;
diff --git a/code/lib/preview-api/src/modules/store/hooks.test.ts b/code/lib/preview-api/src/modules/store/hooks.test.ts
index bbd72f95b0a5..655a41249b4f 100644
--- a/code/lib/preview-api/src/modules/store/hooks.test.ts
+++ b/code/lib/preview-api/src/modules/store/hooks.test.ts
@@ -147,6 +147,25 @@ describe('Preview hooks', () => {
       run(story, [decorator]);
       expect(effect).toHaveBeenCalledTimes(1);
     });
+    it('handles decorator conditionally rendering the story', () => {
+      const effect = jest.fn();
+      const story = () => {
+        useEffect(effect, []);
+      };
+      const decorator = (storyFn: any) => {
+        const [counter, setCounter] = useState(0);
+        useEffect(() => {
+          setCounter((prevCounter) => prevCounter + 1);
+        }, [counter]);
+        if (counter % 2 === 1) storyFn();
+        return 'placeholder while waiting';
+      };
+      run(story, [decorator]);
+      run(story, [decorator]);
+      run(story, [decorator]);
+      run(story, [decorator]);
+      expect(effect).toHaveBeenCalledTimes(2);
+    });
     it('retriggers the effect if some of the deps are changed', () => {
       const effect = jest.fn();
       let counter = 0;