Social economy is a social construction force and resource allocation method distinct from the market economy and planned economy, with its economic development embedded in social development, responding to the needs of humanity and society. In modern urban communities, the neighborhood owners’ assembly autonomously holds the social economic management rights, maintains the social interests of the community, promotes neighborhood cooperation and regular democratic participation, and addresses the common issues of community owners and the developmental needs of the community. The social economy in urban communities can uphold the common interests of the community, enhance community participation, accumulate community social capital, and help address community governance challenges such as prominent community conflicts, indifference to neighborhood relations, and insufficient community participation. Therefore, social economy has become a new remedy for modern urban community governance.