But there are other ways besides flags for stories to fall suddenly off the front page: software penalties (e.g. the flamewar detector, a,k.a. the overheated discussion detector, various abuse detection systems, etc.) and moderation downweights. Users don't do either of those.
These points are covered in the FAQ although necessarily tersely. See "How are stories ranked?" and "What does [flagged] mean?" - https://news.ycombinator.com/newsfaq.html