Hiding post from homepage will hide the post from public view except for the submitter and voters. The post will appear like any other post for the creator and voters; whereas for admins and members, the hidden posts appear with a tag in the listing page. 

The option to hide or unhide a post is given under in the post control menu bar.  

Hidden posts have a banner in the show page with the options to unhide and delete. 

Note: Hidden posts cannot be merged or pinned.