Answer: GUT

In the context of "gut," it means to completely remove or strip something down to its most basic or essential parts. When it comes to buildings or homes, "tear down to the studs" means removing all the interior walls, finishes, and fixtures, leaving only the structural framework or studs behind. This is often done to renovate or remodel a space completely from scratch.

Note: The provided meaning of the answer is for the latest New York Times crossword puzzle clue: Prep for a major renovation, say. Explanations are generated by AI and may be inaccurate.