The current UX for hiding projects makes the user wonder what would happen if clicked on "Hide Project".

The current flow of showing the "Hidden Projects" buttons only after a user has chose to hide a project isn't ideal because now the user has to think about the repercussions. Would I be able to see that job somewhere? What if I want to revert the action? The button should be shown regardless of whether the user has any hidden projects or not. That would be the indication that hidden projects go to a place where I can retrieve later.

Attaching another AngelList reference since they do a great job with that user experience.

Like Steve Krug says: "Don't make me think" :)