Second‐order rate constants of reactions of HO− with phosphate, phosphinate and thiophosphinate esters, (PhO)2PO.OC6H4NO2‐p, Ph2PO.OC6H4NO2‐p, Ph2PO.SPh, Ph2PO.SC6H4NO2‐p and Ph2PO.SEt, go through minima with decreasing water content of H2O‐MeCN or H2O‐t‐BuOH. The rate decrease is due to stabilization of the non‐ionic ester on addition of organic solvent to H2O. This inhibition is partially offset by stabilization of the anionic transition states and in the drier solvents partial desolvation of HO− increases rates.