diff --git a/.changeset/calm-tunas-rally.md b/.changeset/calm-tunas-rally.md
new file mode 100644
index 000000000..350590057
--- /dev/null
+++ b/.changeset/calm-tunas-rally.md
@@ -0,0 +1,5 @@
+---
+type: Fixed
+pr: 4049
+---
+writing any markdown file no longer converts tight multi-line lists to loose ones — a blank line was injected before every bullet following a wrapped item (61 blanks on a 1015-line ROADMAP via phase.complete; the defect sat in the write seam every .md write uses), and tight vs loose lists render differently so this was a rendering change plus large misleading diffs, not just whitespace (#3854)
diff --git a/scripts/lint-allow-test-rule-refs.unverified-ceiling.json b/scripts/lint-allow-test-rule-refs.unverified-ceiling.json
index 0b280d272..afdf1f882 100644
--- a/scripts/lint-allow-test-rule-refs.unverified-ceiling.json
+++ b/scripts/lint-allow-test-rule-refs.unverified-ceiling.json
@@ -1,3 +1,3 @@
 {
-  "maxFiles": 281
+  "maxFiles": 282
 }
diff --git a/scripts/lint-test-file-count.allowlist.json b/scripts/lint-test-file-count.allowlist.json
index f0badbe74..94d335a41 100644
--- a/scripts/lint-test-file-count.allowlist.json
+++ b/scripts/lint-test-file-count.allowlist.json
@@ -263,6 +263,14 @@
         "audit-workstream-layouts.test.cjs"
       ],
       "issue": "#3804/#3805 \u2014 audit-layout and acknowledged-marker suites drive the real audit-uat CLI against on-disk fixtures | #3817 \u2014 regression suite proving countReal counts the truncation remainder marker instead of treating it as one phantom item"
+    },
+    "shell-command-projection": {
+      "files": [
+        "shell-command-projection-dispatch.test.cjs",
+        "shell-command-projection-md-normalize.test.cjs",
+        "shell-command-projection-path-sep.test.cjs"
+      ],
+      "issue": "#3854 \u2014 the tight-list suite pins the markdown write-normalizer's blank-line policy through the exported normalizeContent/platformWriteSync seam; a distinct concern from dispatch routing and path separation"
     }
   }
 }
diff --git a/src/shell-command-projection.cts b/src/shell-command-projection.cts
index 277630d34..6affca567 100644
--- a/src/shell-command-projection.cts
+++ b/src/shell-command-projection.cts
@@ -1151,7 +1151,11 @@ function _normalizeMd(content: string): string {
     if (isFenceLine && i > 0 && prevTrimmed !== '' && !insideFence[i] && (i === 0 || !insideFence[i - 1] || isFenceLine)) {
       if (i === 0 || !insideFence[i - 1]) result.push('');
     }
-    if (/^(\s*[-*+]\s|\s*\d+\.\s)/.test(line) && i > 0 && prevTrimmed !== '' && !/^(\s*[-*+]\s|\s*\d+\.\s)/.test(prev) && prevTrimmed !== '---') result.push('');
+    // #3854: the `!/^\s/.test(prev)` guard mirrors the after-a-bullet rule below —
+    // an indented non-bullet line is a CONTINUATION of the previous list item, not a
+    // preceding paragraph, so no separating blank may be injected before this bullet
+    // (that injection converted every tight multi-line list to a loose one on write).
+    if (/^(\s*[-*+]\s|\s*\d+\.\s)/.test(line) && i > 0 && prevTrimmed !== '' && !/^(\s*[-*+]\s|\s*\d+\.\s)/.test(prev) && !/^\s/.test(prev) && prevTrimmed !== '---') result.push('');
     result.push(line);
     if (/^#{1,6}\s/.test(trimmed) && i < lines.length - 1 && (lines[i + 1] ?? '').trimEnd() !== '') result.push('');
     if (/^```\s*$/.test(trimmed) && i > 0 && insideFence[i - 1] && i < lines.length - 1 && (lines[i + 1] ?? '').trimEnd() !== '') result.push('');
diff --git a/tests/shell-command-projection-md-normalize.test.cjs b/tests/shell-command-projection-md-normalize.test.cjs
new file mode 100644
index 000000000..add35feba
--- /dev/null
+++ b/tests/shell-command-projection-md-normalize.test.cjs
@@ -0,0 +1,111 @@
+// allow-test-rule: source-text-is-the-product (#3854)
+// Asserts the markdown write-normalizer's blank-line policy through the
+// exported seam (normalizeContent / platformWriteSync) — no source grepping.
+
+/**
+ * Tight-list preservation in markdown write normalization — shell-command-projection-md-normalize.test.cjs
+ *
+ * #3854: `phase.complete` (any .md write, really) injected one blank line
+ * before every bullet that follows a multi-line item's indented continuation
+ * line — converting tight markdown lists to loose ones (61 injected blanks on
+ * the reporter's real ROADMAP; tight and loose lists render differently, so
+ * it was a rendering change plus huge diff noise, not just whitespace).
+ *
+ * Root cause: `_normalizeMd`'s "separate a list from a preceding paragraph"
+ * rule inserted a blank before a bullet whose previous line "wasn't a bullet"
+ * — but an indented CONTINUATION line of the previous item also "isn't a
+ * bullet". The mirror-image after-a-bullet rule already guards against
+ * indented next lines; the before-a-bullet rule must too.
+ *
+ * These tests pin both directions: tight lists stay tight through the write
+ * seam, and the legitimate paragraph↔list separations the rule exists for
+ * still happen.
+ */
+
+const { describe, test } = require('node:test');
+const assert = require('node:assert/strict');
+const fs = require('fs');
+const os = require('node:os');
+const path = require('path');
+const { normalizeContent, platformWriteSync } = require('../gsd-core/bin/lib/shell-command-projection.cjs');
+const { cleanup } = require('./helpers.cjs');
+
+const MD = 'roadmap.md';
+
+describe('#3854: write normalization preserves tight multi-line lists', () => {
+  test('a bullet following a multi-line item\'s continuation gets NO injected blank', () => {
+    const tight = [
+      '# Roadmap v1.0',
+      '',
+      '- **RC-1 — first rule** whose text wraps onto',
+      '  a continuation line',
+      '- **RC-2 — second rule** also wrapping onto',
+      '  its continuation line',
+      '- **RC-3 — third rule** single line',
+      '',
+    ].join('\n');
+    const { content } = normalizeContent(MD, tight);
+    assert.ok(
+      !content.includes('a continuation line\n\n- **RC-2'),
+      'no blank may be injected between a wrapped item\'s last continuation and the next item (tight list stays tight)'
+    );
+    assert.ok(
+      !content.includes('its continuation line\n\n- **RC-3'),
+      'same for every following item'
+    );
+    assert.strictEqual(
+      content.split('\n').filter((l) => l.trim() === '').length,
+      tight.split('\n').filter((l) => l.trim() === '').length,
+      'blank-line count must round-trip unchanged'
+    );
+  });
+
+  test('numbered tight multi-line lists are preserved too', () => {
+    const tight = [
+      '1. First rule with a wrapped',
+      '   continuation line',
+      '2. Second rule',
+    ].join('\n') + '\n';
+    const { content } = normalizeContent(MD, tight);
+    assert.ok(
+      !content.includes('continuation line\n\n2.'),
+      'no blank between a wrapped numbered item\'s continuation and the next item'
+    );
+  });
+
+  test('the paragraph→list separation the rule exists for STILL happens', () => {
+    const doc = 'A lead-in paragraph.\n- first item\n';
+    const { content } = normalizeContent(MD, doc);
+    assert.ok(
+      content.includes('A lead-in paragraph.\n\n- first item'),
+      'a list following a paragraph still gets its separating blank'
+    );
+  });
+
+  test('heading/list separations are unchanged (regression pin on the rule\'s purpose)', () => {
+    const doc = '## Section\n- item\n';
+    const { content } = normalizeContent(MD, doc);
+    assert.ok(content.includes('## Section\n\n- item'), 'heading→list keeps its blank');
+  });
+
+  test('normalization is idempotent on a tight list (no one-shot growth, no compounding)', () => {
+    const tight = '- a\n  wrapped continuation\n- b\n';
+    const once = normalizeContent(MD, tight).content;
+    const twice = normalizeContent(MD, once).content;
+    assert.strictEqual(once, twice, 'second pass must be a no-op');
+    assert.strictEqual(once, tight, 'and the first pass must not have grown the document');
+  });
+
+  test('the write seam (platformWriteSync) lands the same bytes — end-to-end guard', () => {
+    const osTmp = fs.mkdtempSync(path.join(os.tmpdir(), 'gsd-3854-'));
+    try {
+      const target = path.join(osTmp, 'ROADMAP.md');
+      const tight = '# Roadmap v1.0\n\n- item one wraps\n  continuation one\n- item two wraps\n  continuation two\n';
+      platformWriteSync(target, tight);
+      const onDisk = fs.readFileSync(target, 'utf-8');
+      assert.strictEqual(onDisk, tight, 'platformWriteSync must not convert the tight list to a loose one');
+    } finally {
+      cleanup(osTmp);
+    }
+  });
+});