Steam reports missing file privileges when it tries to install or update a game and Windows refuses it write access to its own library folder. It typically appears after moving a library to a new drive, reinstalling Windows while keeping an old library, or restoring files from a backup with another account's permissions attached. Steam itself is fine; the folder's access list is the fault.
If Steam works only when run as administrator, the account's permissions on the folder are wrong, and running a game platform elevated forever is a poor trade. Repair Folder or a manual Security-tab fix corrects the access list so Steam can run normally. If the folder came from another Windows installation, taking ownership of the folder in the same Security tab (Advanced, Owner) is usually the missing step.
I did not change anything. Why now? A Windows update, a drive letter change, moving the library, or restoring from backup can all rewrite permissions quietly. The trigger is usually visible in hindsight, but the fix does not depend on finding it.
Will repairing the folder delete my games? No. Repair Folder checks and corrects the folder structure and permissions; installed games remain. Verifying individual games afterward is only needed if a specific title still complains.