Adaptations of old stories will frequently move them closer to the production in time and/or space, even if the original is only a couple of decades old.
Distinct from Recycled IN SPACE in that the purpose is to make the story more familiar and accessible, whereas that trope is often based around transplanting a story into a less familiar setting. Also, by its nature, a Setting Update is typically made long after the original, whereas a Recycled Premise is usually a Me Too made to cash in on hot demand. Sometimes, especially with the more radical changes, it can be a genuinely clever analogy.
FUN STORY: my grandma lives in a city that was currently taken over by drug dealers and gangs and it’s now divided in two and my grandma is the oNLY CITIZEN IN THE WHOLE CITY who can go walking freely through both sides of the town because she used to do community work and feed the poor kids and those gang members were all fed by her so they let her come and go as she wants SO WHAT WE LEARN TODAY IS TO BE FUCKING NICE TO KIDS BC U MIGHT BE DEALING W FUTURE GANG MEMBERS