IntroductionIn the U.S., local governments implement buyout programs to relocate people out of high-risk floodplains. Structures are demolished, and the acquired land is managed as open space. Increasingly, these buyout programs are being discussed as a climate adaptation technique in response to sea level rise and increased hazard exposure. However, as the availability of affordable housing has continued to decline across much of the U.S., these open spaces attract new floating populations who lack access to permanent housing. As a result, buyout open spaces in central Texas are now sites for unsanctioned temporary housing including tent encampments.MethodsDrawing from extensive field observations and semi-structured interviews with government personnel, homeowners in buyout neighborhoods, and residents experiencing homelessness, we describe the experiences of and tensions among these groups, all of which are affected by displacement associated with measures intended to reduce hazard risk.ResultsThis study is the first to examine the interconnection between buyout open space and homelessness. Specifically, we introduce the Resident Engagement Matrix, which describes the range of observed relationships between housed residents and floating populations in buyout areas, ranging from elements of neighboring with acceptance to active removal.DiscussionThis research contributes to our understanding of the dynamics and consequences of housing displacement by examining the little-understood interface between post-disaster relocations, homelessness, and flood risk.