Nature-based solutions (NbS) can serve as effective strategies to promote the resilience of both people and ecosystems in the face of climate change. However, these solutions can exacerbate existing social inequities if they fail to adequately consider the complex social contexts in which they are implemented. To better understand the equity implications of NbS, and how to design and deliver such strategies more equitably, this study applies a conceptual framework of 4 equity pathways (distributional, procedural, recognitional, and structural equity) to a flood buyout program case study. We utilized document analysis and semi-structured interviews to conduct an equity analysis of a flood buyout program in a rural community in the Catskills region of New York. While many aspects of the flood buyout program aimed to empower local municipalities and landowners, local residents perceived a lack of decision-making power, negative long-term impacts to community well-being, and tension regarding the current and historical power differentials between these rural communities and New York City. Our results indicate individual equity pathways interact with one another in complex ways. They highlight the importance of comprehensive planning and evaluation of community impacts to better address the systems-level relationships that shape the equity implications of buyout programs.