A floating boat lift having flotation tanks positioned under sides of a frame of the boat lift. Water flow is regulated so that tanks fill from near the center of the boat lift. A preferred hingeable connection of the boat lift to a bulkhead, along with lateral stabilization, participates in maintaining a generally horizontal attitude for the boat lift. Water is accepted into or pumped from the flotation tanks, allowing the frame of the boat lift to fall or rise relative to the surface of the water. One or more catwalks along the sides of the boat lift and connected to the bulkhead may float, but at a level that is independent of the boat lift frame.