A combination of the words "hobo" and "boat." A hoboat is a (usually) derelict watercraft, appropriated by one or more homeless person(s) for use as a domicile. They are typically not operational, or are barely operational, but still float. Among other locations, they can be found illegally anchored along the Willamette river, in Oregon.
We can't fish there anymore. The hoboats are dumping their sewage in the river, and the fish are sick.