Maintaining proper tension is critical for the organization and function of the plasma membrane. To study the mechanisms by which yeast restores normal plasma membrane tension, we used a microfluidics device to expose yeast to hyperosmotic conditions, which reduced cell volume and caused a ∼20% drop in cell surface area. The resulting low tension plasma membrane exhibited large clusters of negatively-charged glycerophospholipids together with nutrient transporters, suggesting phase segregation of the membrane. We found that endocytosis was blocked by the phase segregation and thus was not involved in removing excess membrane. In contrast, rapid recovery of plasma membrane tension was dependent on 1) eisosome morphology changes that were able to absorb most of the excess surface area and 2) lipid transport from the plasma membrane to the endoplasmic reticulum, where lipids were shunted into newly formed lipid droplets.