The thing is though… bad things happening to rich people’s money usually means worse things for poor people.
It’s really naive to think that a bunch of expensive property becoming worthless is not a big deal because it only affects poor people.
Suggesting that rich people are the only ones who own low lying property is a flawed premise also. What about low-lying island nations? What about low lying inland areas? There’s plenty of communities in Australia that aren’t necessarily close to the coast but would have an altitude of less than 1 metre.