There is a suburb of Montreal that the Canadian insurance companies are no longer insuring. It seems this area has been deemed as a one-in-twenty-year flood zone--and the insurance industry does not want this risk.

Without insurance, mortgages will be difficult to attain. Only those with cash can buy. Housing prices will drop, probably to reflect the risk of the next flood. And the next flood could see a lot of owners walking away from their property.

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Quite a bit of New York City is already underground. There are massive pumps to move water leaking into this infrastructure to the Hudson River. Add another meter of water, there will be more leaking.