By "condemned" you mean - everything's going to have to be knocked down and rebuilt?
I don't know. I don't think so. I think it's more that there's a lot of work to do before things would be considered back up to code. At least one (maybe two) buildings collapsed.
But that area has been underwater before. Almost regularly before the flood wall was built.
I think the condemning part is to keep people out of there. At least until all the buildings can be inspected.