50 years from now, when CACA (see my tagline) doesn’t show up, California will ask, “What will we do with all this extremely valuable coastline property?” right after they re-assess the bankrupt state pension system.
Why can’t the market determine the value of seaside property? Those fearing sea incursion can sell. Those that don’t can hold, etc.
As others have said, the incursion is occurring slowly if at all. This is not like a flood.
Newsom is trying to do what Lex Luthor planned in the 1978 “Superman” movie, but with politics rather than nukes.