Well, it is close to that. According to Wikipedia:
...The city of New Orleans actually contains the lowest point in the state of Louisiana, and one of the lowest points in the United States, after Death Valley and the Salton Sea. Much of the city is actually located between 1 and 10 feet (0.3 to 3 m) below sea level, and as such, is very prone to flooding. Rainwater is continually pumped out of the city and into Lake Pontchartrain across a series of levees and dikes. However, if it rains more than 1 inch, or if there is a major storm surge, such as that caused by a hurricane, greater flooding can occur...
"However, if it rains more than 1 inch..."
Another reason why Wiki can't be trusted.