You have a mechanical malfunction or you accidentally slapped it back to military cutoff ;). Either way, your are kind of screwed dude. You are too low for a restart(but you start the sequence anyway).
Visibility is good, you are over a subdivision but the bay is in sight. You are lined up on a road that dead ends into the bay. What do you do? Do you punch out? or do you ride it as far as you can keeping it between the houses and punch out at the last minute after you are sure you are clear? You will be at about 200 feet when you leave the aircraft. Or do you just go and let it fly/fall/crash itself?
I agree at that at 100-200 feet this fine Blue Angel pilot would not have time to do anything, but you paint everyone with too broad of brush I think.