The story highlights what is happening in the canals of Florida. Generally "no wake" is reserved for boats, not cars. But still, note that some of these properties are still selling for high prices. At some point though, the word will go out and those homes will start losing value quickly. Lawsuits will follow and finally government will act. While there are some defensive measures like raising the streets, even that will be proposed, in some cases the water is coming in from "underground too" through limestone that underlies areas of the state.
Claire Rubin shared the link above.