Storms also affect bay property. We had a house on Galveston Bay until last year. Several years ago a minor hurricane (I forget which one,maybe Alica) took the soil, 3 feet deep & 15 feet back from behind our bulkhead. I have a hunch that if a really bad storm took your house & sucked your entire lot out into the bay that you would *not* be able to fill your lot & rebuild your house. The EPA would probably come in & declare it a wetland. Bye bye bay front lot.
Nature has been doing a lot of renovation all along the Gulf coast and the Atlantic for a long time. Those great sandy beaches just won't stay put. It's never ending even if sea level on average never changes. It's hard to judge sea level even with surveying gear because the surface won't stay put on a daily basis. An inch a decade would be hard to measure.
OTOH, if the Ice Age gets cranking and sea level does drop, eventually tides and storms won't reach the present beach. How would that affect State or public ownership? Of course access to the Bay won't be so convenient, either. The Art Bell guest said that when the climate tips into Ice Age mode, the transition will be quick, 3-10 years. Sea level change would then be rapid and we would notice--no question, no doubt.