Not if it displaces minorities, then it's overbearing racist government action.
You know what would be pretty slick? The reconstruction could build up the avenues parallel to the flood walls, so the first block is 10 ft above the flood line, with each subsequent block stepping down one or two feet, until you reach your base elevation. That way you would have a huge earthen dam with people living on top of it. You would have to restrict the land to surface use only, and have some controls in place to make sure nobody does anything foolish, like digging a swimming pool. But that way the land would not have to be lost.