Locally it is possible due to a combination of factors. Elevation can easily change a several meters during a good earthquake. If I am not mistaken, there is a forest off the coast of Oregon that they dredge for timber (apparently the wood is still good) that sank during a big earthquake on January 26th, 1700 that they estimate was around 9.0 on the Richter scale (similar to the big Anchorage quake). You see a lot of this type of sinking along active subduction zones. I believe this archaeological site is located along a very active subduction zone, so it is quite plausible.
I have some 7,000 year old wood from a forest in Florida. It was dredged up from the Santa Rosa Sound. The water has risen. (for whatever reason). I'm beginning to think the Gulf of Mexico was blocked off from the world's oceans during the last Ice Age. That could explain the city 2200 feet underwater off the coast of Cuba. (if it proves to be a city there)
Looks like this area may be pointing to part of India's continental shelf subsiding.