This isnt true simply because you could have bought New Orleans 5 or 6 times over if you sold (yes even in this market) some of the beach front properties that got destroyed.
More importantly tho, like I said, above and beyond the properties, the fucking land they were on is gone.
We are talking about serious old world Great Gatsby money.
As far as NYC/BK/Queens goes I think the estimates are overblown tho. The cars are write-offs, yes, but really its not like the fucking MOMA flooded.