Can anyone explain how the market forces of the real estate market would address this? I assume flood-risk property will become less valuable long before it act

Can anyone explain how the market forces of the real estate market would address this? I assume flood-risk property will become less valuable long before it actually floods, and insurance will become more expensive or unobtainable before it floods too. My feeling is that people would have already moved out before it's actually uninhabitable. Is that not going to happen? Maybe stragglers will remain because it'll be where the cheapest housing is?