Is this trying to imply that poor people have ocean-front property? I haven't lived near the ocean for 35 years, but where I lived back then ocean-front proper

Is this trying to imply that poor people have ocean-front property? I haven't lived near the ocean for 35 years, but where I lived back then ocean-front property was a status thing and not cheap. Since then, I've lived inland. Here, lake-front or even river-front homes are again status symbols and some of the most expensive property. What's up with the poor on the waterfront? Is that really a thing?