So...when I put ice in my glass, then shouldn't it overflow because it's melting?  It doesn't because of displacement.  And even if you were remotely correct in your example, then we would have more water for bigger waves (shorebreak o'dea cuz shallow cuz).  If anything, we need more water for Africa and Calif.  Oops.  Plenny water in Cali.  Did you see the wildflower bloom on satellite pictures?  In the middle of the desert in Cali.