Below are highlights from a conversation I had in 2013 with Profs. Robert Brown of Duke and John Hubisz of NCSU, both physicists, about the differing effects of thermal expansion on sea-level as measured by satellite altimetry (over the open ocean) and sea-level at the coasts.
The bottom line is that to the extent that sea-level measured by satellite altimetry includes a thermosteric component, due to warming of the upper layer of the ocean, it becomes less useful for coastal planning.
This is (most of) my email to Prof. Brown: