As for floating cities, or underwater cities, what would be the purpose for people to move out there? What potential return would justify the costs of construction and continued operation of such a venture?
Would it be cool? Yea, for sure. But would it be practical? I'm not too certain about that one.
For a truly practical city-ship (let's not get into underwater stuff), you would have to have something incredibly large. It would have to be able to produce at least some of it's produce and support some of it's required livestock (as it would be impractical and dangerous to have an entire city dependent on resources from land.
A big issue would be water consumption. It would seem to me that such a vessel would require it's own desalination plant to produce drinking water. These plants use a lot of energy, so I'd say this would have to have a nuclear power station within it as well. Then, it would also have to have evacuation vessels. And likely, people would have individual transportation. There would need to be places of work. etc, etc, etc.
Lot's of challenges, not the least of which are engineering related.