what are the pros and cons of living on a boat in orange county?

Does anyone on this subreddit have experience living on a boat in Orange County (or in general)?

I noticed a listing on Zillow for a boat with 2 bedrooms 800sqft for ~$140,000 in Newport Beach. I understand that the houses in this area are all $1m+, the cheapest 1bedroom condo I can find is close to $500k+HOA and the cheapest rental (studio) is $1.6k/month. This home alternative looks very cheap in comparison.

What are the factors that someone considering living in a home like this should consider?