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J_Allard said:

Quantum levitation is real technology and does involve magnets. A lot more realistic and believable than an underwater city imho.

Whut? Yes it is real but it certainly can't hold anything miles up in the air. Magnetic force decreases by distance cubed.
We already have the know how and capabilities to build underwater hotels.
http://www.torontosun.com/2013/02/20/worlds-top-7-underwater-hotels
 
They're not that deep yet, but a bit further advanced then a disc floating an inch above a magnet.