Not all flood damage is from rising water. Some of it is from water saturating the ground where it normally doesn't, and weakening the ground itself by washing out the limestone or whatever other soft rock lies underneath.
This hole is pretty unusual since it took out an entire intersection. Can you imagine living in that house right now?
Elsewhere in Richmond, a 2' by 4' sinkhole ended the home season of the local minor-league ball team as their field is figured to be unplayable.