Yes, and this will start happening within the next several years due to climate refugees, whether we plan for it or not.

A side-effect? No. You’re just describing climate-safe housing being more valuable. It’s always been more valuable.

In a functional market system, higher rents will result in more housing construction in those areas. I’m not delusional enough to think that the housing market is functional, but that’s a can of worms that will exist regardless of the climate problems or not.

Or to rephrase a bit: yes, if people all try to move to more climate-safe areas, then we’ll need to build more housing in the climate-safe areas for them to move into. Obviously.