I find this very likely, especially among white-collar workers whose location doesn’t matter much. You’ll see a lot of companies saying "You know, Seattle and San Francisco are trendy, sophisticated cities, but it would be trivial to locate to Dallas or Atlanta where there’s tons more housing supply and a much more business-friendly climate.
I’ve lived in Georgia all my life. I’m tired of living in an irredentist hillbilly shithole and I long to relocate to Seattle or San Francisco. But things are changing in Atlanta.
Housing has long been more affordable than other cities, and Atlanta is attracting tech and other white-collar jobs that are robustly high-paying relative to the cost of living, so I just kind of hold my nose and stay here. There are a number of other southern cities that are candidates to become a destination for high-rent refugees from more housing-constrained markets.