Infrastructure is one of the most expensive things people interact with on a regular basis. Choices in how we build infrastructure redirects society's resources on a massive scale. So yes, I do think it's plausible that huge investments in water-resistant infrastructure and wasteful attempts to build Dubai-style island suburbs will redirect resources away from more important issues, like the pressing need in the US to fix existing bridges and roads, build 1.5 million more houses, earthquake-proof the infrastructure in the pacific northwest, and figure out how to get 4800 GW more on the electrical grid cleanly.