However, people actually move toward higher COL areas as their income permits them to.
If more income meant people moved away from high COL areas, cities wouldn't exist. We'd have a flat distribution of people across approximately all land with ultra-low COL and ultra-low productivity everywhere.
In general I agree with your view though that UBI could be captured by landlords, and that landlords are a special case. So let's introduce special laws for that along with UBI. Problem solved.
Alternatively though, if that turns out to be too complicated with too many side effects, I think there is a good chance that UBI leads to people being able to spread out more evenly, away from expensive and dense cities. You tried to make an argument why this will not happen, but as explained, your argument is not conclusive.
