[eru]

The price of steak will go up until demand equals supply.

(And there will be plenty of incentives to come up with cheaper steaks or steak alternatives.)

[dathos]

That's the thing though, this price is going up but is artifically lower than alternatives because external costs (e.g. greenhouse gasses emitted or water used) are not factored in the cost.

[eru]

Just like you (presumably), I'm all in favour of water markets and emission taxes / cap-and-trade.