I don't think we'll see it, as I don't think it jives with the universe Bungie is trying to create. But it's definitely a cool idea.
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Maybe the city gets hit by a Hurricane that could be of interest as well. We'll see if Bungie and Activision want to try out some sort of experiment in the second year of Destiny when it's established. Though I think they should hit fairly early so higher tiered players aren't losing their cool if they suddenly might have a beloved character in jeopardy.
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I can't remember the name of the specific instance, but Blizzard realized an instance that could only be opened after the players on the server gave a specific number of certain supplies to a war effort. After there was enough supplies the Alliance and Horde would assault the dungeon. Perhaps Bungie could do something like that. It'd be interesting to see people gathering supplies to initiate some event that would affect the game's story in a major way.