'has the consequence of' is correct and can be used in written English.
You can use it to show that one action leads to another. For example, "Making poor decisions has the consequence of leading to negative outcomes."
Ms. Madoff's estate tax plan has the consequence of enriching the inheritors of farms and small businesses and punishing everyone else.
But it does have an important virtue: it has the consequence of developing the productive forces more than any previous economic system.
The coalition building between clergy of colour and white evangelicals to promote homophobia and discrimination also has the consequence of further harming the relationship between activists across a wide spectrum of issues and furthering old racial divides.
This has the consequence of ignoring design details like bulbous bow and appendages.
This fact has the consequence of diverse long term risks for the patients, e.g. Restenosis, late-term stent Thrombosis, etc.
Feminist critics point out that this theoretical orientation generally has the consequence of justifying the prevailing status quo, thereby inhibiting any real consideration of social change.
Now we have the consequence of ideological disdain for the state and a faith in the light regulatory touch.
But these impediments have the consequence of proving Angelico's intimate glories, which blossom given prolonged attention to the details of execution.
Therefore, adding new features beyond a certain limit would have the consequence of insufficient training.
It would also have the consequence of making Apple, SoundCloud, Spotify, Pandora or YouTube new power players in ticketing.
The loss in surface area had the consequence of increasing the density of accessible surface Mo atoms per unit area.
