Even luxury places increase supply in general. People flock to the newest most luxurious places. So when a new one opens up, it decreases demand elsewhere. It

Even luxury places increase supply in general. People flock to the newest most luxurious places. So when a new one opens up, it decreases demand elsewhere. It might also push the rent up in your neighorhood/suburb, but across the metro area as a whole, adding luxury housing lowers prices.